Theoretically, credit cards can only be used for daily consumption such as shopping, dining, and traveling, and buying a house is not among them. However, banks will not set restrictions on credit card swiping, and almost all developers have card swiping machines. , as far as the actual situation is concerned, you can pay the down payment with a credit card. However, there are some issues that need to be noted when using a credit card to pay a down payment.

In recent years, there have been many online cases about individuals using credit cards improperly. Some people say that credit cards are good, while others say that credit cards are bad. So is it better or worse to use a credit card to pay for a house? Today let’s talk about credit cards from a different angle.

For example: In 2010, with a deposit of only 50,000 yuan, Mr. Wang used three credit cards to buy his first house in his life. In 2013, in order to buy a property for my children near the school, I also used credit cards to raise the down payment. Now, in just the past two years, the price of the second house bought has risen to 4.6 million, which is twice as much as when I bought it.

In summary, the method of paying a down payment with a credit card can be said to be a double-edged sword. Although it can solve urgent needs, improper use will have a negative impact on home buyers. Recently, banks have tightened controls on credit card payments. For example, if you use a credit card to pay for a house in Beijing, the credit card must be in your name.

The minefield of paying with credit card when buying a house

1. The implementation of the new policy makes it easier for merchants to pass on handling fees

The wool comes from the sheep, and the extra fees make buying a house more difficult People bear it. Credit cards belong to the category of credit cards, which means that credit card purchases require merchants to pay a service fee of no more than 0.45%, and there is no cap limit on a single transaction.

In actual implementation, banks will implement floating rates, and each bank has different rates. Generally speaking, banks with a large number of card issuances have a greater say in setting rates. Paying a down payment with a credit card incurs service fees ranging from a few hundred to thousands, which is really stressful for merchants.

Therefore, some developers will ask customers to bear the handling fee, or directly refuse the request for a down payment by credit card. According to Article 12 of the "Measures for the Administration of Bank Card Acquiring Business", in the bank card acceptance agreement, the acquiring institution shall require the special merchants to perform the following basic obligations: They shall not charge or charge the cardholder for using the bank card. Charge additional fees in disguised form, or reduce service levels.

In other words, no matter what the circumstances, it is illegal for developers to refuse credit cards or pass on credit card processing fees to consumers, unless there are local policy restrictions. We remind all home buyers that when they decide to use a credit card to pay a down payment, they should understand the local bank's charges and government policies and regulations in advance to avoid overpaying.

2. There are regional or property restrictions on credit card down payments

Credit cards cannot be used to pay down payments for second-hand houses. Customers who want to buy a second-hand house are reminded that the down payment is usually paid by bank transfer, and credit cards cannot be used. In some areas with strict requirements, developers are clearly not allowed to pay the down payment with a credit card. Therefore, it is recommended to use a credit card to pay the down payment. The payment is also subject to local policy restrictions and is not universal.

3. If you pay the down payment for a house with a credit card, you cannot apply for bill installments

The repayment pressure is high in the short term and it is easy to cause overdue payment. Paying the down payment with a credit card cannot handle bill installments. The repayment pressure will increase in the short term. Failure to repay in time will easily lead to overdue payments and high interest and late payment fees. The most important thing is that it will affect the personal tax of the home buyer. letter. Therefore, before paying, you must have a clear understanding of your financial situation, and remember to swipe your card blindly.

4. There are no points for real estate transactions

Bank points are not that easy to earn. For real estate, automobiles, public welfare merchants, building materials wholesale and other transactions, the profits generated are relatively low. Banks generally stipulate that there are no points for swiping credit cards. Friends who plan to earn points by paying down payments may be disappointed.

5. Banks pay special attention to large-value transactions

Credit card limit increases will be affected. When making payment, it is best to prepare 1-2 large credit cards for payment, and do not use multiple cards at the same time. Because for such large-amount no-points transactions on multiple cards, the bank may suspect that the customer is cashing out and will strengthen risk control. If there are overdue or other problems, it will not be so easy to apply for a limit increase in the future. If you encounter a more serious bank You may even get a reduction.

6. It takes a long time to refund the down payment by credit card

It will be a disaster if you catch up with the due payment date.

Pay the down payment and deposit with a credit card. If the house purchase transaction is canceled for some reason, it will take a long time to ask the developer for a refund, usually 30-45 days. If this period happens to coincide with the due date of repayment, the house buyer can only If you advance and repay the loan yourself, the pressure will certainly be huge, so isn’t this cost-effective?

7. The down payment of a mortgage with a credit card must be a UnionPay card

General real estate only supports UnionPay credit cards. Single currency foreign currency credit cards do not support credit card swiping. When you swipe a credit card to make a down payment, you should know which card you have.

Reminder, home buyers can consult developers and banks for clear regulations in advance, and decide whether to swipe a credit card based on their own financial situation.

(The above answer was published on 2017-05-16, please refer to the actual relevant current house purchase policies)

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