The consequences of paying a down payment with a credit card to buy a house

The down payment is generally relatively large. Many people do not have enough to pay the down payment, so they think of using a credit card to make a down payment to buy a house. The consequences of doing so are: Which ones?

1. The bank determined that there was suspicion of cashing out

Credit cards are clearly stipulated and are not allowed to flow into the real estate market. But some people will cash out and buy houses through the accounts of some developers or real estate agencies. Because the payee's amount is generally large, multiple credit cards need to be used. If multiple credit cards are used for large purchases at the same merchant at the same time, it is easy for the bank to identify arbitrage behavior. Cashing out is an illegal act, which may result in the bank calling back the card or having the card blocked, or in the worst case being included in the bad credit record.

2. High interest rates

Many people use credit card loans to buy houses. Although it can solve the temporary shortage problem, the borrowed money must be repaid, and there are additional charges. Higher amounts of interest. If you cannot repay the loan on time, it will also affect your personal credit score.