Is it cost-effective to pay off a credit card through Ant Borrowing? It can be operated directly!

Ant Jiebei, a subsidiary of Alipay, is a purely credit-based mobile loan. As long as you have real-name authentication and good personal qualifications, you will have the opportunity to obtain a credit limit and withdraw the money to your bank card. Now there is a new page for Jiebei Repayment. If you are unable to repay your credit card, you can temporarily use Jiebei Repayment. So is it cost-effective to pay off the credit card with Ant Borrowing?

1. How to repay the credit card via Ant Borrowing?

The function of Alipay is a system evaluation system. Currently, only some users have this permission. During the trial run promotion period, only some users support borrowing and repaying credit cards, binding credit cards, and clicking on borrowing to withdraw cash to the credit card for repayment. That’s it.

Warm reminder: Only integers are supported, so overpayment will inevitably occur, which is a little inconvenient.

2. Is there any interest for Ant Borrowing Credit Card?

Borrowing and repaying a credit card will charge credit card repayment service fees and borrowing interest fees. That is to say, in addition to the interest fees of Ant Borrowing, you must also pay part of the credit card repayment fee.

Due to the revision of Alipay, there is only a basic free repayment limit of 2,000 yuan per person per month. If it exceeds the limit, service fees will be charged.

3. Is it cost-effective to borrow and repay a credit card from Ant?

From an operational point of view, it is no different from repaying the loan manually. It just saves some operations. There is no reduction in fees when you apply for a loan and then repay the credit card.

To sum up, the annualized interest rate of Ant Borrowing is about 18. Everyone’s interest rate is slightly different, which is much higher than the bank loan interest rate. Therefore, friends who have no problem with credit card repayment are not recommended. This method of repayment is only suitable for temporary emergencies when you have no money to repay your credit card and it is about to expire.

Is it cost-effective to pay off a credit card with Borebei? I'll take you to settle an account

You can also borrow money and pay off your credit card. This feature is under trial operation and it will probably take some time to be available to everyone. However, although it is free to repay a credit card by borrowing bei, the borrowing installment itself requires interest. So, is it cost-effective to repay a credit card by borrowing? Let’s calculate it below.

When borrowing money to repay a credit card, you actually borrow money from borrowing money and pay it back to the credit card, and then repay it in installments to borrowing money. As mentioned earlier, borrowing installments requires interest payment. Although the repayment is monthly, the interest is calculated at a daily interest rate of 45% to 40000%. However, borrowing installments have equal monthly installments. The total interest will also be different between the two repayment methods of interest first and principal later.

For example: Suppose you borrow 10,000 yuan to repay a credit card in 12 installments, with a daily interest rate of 4/10,000. The total interest for equal monthly repayments is interest first and then the principal. The total interest is 1500 yuan. In comparison, the interest of the latter repayment method is more than 600 yuan more than the former, so the former is definitely more cost-effective.

However, to see if it is really a good deal, let’s compare it with the credit card installment fee. Assuming the same amount is 10,000 yuan, and the credit card is divided into 12 installments, the total handling fee to be repaid in each installment is 780 yuan, which is 69 yuan less than borrowing equal monthly repayments.

To sum up, borrowing and repaying credit card interest is still relatively high and is not very cost-effective. If you really don’t have the money to repay, you might as well apply for installment repayment. This will not only ease the repayment pressure, but also pay less interest than borrowing money. Not to mention occasional installments, it is also helpful to increase the credit card limit.

Is it cost-effective to borrow a credit card with an interest rate of 2/10,000 to repay a credit card?

It is not cost-effective to borrow a credit card with an interest rate of 2/10,000. According to relevant content inquiries, the daily interest rate is 4/10,000, and the total interest for equal monthly repayments is 849.40. The interest rate for borrowing and repaying a credit card is still relatively high, and it is not very cost-effective.

That’s it for the introduction of whether it is cost-effective to use Borrowing to pay off a credit card.