Under normal circumstances, credit cards cannot be used to pay for house purchases, because the scope of use of credit cards is limited to daily consumption such as shopping, dining, and travel. Even if you use a credit card to buy a house, you will not get points. But now most people Some banks cannot use credit cards to pay the down payment for a house.

What are the consequences of paying a down payment to buy a house with a credit card?

1. The bank will consider it suspected of cashing out.

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. Cashing out is an illegal act in itself. 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.

2. Real estate type transactions cannot be staged.

Some home buyers paid the down payment using multiple credit cards by increasing the temporary limit, expecting to be able to reduce the repayment pressure through subsequent installment payments of bills. However, real estate transactions cannot be made in installments and can only be made in one go. Pay off consumer payments. Taking China Merchants Bank as an example, it is clearly mentioned on the official website that "cash advance transactions, installment transactions, real estate transactions, RMB payments that have been applied for foreign exchange purchases, and other transactions designated by the Bank cannot apply for bill installments." If it comes to If you fail to repay the loan in time on the repayment date, your personal credit report will be stained, and the gain outweighs the loss.

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

It is good that everything goes smoothly in the house purchase 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 Refunds usually have 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. At this time, the home buyer needs to make the repayment on his own first. If there is a problem with the capital chain at this time, there will be a situation where the payment cannot be made.

4. You must bear the credit card processing fee yourself.

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 buyer's psychology of not having enough funds but wanting to buy a house, and then require The handling fee is borne by the home buyer, and home buyers who are eager to buy a house often accept this handling fee.

5. Points cannot be earned for real estate transactions.

Most banks will earn points after credit card transactions. The larger the consumption limit, the more points. If you want to earn points by paying the down payment for a house, then give up the idea. If the bank If the risk control department sees that your card swiping record is for real estate consumption, it will not count it into your points.

6. Potential repayment risks of high leverage.

Some people used credit cards to solve the problem of temporary insufficient funds and successfully paid the down payment for a house. Although the down payment problem was temporarily solved, they still had to face high repayment problems in the future. The down payment must also be paid back to the bank's 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 during the period, he or she If there is an emergency at home and you need money, it will be even worse.