There are three obvious differences between Huabei and credit cards:

1. Application threshold

Everyone knows that credit card applications are subject to strict review , it depends on the age, job, education, assets and other information of the card applicant to ensure that the applicant has good repayment ability before the card is approved. The threshold for Huabei is relatively low. The performance is particularly obvious in the review of college students. Credit card applications for college students are subject to strict review, and the credit card limits launched by banks specifically for college students are not high, and the initial limit may even be 0. In contrast, Huabei does not have as high requirements as bank credit cards. You only need to fill in the information on Alipay to apply, or you can open it with a Sesame score of 500 or more.

2. Convenience of use

1. Applicable scenarios: The credit card center has strategic preferential cooperation with many merchants, and discounts can be provided for card consumption in specific scenarios. Nowadays, mobile payment consumption through APPs of banks such as China Merchants Bank and Communications Bank is also very convenient. Huabei has joined more than 40 e-commerce platforms, such as Meituan, Amazon, Jumei Youpin, etc., and has connected with many merchants that accept Alipay payments.

2. Interest-free period: Huabei’s longest interest-free period is 41 days. Credit card regulations vary according to each bank’s interest-free period, which can be up to 60 days.

3. Repayment methods: Different repayment methods, Huabei and credit cards, each have their own advantages. If you choose bill installment, most banks' installment fees are lower than Huabei. But if you choose the minimum repayment, Huabei’s minimum repayment will calculate the interest on the unpaid amount, which is more cost-effective than the bank calculating the interest on the full amount.

3. Credit reporting

Currently, Huabei has not yet accessed credit reporting. Compared with credit cards, everyone knows that the credit report is already on when you apply for a card, and you should be extra careful about credit issues when using it later. Because Huabei "consumes first, repays later", many people sometimes use it without restraint, resulting in not being able to pay back the money. Others simply refuse to pay it back. Huabei is currently not connected to the central bank's credit reporting center, so overdue records will not be uploaded to the central bank's credit reporting center. However, Huabei’s overdue negative records will be reported to Zhima Credit, which may affect Zhima Credit scores. In addition, when Huabei is overdue, corresponding overdue fees will be incurred, which are generally charged at an interest rate of 0.05% per day.