Can individual customers use credit cards to purchase financial products? Answer: No.

The risk should not be underestimated

It sounds like borrowing a chicken to lay an egg but using nothing.

Is reality really so beautiful?

——Withdrawing cash is not cost-effective——

Many investors who want to borrow money to lay eggs think so:

The daily interest for cash withdrawal is only 10,000 yuan Fifth, based on borrowing for one month, the interest rate is only 1.5%, while the income from investing in P2P is easily over 8%. This is almost a waste of money.

Those who have the above ideas can only say that your mathematics was probably taught by your physical education teacher.

You must know that P2P income is based on years. The 8% mentioned above is the annualized income. If you want to calculate the income for one month, you need to divide it by 12 to get the actual income for one month. It is 0.67%, which is not even enough to cover the cash withdrawal interest.

Alternatively, you can convert the interest on cash withdrawals into annualized interest. A monthly interest rate of 1.5% is equivalent to an annual interest rate of 18%.

So, are you sure you can easily find a P2P platform with an annual return of 18%?

——The hidden cost of cashing out is high——

The obvious cost of cashing out with a credit card The cost of sex seems low, but in fact, there are many hidden costs of cashing out on credit cards that are easily overlooked.

● You have to pay the network service fee

The network service fee is charged by the bank card clearing agency to the brushing agency at a certain rate. Before September 6, 2017, the fee has an upper limit. , usually capped at 50 yuan. However, after the introduction of new regulations on credit card swiping fees on September 6, there is no upper limit on this fee. As the amount of cash out increases, the uncapped network service fees also rise, and the acquirer will definitely pass these costs on to the cash out, thereby increasing the cash out fees for the cash out.

●The acquiring agency may run away

Some brushing agencies indicate that the payment will not be received immediately before the brushing. This time difference is left for the brushing agency to collect the money and run away. time. In November this year, it was revealed that a certain brushing company ran away with 10 million yuan. But once someone is caught running away with the money, he or she will lose all the money. Instead of making any money, he will end up with an additional debt.

● Cashing out will damage your credit record

Banks monitor every consumption of cardholders. If the cardholder uses the same POS machine on the same day every month, Cashing out all the available credit can easily be considered a malicious cash out by the bank.