How to borrow and repay money with a credit card
Credit card repayment methods generally include:
1. For repayment via the card issuer’s APP, the cardholder must download it After using the card issuing bank's APP, bind a savings card with a sufficient balance on it. In this way, you can make credit card repayments through the card issuer's APP before the repayment date arrives.
2. Repayment by automatic repayment service. If you also apply for a savings card at the bank that handles credit cards, you can activate the automatic repayment service. Automatic repayment can be achieved when the balance in the savings card is sufficient;
3. For repayment at bank counters, cardholders can go to bank branches with their credit cards, ID cards and cash and handle credit card repayments at the counter.
4. ATM repayment, you can repay by depositing money at the ATM machine of the credit card issuing bank;
5. Third-party platform repayment: Alipay, WeChat, Duxiaoman Third-party platforms such as finance can also pay back credit cards.
Credit card loan application process:
1. Apply to the bank
In order to effectively obtain a credit card loan, the most direct way is to apply to the bank effectively. Apply. However, due to bank regulations, when applying, it cannot be said to be a credit card loan, but should be called a cash installment application.
2. Provide valid information
When applying to the bank, customer service staff will ask the user some questions.
(1) It is the credit card, the user’s name and the 3-digit number on the back of the credit card, which is the CVV code.
(2) It is necessary to understand the purpose of the user's application for cash installment.
(3) To confirm the number of cash installments, the customer service will give a detailed introduction to the user, including the handling rate. This should also be understood through the explanation of the customer service staff, and then the user will make the decision himself. According to the actual situation, choose the appropriate number of installments for repayment.
3. Review required by the bank
When a user applies for cash installment, the bank will conduct an effective review of the user's application, including reviewing the user's personal information, such as whether Whether the personal information is accurate, etc., the user's loan limit must also be reviewed, which is closely related to the user's usual credit record and repayment status.
Three ways to borrow money with credit cards, which one is more suitable for you?
My friend can’t save much money throughout the year, so he has to borrow money if he wants to have a good year. But it’s hard to say when borrowing money. Regardless of the amount, it would be good if three out of ten people would be willing to lend you money. So what should you do at this time? Here I will share with you how to borrow money with a credit card.
Everyone should underestimate the credit card. In addition to overdraft consumption, it can also provide loans. With it, you can avoid the embarrassing situation of asking someone to borrow money but not being able to borrow it. And a small credit card can provide many ways to borrow money. Here are three briefly introduced, so you can see which one is more suitable for you.
The first type is called a credit card loan
It is different from a bank loan. There is no need to provide various information, an invincible mortgage guarantee, and a purely online application. However, it is generally only available to high-quality bank customers. open. Of course, the credit card loan products of each bank are also different. The more popular ones include Bank of Communications Angel Loan/Haoxiangdai, GF Caizhi Financial, CITIC New Kuai Cash, and Ping An Youxiang Loan.
The advantage of these products is that they have high credit limits. The maximum credit limit is said to be up to 300,000 yuan. They do not occupy the credit limit and are repaid in installments. The loan period is up to 36 months, although it is exempt. Interest, but there is a handling fee. The rate per installment is around 10%, which is much more expensive than the installment rate for credit card bills. It is suitable for those who need large amounts for a long time.
The second method is called cash installment
This method of borrowing money is similar to the first one. Both can be applied for online, no mortgage guarantee is required, and installments, rates and installments are also available. The number of issues is similar.
However, the borrowing amount is different. For most banks’ cash installment business, the installment amount is within the credit card cash advance limit. This cash advance is to withdraw cash with a credit card, which will be mentioned in the third borrowing method. .
Back to the topic, the cash installment limit is generally 50% of the available credit card limit. For example, if your credit card limit is 10,000 yuan and the cash advance limit is 5,000 yuan, then you can only apply for installments of this 5,000 yuan. , the available limit of your credit card will be reduced after the application is successful.
The third type is called cash advance
You can take your credit card to an ATM to withdraw cash directly, or you can apply for a cash advance over the phone and transfer the money to a debit card. There is basically no threshold for borrowing money. As long as your credit card status is normal, you can apply for it. The borrowing limit is the same as the second one, which is half of the available limit. However, the cost of borrowing money is higher than the above two.
After all, borrowing money through this method does not enjoy the interest-free period. In addition to charging a borrowing fee, interest will be calculated at a daily interest rate of 0.5% from the date of borrowing, monthly. Calculating compound interest, the longer the borrowing time, the more interest there will be. Generally, it is only suitable for those friends who are in urgent need of funds in the short term.
Okay, that’s it for introducing the three methods of borrowing money with credit cards. You must choose the most suitable borrowing method according to your needs. Finally, I wish you all have a good year with money and make more money in the coming year!
How to borrow money with a credit card
When users have a credit card, they can borrow money in the following two ways:
1. Apply for credit card cash installment, Many banks now offer credit card cash installment services. If you want to apply for credit card cash installment, the cardholder needs to take the initiative to go to the bank to apply. After approval, the bank will convert the amount applied by the cardholder into cash and deposit it into the designated debit card.
2. To apply for a cash advance, users can directly take their credit card to the bank's ATM machine to withdraw money. Currently, there are handling fees and interest for cash advances. The handling fee ranges from 1% to 1% of the cash withdrawal amount. Three percent, interest is 0.05 per day.
How to borrow money with a credit card?
If you hold a credit card, you can borrow money in the following three ways:
1. Apply for credit card cash installment: the cardholder takes the initiative to go to the bank to apply, and the bank will review it. After approval, the amount applied by the cardholder will be converted into cash and deposited into the designated debit card, and the cardholder can return it in the designated number of periods.
2. Apply for cash advance: Users can take their credit card directly to the bank's ATM machine to withdraw money;
3. Credit card loan: For large-scale purchases such as car purchases and decorations , the bank will grant a certain loan amount based on the cardholder's credit status, and the cardholder will repay the loan in two ways: one-time principal repayment and installment repayment.
Can I borrow money with the credit card I just applied for? Try these methods
Many card friends have just applied for a credit card and want to use the credit card to borrow money in urgent need. However, considering that they have not used the card much, they are worried that the bank will not lend them money. In fact, you can borrow money with the credit card you just applied for, and there are many ways to choose from.
How can I borrow money with the credit card I just applied for?
1. Credit card cash advance.
This is one of the basic functions of a credit card. Usually if the card you just applied for is successfully activated and there is an available limit on the card, you can apply for a cash advance to borrow money. The maximum borrowing limit is the credit card's available limit. 50. If there is a temporary limit in the card, the cash withdrawal amount will also increase.
However, there is a lot of pressure to borrow money and repay it in this way, because there is no minimum repayment, and you cannot pay it in installments. You have to repay it in full after the bill comes out. Unless it is a last resort, try to do as little as possible After all, a handling fee may be charged, and interest is calculated at a daily interest rate of 0.5%.
2. Credit card loans.
Many banks provide special installment amounts beyond the limit, which can be regarded as loans issued in the form of credit cards. However, many newly-applied cards cannot borrow money, and only apply for a loan directly after being approved. A newly approved credit card, but this type of credit card is a carrier of loans and cannot be used for overdraft consumption like ordinary credit cards.
For example, Bank of Communications’ angel loan will issue a designated credit card after successful application. Then go to the branch to activate the credit and angel loan limit simultaneously. Use the angel loan limit by swiping the card within the validity period, and then repay the money to the credit card. .
How to borrow money with a credit card
There are three main ways to borrow money with a credit card.
1. Cash installment
The purpose of cash installment business is to satisfy customers who are short of money and in urgent need of money, and to open a legal channel for using cash. Different from cash withdrawal, cash installment needs to be applied for. After the bank approves the application, the credit card limit will be converted into cash according to the amount applied by the cardholder, and transferred to the designated debit card. The cardholder can return it according to the designated number of installments.
2. Cash advance
Cash advance is also called cash withdrawal. This method is the simplest. Just take your credit card to the ATM machine to withdraw cash. You can also apply to borrow money into a designated savings card through the APP and credit card online banking.
3. Credit card loan
For large purchases, such as car purchases, renovations, etc., banks will grant a certain loan amount based on the cardholder’s credit status, and then the cardholder will There are two ways of repaying the principal: repaying the principal and repaying in installments.
How to borrow money and repay it with a credit card? Come and take a look
Many people know that in addition to swiping the card for consumption, credit cards can also provide loan services, and there is more than one method, but the amount of repayment will be different for different borrowing methods. So, how do you calculate how to borrow money and repay it with a credit card? Here I will give you a brief introduction to see what you need to pay attention to.
How to borrow money with a credit card?
There are two common ways to borrow money with a credit card, one is to directly withdraw cash/cash advance with a credit card, and the other is to apply for a credit card cash installment. The specific methods of borrowing money are different.
1. Cash withdrawal/cash advance by credit card
To withdraw cash, insert the credit card directly into the bank ATM. Just select the cash withdrawal amount and click OK. The ATM will spit out cash; cash advance It is operated without an ATM machine. Log in to the credit card APP-cash advance option-select the amount of money to be borrowed and the receiving bank card. Both methods do not require system review, but you can only borrow up to 50 of your credit card's available limit.
2. Credit card cash installment
It is also handled on the credit card APP. Click on the credit card cash installment, select the amount and number of installments to be borrowed, select the receiving bank card, the purpose of the funds, etc. Click Submit.
After the cash installment is processed, it needs to be reviewed by the system, and the money will be released to the bank card only after it is approved.
How to calculate the repayment?
No matter which method you use to repay, you can repay before the bill date, or wait until the bill comes out. If you don’t know how to calculate how much you should repay, it is recommended to wait until the bill comes out before repaying it. The fees incurred by the two methods of borrowing money are different, and the calculation methods are also different.
When using a credit card to withdraw cash/cash advance, the interest will be calculated based on the daily interest rate of 0.05% from the date of withdrawal. The interest will be repaid for as many days as the bill date, and the interest will be repaid from the bill date to the repayment date. The number of days after which interest will be calculated will be included in the minimum payment amount of the next period; the cash installment calculation is relatively simple, the total amount owed × the monthly interest rate is the installment fee for the current month.
The above is the relevant introduction to "How to borrow money with a credit card and how to calculate repayment". I hope it will be helpful to everyone.
That’s it for the introduction of how to borrow and repay money with a credit card.