Can I use a credit card to buy a house? How to buy a house with a credit card?

Credit cards can allow people to overdraw their purchases by using their credit limit. As we all know, many people use credit cards to pay for transactions when shopping, eating, drinking and having fun. So, in addition to allowing people to spend money on eating, drinking and having fun, the credit card limit can also be used for other purposes? For example, can I use a credit card to buy a house? How to buy a house with a credit card?

Can I use a credit card to buy a house?

You can use your credit card to buy a house. Banks do not have many restrictions on this. As long as you have enough credit in your credit card, you can use your credit card to buy a house.

How to buy a house with a credit card?

1. How to buy a house with a credit card

Basically, buying a house with a credit card means purchasing a house, using a credit card to complete the transaction when paying the down payment, and using the credit limit of the credit card to pay for the house. down payment.

2. Things to note when buying a house with a credit card

1. You need to apply to increase the temporary limit of your credit card:

When buying a house with a credit card, the original limit of the credit card is often not enough. Yes, so before you buy a house, you can apply to the bank to increase the temporary limit of your credit card, so that you can avoid insufficient limit when paying with a credit card.

However, everyone needs to note that the temporary quota has a validity period. Once the validity period ends, you need to settle the quota you used in one go with the repayment of the current bill. The temporary quota cannot be divided into installments. .

2. Use a large credit card to pay:

As we all know, the down payment for a house usually costs hundreds of thousands, so unless you have a large credit card, it will be very troublesome to pay. . It is recommended that when you buy a house with a credit card, you can use 1 to 2 large credit cards to pay, and try not to use too many credit cards.

For example, if your credit card limit is only tens of thousands of yuan, then you may need to use 7 or 8 credit cards to make transactions. It is easy for the bank to suspect you of cashing out. If you use a large credit card, then 1 or 2 will be enough to avoid being suspected of cashing out by the bank.

The above is the answer to "Can I use a credit card to buy a house? How to buy a house with a credit card?" You can use a credit card to buy a house, but people often use credit cards to pay the down payment when buying a house, so the credit card limit may not be enough, so it is more troublesome to buy a house with a credit card. It is recommended that you go to a bank to apply for a mortgage when buying a house.

Can a credit card be used to buy a house?

Generally, credit cards cannot be used to buy a house.

According to the Beijing Youth Daily, since August 2019, under regulatory requirements, many bank credit card centers have issued announcements to strengthen the control of real estate merchant transactions. Generally speaking, overdraft credit cards are banned when buying houses from developers or intermediaries, and payment of property fees and time-share housing (rental housing) are mostly subject to transaction limits, with a single transaction not exceeding 15,000 or 30,000 yuan. In fact, regulatory authorities have always strictly prohibited consumer loans, personal business loans, credit card overdrafts and other funds from being used for home purchases and stock speculation.

Strictly controlling the purchase of houses with credit cards has sent us the most direct signal. The policy of "houses for living, not for speculation" is still very clear, and it is difficult to make substantial changes in a short period of time. At the same time, the regulatory actions on the domestic real estate market may have a longer duration, which may further prolong the stable fluctuations of the domestic real estate market. However, the differentiation of the real estate market may still be further intensified.

It should be noted that for the measures to strictly control credit card house purchases, stabilizing housing prices is one aspect. On the other hand, it may be due to factors such as the need to improve credit card risk control capabilities in recent years. It can be seen that the measures to strictly control credit card house purchases will help standardize the behavior of arbitrary consumption and arbitrage speculation by credit cards. It will also help enhance the risk control capabilities of credit cards in the future and reduce the probability of systemic risks. Thinking from the perspective of investors who purchase houses with credit cards, if they strictly control the behavior of purchasing houses with credit cards, they will still be affected by more or less impacts. However, for intermediaries, there may still be some disguised ways to purchase houses. After all, it is still difficult to completely crack down on the phenomenon of credit card house purchases, and the phenomenon of market speculation and arbitrage may still exist partially.

However, there are still certain risks involved in purchasing a house with a credit card. For example, whether the investor can repay in time, whether the investor's personal credit is affected, etc. At a time when the demand for credit is increasing, people's emphasis on credit is also continuing to increase. Perhaps, thinking from a long-term perspective, standardizing credit card usage habits and rationally guiding credit card consumption behavior will help enhance the risk control capabilities of credit cards, avoid unnecessary systemic risks, and further strengthen the "house for living, not for speculation" "The policy sets the tone and attitude.

Can I use a credit card to pay the down payment for the house?

It is possible to pay the down payment by swiping a credit card. There is a handling fee for credit card consumption, but this handling fee is usually borne by the merchant, but this is not the case in home purchase transactions. Developers take advantage of the home buyers' lack of funds and want to buy a house, and then require the handling fee to be borne by the home buyer. , home buyers who are eager to buy a house often accept this handling fee.

The down payment for a house is different from ordinary consumer goods. The amount is usually larger. Some people’s credit card limit is not high enough and it is difficult for one card to pay a large down payment, so they use multiple cards to make up for it. If the credit limit is insufficient and multiple credit cards are used for large purchases at the same merchant at the same time, it is easy for the bank to determine that there is arbitrage.

Cash-out itself is an illegal act. At worst, the bank will recover the funds and block the card, or at worst, the credit report will be included in the bad credit record. Some home buyers paid the down payment using multiple credit cards by increasing the temporary limit, hoping to reduce the repayment pressure through subsequent installment payments. However, real estate transactions cannot be made in installments and can only be paid off in one go.

Take China Merchants Bank as an example. It clearly states on its official website that “cash advance transactions, installment transactions, real estate transactions, RMB funds that have been applied for foreign exchange purchases, and other transactions designated by the Bank cannot be accepted. "Apply for bill installment". If you fail to repay in time on the repayment date, your personal credit record will be stained, and the gain outweighs the loss.

Extended information:

Risks in paying down payment with credit card

1. The refund process is cumbersome and the risks are difficult to control

Purchasing a house It is good that everything goes smoothly in the process, but not all problems can be completely controlled by oneself. Once uncontrollable factors occur and the contract relationship breaks down, refund issues will be involved.

Even if the developer agrees to refund, there are usually cumbersome procedures, and the specific refund time is difficult to control. The time required for the entire refund process is likely to have exceeded the interest-free period of the credit card. , then the home buyer needs to make the repayment on his own first. If there is a problem with the capital chain at this time, then there will be a situation where the payment cannot be made.

2. Potential repayment risks of high leverage

Using a credit card to solve the problem of temporary insufficient funds, I successfully paid the down payment for the house. Although the down payment problem was temporarily solved, But then you will have to face high repayment problems, not only the down payment, but also the bank commercial loan.

If the home buyer does not have sufficient funds on hand, it may be overdue in the middle. The high leverage puts the home buyer under greater repayment pressure. If there is an emergency for himself or his family during the period, he needs money. , which is even worse.

Sohu.com-How to use a credit card to pay the down payment when buying a house? Several minefields that you need to know before using a credit card

Can I use a credit card to buy a house?

Credit cards can be used to pay for the house, and it is not illegal; paying for the house with a credit card can be said to be convenient , eliminating the trouble of applying for a loan from a bank or borrowing money from other people and institutions.

The money in the credit card is a credit fund given to you by the bank. The so-called "use it in vain" means that as long as you use the credit card during the interest-free period, you can enjoy zero interest for overdrafts. Cardholders are provided with a certain buffer period.

Except for a few banks that set card swiping limits for real estate consumption, credit cards from most banks can be used to pay down payments, but there are still some issues that need to be paid attention to. Use a credit card to pay the down payment for a house. Since the down payment for a house is generally large, multiple credit cards will be required to meet the payment needs.

So, if you want to use a credit card to pay the down payment for a house, you need to hold multiple credit cards.

What should you pay attention to when buying a house with a credit card?

1. Credit card limit increases will be affected.

If the home buyer is going to use a credit card to pay the down payment, the credit card limit increase may be affected. The down payment for buying a house is also a large amount, but the home buyer should not use multiple cards at the same time when paying the down payment. 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 It may also be reduced.

2. Be careful when using the temporary limit of your credit card.

Many credit cards can adjust the temporary limit. When buying a house with a credit card, home buyers must not blindly use the temporary limit, because the temporary credit limit on a credit card cannot be extended on a recurring basis or in installments and needs to be used once upon expiration. If you cannot repay in full when due, it is recommended not to apply for a temporary increase.

3. The repayment pressure is high in the short term, which can easily lead to overdue payments.

For those who buy a house with a credit card, whether it is a credit card or a mortgage, they need to repay it on time. If you apply for credit card bill installments after swiping the card, the repayment pressure will increase in the short term. Failure to repay in time will easily lead to overdue payment, and you will need to pay high interest and late fees. The most important thing is that it will affect the personal credit of the home buyer. Therefore, you must have a clear understanding of your own financial situation before making payment, and remember to blindly swipe your credit card. .

4. It may not be possible to pay the down payment with a credit card for a second-hand house.

If the home buyer plans to buy a second-hand house, he cannot use a credit card to pay the down payment when paying. When buying a second-hand house, the down payment is usually paid by bank transfer, so Everyone will no longer be able to use credit cards, and some areas with strict requirements clearly stipulate that developers are not allowed to use credit cards to pay down payments. Therefore, using credit cards to pay down payments is also subject to local policy restrictions and is not universal.

5. There are no points for buying a house with a credit card.

For home buyers, there are no points when using a credit card to buy a house. Credit card points cannot be accumulated for this type of consumption transaction. In addition, buying a house with a credit card will also have a certain impact on subsequent credit limit increases. Abnormal large-value transactions involving swiping a card to pay on a capping machine are easily considered by banks to be risky transactions, and subsequent applications for a credit card limit increase are unlikely to be successful.

Is it okay to pay with a credit card for the down payment of a house?

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 use a credit card to pay for the down payment of a house, but there are some issues that need to be paid attention to when using a credit card to pay for the down payment of a house.

Things to note when using a credit card to pay the down payment:

1. We use a credit card to pay the down payment for a house. Since the down payment for a house is usually a large amount, multiple credit cards will be required to accumulate the credit card. In order to meet the payment needs, if you want to use a credit card to pay the down payment for a house, you need to hold multiple credit cards.

2. If the credit card limit itself is not enough, you can apply to adjust the temporary limit. The scope of temporary limit adjustment for each bank's credit card is different. Some banks can adjust the limit according to 100% standard, while others can only adjust the limit. It can be increased by 80%. After applying for the temporary limit, the card holder pays the down payment by swiping the card. The cardholder needs to pay off the temporary limit in one lump sum before the current repayment date, and cannot pay it in installments.

3. Once a refund occurs when we use a credit card to pay the down payment for a house, the refund time will be relatively long. Therefore, we must pay attention to the distance between the credit card swiping date and the due date of repayment, and do not worry about the refund. If it is overdue for a long time, it will affect your personal credit.

4. Credit cards must be repaid in full and in a timely manner. Cardholders must repay credit cards based on their ability to repay. Do not spend excessively in advance to avoid being unable to repay in time, causing the credit card to be overdue and incurring interest and late payment fees. , and even affect personal credit records.

5. It is not easy to earn points in general banks. For transactions such as real estate, automobiles, public welfare merchants, and building materials wholesale, 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.

6. In fact, real estate credit card POS machines generally use UnionPay channels, so only UnionPay cards can be used. Single-currency foreign currency cards cannot be used. When using a credit card to pay the down payment, you must know clearly which card you have.

Can I use a credit card to buy a house?

Before the Spring Festival, it is a good time for developers to promote sales, and there are endless discounts; for many house buyers, they also want to rush in early rather than late. mentality, hoping to complete the matter of buying a house before the year. But the down payment for buying a house is a big problem. Having to come up with a large amount of money at once is a lot of pressure for many young people. At this time, many people will think about whether they can use a credit card to buy a house?

Can I use a credit card to buy a house?

If the down payment for buying a house is not enough, it is a very common way to use a credit card to make overdrafts. However, usually the handling fee after applying for installment repayment will be relatively high. Most of them are people who really have no other way. An emergency method that will only be used in certain situations.

First of all, credit cards can be used to pay for a house, and there are no violations or violations; and paying with a credit card is simple and convenient, eliminating the trouble of applying for a loan from a bank or borrowing money from other people and institutions.

Secondly, the credit card itself is a credit fund granted by the bank. The so-called "use it in vain", if you use the credit card to overdraft during the interest-free period, you can enjoy the zero-interest discount, which provides cardholders with A certain buffer period.

Except for a few banks that set card swiping limits for real estate consumption, most banks’ credit cards can be used to pay down payments, so you can use credit cards to pay down payments for buying a house. However, the interest rate is also surprisingly high, so please consider it carefully!

Can I pay in installments when buying a house?

Yes! However, even if it can be paid in installments, the repayment pressure is still very high. The interest rate is much better than the bank's benchmark expected annualized interest rate. If you swipe a credit card of 150,000 yuan in 12 installments, you will have to pay more than 10,000 yuan in interest per year. Moreover, the adjustment range of the temporary limit of each bank is different, but the down payment cannot be paid in installments and must be paid off in full in the current period!

That’s it for the introduction to using credit cards to buy a house.