Cash-out of credit cards to buy houses is banned

In the past, the country’s supervision of credit cards was not strict, but now because China’s current card debt is increasing year by year, and a crisis has emerged, a new round of credit card supervision. The main purpose is to strengthen monitoring of bank credit card issuance, credit limits and flows.

1. The monitoring of the flow is very strict, and all credit cards are prohibited from flowing to the real estate market. Whether it is the housing market or the intermediary market, they will be strictly investigated. Therefore, credit cards cannot be cashed out to buy a house.

2. In September 2019, a number of banks issued announcements one after another, saying that in accordance with the requirements of regulatory authorities, they would restrict the flow of credit cards into the real estate sector and prohibit the use of credit cards for transactions when developers, real estate agents, etc. buy houses.

3. Later, bank credit cards, Everbright Bank Credit Card Announcement, Industrial Bank Credit Card, China Construction Bank Credit Card and other banks also responded to the call of the regulatory authorities and restricted overdraft transactions of credit cards in some types of merchants, especially in real estate. merchants to conduct overdraft transactions.

The above is the relevant content about buying a house with a credit card. I hope it will be helpful to everyone!