How to get a credit card loan

Credit card loan process:

1. You need to apply for a credit card to the bank and submit relevant supporting materials, such as proof of identity and proof of income. , work certificate, etc., and personal credit is good;

2. Wait for bank approval;

3. After approval, you can get a card with a certain credit limit from the bank.

After the applicant gets the card and activates it, he can swipe the card to purchase the goods he needs. However, after overdrafting a credit card, the cardholder must repay it in full and on time to avoid leaving a bad credit record.

Credit card loan definition:

Credit card loan is a credit card installment business launched by banks. The loan amount that cardholders can apply for is generally 20,000-200,000; there are three types of installments: 12 months, 24 months, and 36 months; there is no loan interest rate for credit, and the bank only charges a handling fee. The handling rates for different installments are Each one is different.

Credit card loan conditions

1. Hold a credit card from the bank applying for the loan;

2. Good card usage record;

3 , There are restrictions on the types of credit cards, such as China Merchants Bank’s commercial card, business card, purchasing card, ANA guaranteed card or supplementary card, which do not support cash installment business;

4. Cash installment payments cannot be used for investment (Including but not limited to house purchases, stocks, futures and other equity investments) and can only be used for consumption (including but not limited to decoration, home appliances, weddings, car purchases, student aid, travel, medical care, etc.).

Six banks support credit card loans:

Currently Industrial Bank, China Guangfa Bank, Ping An Bank, China CITIC Bank, Shanghai Pudong Development Bank, and Hua Xia Bank provide credit card loan functions.

At present, the application for credit card loan business is not very strict. As long as you have good credit and no bad repayment record, you can generally apply. The main methods used by banks are telephone invitations or proactive applications from customers. Through this method, you can apply for loan amounts ranging from 5,000 to 200,000.

Credit card loan transfer borrowing business is only suitable for people who want short-term loans. They can be used for capital turnover. It is not suitable for people who want long-term loans. Because after credit card transfer, although the cardholder can repay in installments, the longer the installment, the higher the interest. The monthly interest rate for 12 periods is about 0.75%, which means that 10,000 yuan has an interest of 75 yuan. If you borrow 50,000 yuan in advance and repay it in 12 installments, the monthly interest rate is 0.75%. Calculated in one year, the interest is 4,500 yuan. The current personal loan interest rate for 6 months to one year (inclusive) is 6.06%, and the loan interest rate for more than 5 years is 6.60%. Compared with traditional loans, the cost of credit card transfer loan business will be higher.

The difference between credit card loans and consumer loans

The scope of use of the two is different

General bank consumer loans will be fixed for the cardholder’s exclusive use, such as buying a house. Loans can only be used to buy houses, car loans can only be used to buy cars, renovation loans can only be used for renovations, consumer loans can only be used for specific types of consumption, and so on. Credit cards have a wider range of uses and are relatively more flexible. After applying for a credit card, you can pay by credit card at all merchants that accept credit cards.

The costs of the two are different

Consumer loans do not enjoy an interest-free period. Lenders need to repay each period on time from the effective date of the loan. Loan costs cannot be avoided. Credit cards enjoy an interest-free period of up to 50 days to 56 days. Cardholders are free of charge for overdraft consumption during the interest-free period. As long as the payment is repaid in full before the due payment date, there is no need to bear capital costs.

The convenience of application is different

Consumer loan application is cumbersome, the process is cumbersome, the approval is strict and the approval time is usually long. In many cases, applying for a consumer loan requires the applicant to provide relatively small amount of information. Many supporting documents, and even provide mortgages, guarantees, etc. Applying for a credit card is relatively easy. Customers can apply for a credit card through bank offline outlets, bank official websites and other websites, as well as through WeChat, mobile apps and other channels. During the application process, you only need to provide personal information and application materials such as proof of employment and income. Credit card approval times are relatively short and application is more convenient.

The repayment methods of the two are different

Consumer loans are repaid on a fixed schedule, while credit cards can be repaid in full, in installments or according to the minimum repayment amount, to the cardholder Provides more convenience.

Baidu Encyclopedia - Credit Card Loan 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. Now many banks have opened credit card cash installment business. 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, with interest of 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. How to borrow money with a credit card?

1. Cash installments

In order to cope with the increasingly rampant credit card transactions

, many banks have launched cash installment services. Its purpose is to satisfy customers who are short of money and in urgent need of money, and it opens 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.

In addition, it is worth our attention that cash installments can generally be divided into 1, 3, 6, 12, 24 and 36 installments. Once confirmed, the period and amount cannot be changed, let alone canceled.

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. Although the method is the simplest, cash advance also has shortcomings. For example, the advance loan limit can only reach 100% of the credit limit. If the limit is smaller, it will not be of much use. In addition, cash advance loans have handling fees and interest. The handling fee is generally 1%-3% of the cash withdrawal amount per transaction, and the handling fee is 0.05% per day.

3. Credit card loan

For large purchases, such as car purchases, renovations, etc., the bank will grant a certain loan amount based on the credit status of the cardholder, and then the cardholder will apply for a loan once There are two ways of repaying the principal: repaying the principal and repaying in installments.

For credit card loans, we need to pay attention to five aspects, namely loan term, handling fee, down payment, limit and payment time. Among them, the credit card loan period generally does not exceed 36 months, and the minimum period is not less than 1 month. The handling fee is a one-time fee. The fees of each bank are different and will be amortized into each expected repayment amount. The calculation method is: handling fee = installment amount × handling rate.

In addition, credit card loans are mainly aimed at large purchases, so the necessary condition is that you have to pay the down payment, which is usually 10%-30%. In addition, credit card loans also have limits. Depending on the applicant's credit rating, the general loan amount is 20,000-200,000. After approval, payment will generally be issued within 7 working days.

Extended information:

When using a credit card, you need to pay attention to the following:

1. A credit card has a minimum repayment amount, which is 10% of the current consumption amount. Only repaying this amount counts as normal repayment, but does not enjoy the interest-free period.

2. You can withdraw cash with a credit card, but interest will be charged for cash withdrawals.

3. Credit cards cannot be tx

, tx

is illegal.

4. Don’t let others use your credit card at will.

5. Do not use other people’s phone numbers to pay off credit cards.

6. Do not use multiple card borrowing methods to pay off credit card debts.

Reference: Baidu Encyclopedia-Credit Card

Reference: Baidu Encyclopedia-Credit Card tx