The down payment of a house is different from ordinary consumer goods, and the amount is usually large. Some people's credit cards are not high enough, so it is difficult to pay a large down payment on one card. So use multiple credit cards to make up for the lack of credit limit. Many credit cards spend a large amount at the same time in the same merchant, which is easily recognized by banks as cash-out behavior.
Cashing out is an illegal act in itself, from being banned by banks to being included in bad credit records. Some homebuyers pay the down payment by increasing the temporary quota and using multiple credit cards, hoping to reduce the repayment pressure by installment payment. However, the real estate transaction cannot be staged, and the consumption can only be paid in one lump sum.
For example, it is explicitly mentioned in official website that "advance cash transactions, installment transactions, real estate transactions, RMB funds that have applied for foreign exchange purchase and other transactions designated by banks cannot apply for bill installment". If the repayment date is not timely, personal credit information will be tarnished, and the loss will outweigh the gain.
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Risk of down payment by credit card
1, the refund process is complicated and the risk is difficult to control.
It is good that everything goes well in the process of buying a house, but not all problems can be completely controlled by yourself. Once uncontrollable factors break the contract relationship, it will involve the issue of refund.
Even if the developer agrees to refund, there will usually be a complicated process, and the specific refund time is difficult to control. The time required for the whole refund process is likely to have exceeded the interest-free period of the credit card. At this time, buyers need to repay themselves first. If there is a problem in the capital chain at this time, there will be a situation in which the payment for goods cannot be paid.
2. The potential repayment risk of high leverage.
I used a credit card to solve my temporary financial shortage and successfully paid the down payment on the house. Although the down payment problem has been solved temporarily, I still have to face the problem of high repayment, not only down payment, but also bank commercial loans.
If the buyers have insufficient funds, there may be overdue in the middle. High leverage makes buyers bear greater repayment pressure. If they or their families need money in case of emergency during the period, it will be even worse.
Sohu. Com- how to pay the down payment by credit card when buying a house? Several minefields to know before swiping your card