Credit card usage: Can you pay for a credit card when you buy a house? Nowadays, people don't have to worry about paying the full amount of the house. As long as their credit conditions are up to standard, they can use the loan to complete the purchase. A certain proportion of down payment compared to the full purchase of the house does reduce the pressure on buyers to pay, but not everyone's pockets are bulging, for some buyers to make enough down payment to "follow the power of the whole family." Recently I heard that the down payment can also be paid by credit card. Is this really the case? It is expressly stipulated that consumer loans are strictly prohibited from flowing into the property market. Whether credit cards can be used to pay for housing payments is still in a vague zone. However, logically speaking, credit card consumption is also a consumer loan in nature. It can only be used for daily consumption such as shopping, catering, and travel, and should not be able to pay the down payment. However, many sales departments can use credit card to pay when buying a house. This is because when trading on a POS machine, it is difficult for the bank to distinguish whether the transaction is to buy a house, pay a rent or other behavior. After discovering an abnormal transaction, the bank can only curb the down payment of the credit card by limiting the transaction amount and requesting one-time repayment. Although credit cards can be used to pay down payments, we do not recommend that homebuyers exploit this loophole because there are a number of problems with credit card payments. First, the bank will be found to be suspected of cashing. The down payment of the house is different from the general consumer goods. The amount is usually large. Some people do not have enough credit cards. It is difficult for a card to pay a large down payment. Therefore, multiple cards are used to make up for the shortage. Multiple credit cards are used for large-volume consumption at the same time in the same merchant, and it is easy for the bank to determine that there is a current set. Cashing itself is an illegal act, and the bank recovers the funds from the bank, and the credit is recorded in the bad credit record. Second, real estate type transactions cannot be phased. Some homebuyers have used a number of credit cards to pay down the down payment by increasing the temporary limit, and expect to be able to reduce the repayment pressure through the instalment payment. However, real estate type transactions cannot be phased out and can only be used to pay off the purchases in one lump sum. In the case of recruiting behavior, it is explicitly mentioned on the official website that “pre-borrowing cash transactions, installment transactions, real estate transactions, renminbi payments that have been applied for foreign exchange purchases, and other transactions designated by the Bank cannot be applied for instalmentsâ€. If the repayment date cannot be repaid in time, the personal credit will be tainted, and it will not be worth the candle. Fourth, the card processing fee is borne by itself. There is a fee for credit card spending, but this fee is usually borne by the merchant, but it is not the case in the purchase transaction. Developers use the psychology of buyers who do not have enough funds and want to buy a house, and then require the handling fee to be borne by the buyers. Buyers are eager to purchase the house and often accept the handling fee. Fifth, real estate type transactions cannot earn points. Most banks will earn points after credit card transactions. The greater the amount of credit, the more points. If you want to earn points by paying the down payment for the house, then it is still broken. If the bank's risk control department sees that your credit card record is real estate consumption, it will not count you points. Sixth, high leverage potential repayment risk. Someone used a credit card to solve the problem of temporary shortage of funds, and successfully paid the down payment for the house. Although the problem of down payment has been fixed for a while, but it still faces a high repayment problem, not only the money that is down payment, but also the money for bank commercial loans. If the buyer's funds are not sufficient at present, then there may be overdue situations in the middle. High leverage makes the buyers bear a lot of repayment pressure. If you need money in your own life or in your home, it will be even worse. It is beneficial to use a credit card when making reasonable purchases. This not only allows you to enjoy a certain interest-free period to make the money more profitable, but also allows you to have a good credit history and be able to easily obtain loans when you need a loan. But if you use a credit card to pay the down payment, you still have to think carefully. After all, consumption is still legal and compliant.
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Third, the cumbersome risk of the refund process is difficult to control. It is good to go through the process of buying a house, but not all problems can be completely controlled by yourself. Once an uncontrollable factor causes the contract relationship to break down, it will involve a refund. Even if the developer agrees to a refund, there will usually be a cumbersome process, 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 buyer needs to repay the loan first. If there is a problem with the capital chain at this time, then there will be a situation where it is not yet paid.
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