Can I buy financial products with a credit card?
The Credit Card Mobile Life client supports the purchase of some financial products and funds, and you can check the purchased products through the "My"-"Wealth" menu Basic product information. Currently, purchases with our bank’s all-in-one card or debit cards from other banks are supported.
Financial products or funds cannot be purchased through credit cards.
Warm reminder
Purchasing through the Palm Life channel requires inquiries through the Palm Life channel or the fund company.
Is it possible to use the interest-free overdraft limit of a credit card (interest-free period of 45 days) to buy financial products launched by banks (30 days)?
Cannot buy. Theoretically, credit cards are personal credit products, not cash, and cannot be used to purchase financial products and other products.
Technically speaking, you must pay cash or transfer money from a savings account to buy financial products, but credit cards cannot transfer money outside the card. Therefore, it is impossible to use credit cards to purchase financial products. There are certain risks in cashing out to buy financial management, and banks often control some abnormal card swiping behaviors. If you swipe your card at the POS machine of the same merchant multiple times in a day until the limit is full, and if your workplace and the merchant where you swipe your card are from the same company, it is very likely that the bank will monitor your card swiping.
A credit card, also called a credit card, is a credit certificate issued by a commercial bank or credit card company to consumers with qualified credit. It takes the form of a card with the issuing bank's name, validity period, number, cardholder's name and other contents printed on the front, and a magnetic stripe and signature strip on the back. Consumers holding credit cards can shop or consume at specially designated commercial service departments, and then the bank will settle the accounts with merchants and cardholders. Cardholders can overdraft within the prescribed limit.
Credit cards stipulated in the relevant laws of our country ("Interpretation of the Standing Committee of the National People's Congress on Relevant Credit Card Regulations") refer to credit cards issued by commercial banks or other financial institutions with the functions of consumption payment, credit loans, transfer settlement , deposit and withdrawal of cash and other full or partial functions of electronic payment cards [1-2]. On December 1, 2017, the "English Translation and Writing Standards in the Public Service Field" was officially implemented, stipulating that the standard English name of credit cards is CreditCard.
Credit card consumption is a non-cash transaction payment method. There is no need to pay cash when consumption, and repayment will be made on the billing date (BillingDate).
Credit cards are divided into credit cards and quasi-credit cards. Credit cards refer to credit cards in which the cardholder has a certain credit limit and can consume within the credit limit and then repay; quasi-credit card It refers to a quasi-credit card in which the cardholder deposits a certain amount of reserve fund as required. When the reserve account balance is insufficient to pay, the cardholder can overdraw within the prescribed credit limit. The so-called credit card generally refers to a credit card only.
Starting from January 1, 2021, the credit card overdraft interest rate will be determined independently by the card issuer and the cardholder through independent negotiation, and the upper and lower limit management of credit card overdraft interest rates will be cancelled. The daily interest rate is 0.7 times 5/10,000).
On May 25, 2021, the Supreme People’s Court issued and implemented the “Regulations of the Supreme People’s Court on Several Issues Concerning the Trial of Bank Card Civil Cases.”
Customers can use credit cards to purchase bank financial products
Customers cannot use credit cards to purchase bank financial products. According to the query of relevant information, financial products must be opened with a non-overdraft bank card, and financial products cannot be purchased with credit cards. According to regulations, money in credit cards is not allowed to be used for investments, buying houses, etc., including stocks, funds, and bank financial management. If you want to buy bank financial products online, you can only use a debit card (that is, a savings card) , and then after opening online banking, purchase corresponding financial products.
This is the end of the introduction about using credit cards to buy bank financial products and how to use credit cards to buy financial products. Have you found the information you need?