After sorting out, the business related to cardholders mainly includes: purchase, second-hand housing intermediary fees, rental and property fees. At present, how about the above credit card business? Can I use credit card for down payment? Can I use credit card to pay agency fee, property fee and rent?
Buying a house: swipe the card to cash in another POS machine
Sino-Singapore Jingwei clients inquired about many intermediary companies and sales offices, and all said they did not accept credit card purchases. You cant buy a house by credit card. The Sales Office does not accept credit card payment. When you go to the bank to pay down payment, the bank will examine the source of the down payment. A real estate agent Xiaojun told Zhongxin Jingwei client.
It is understood that each POS machine will have a specific business code, so as to distinguish each POS machine, all kinds of businesses have their own special code, of which four digits are industry code. Credit card business code related to real estate is: residential and commercial real estate development (merchant category code 1520), real estate agent and broker (merchant category code 7013), real estate construction and installation project (merchant category code 1771), real estate management (merchant category code 6513), rental and other vacation real estate (merchant category code 7012). Credit card switching is restricted or prohibited on POS machines of the above categories.
Although this approach is feasible, but the purchase risk is too high, not recommended. Xiaojun emphasized that even if the money in the credit card is brushed out, as long as the cardholder buys a house or carries out a mortgage, the money is liable. When the bank sees that many credit cards are in arrears, it will doubt your repayment ability; and when the credit card date is close to the purchase date, the bank will also suspect that the credit card funds are used for down payment. Now the supervision is very strict. Loans are likely to be rejected.
According to media reports, in addition to restricting the purchase of commercial housing, the payment of intermediary fees may also be limited. Among them, the credit cards of China Merchants Bank, Everbright Bank, Societe Generale Bank and Construction Bank are not allowed to trade in some real estate businesses, including real estate agents and brokers. There are also banks with quotas for such transactions ranging from 10,000 yuan to 30,000 yuan.
Sino-Singapore Jingwei client consults several real estate intermediary companies. At present, the payment of intermediary fees can be paid by credit card. A real estate intermediary Xiaodong said that before, most bankscredit cards in the real estate agent and brokerage category of a single cap of 100,000 yuan, can basically meet the needs of buyers with a total housing amount of less than 5 million yuan.
Xiao Dong said that his intermediary company had not yet received a reduction in the amount of bank notification, but even if some banks reduced the amount or banned transactions, it could be solved by switching other bankscredit cards, or by switching more credit cards.
However, we do not recommend that customers use credit cards to pay intermediary fees, and use credit cards as little as possible before granting loans, because large credit cards may affect the qualifications of loan audits. Xiao Dong emphasized.
Yan Yuejin, director of research at the think tank center of Yiju Research Institute, told Sino-Singapore Jingwei clients that it was reasonable for banks to pay credit card quotas for intermediary fees, because intermediary fees related to housing sales, but also linked to the total price of housing transactions, and restricting intermediary fees would also have a certain impact on speculation.
Many people also choose to use credit cards when paying rent and property fees. According to 21st century economic reports, credit card payment of property fees and time-sharing housing (rental housing) are quota transactions, a single transaction does not exceed 15,000 or 30,000 yuan. China Merchants Bank, China Construction Bank, Agricultural Bank, Ping An Bank and other banks have issued relevant announcements.
Sino-Singapore Jingwei clients consulted several property companies and all said that they could support credit card payment of property fees. Most ownersproperty fees were within the limits and were basically unaffected.
In terms of renting, a self managed housekeeper tells the new Sino Jingwei client that the tenant can deal with an intermediary company through online APP, and only need to bind the credit card through Alipay or WeChat, so that the rent can be paid by credit card.
Yan Yuejin believes that it is a relatively strict measure to restrict the use of credit cards for rental housing and property fees. Because rent, intermediary fee and speculation are different, belong to daily consumption; especially property fee, belong to a expenditure of household consumption, in the marginal zone.
The inflow of personal consumption credit funds into the real estate market, on the one hand, deviates from the requirement ofno speculation in housingand affects the effect of real estate regulation; on the other hand, it enlarges the leverage of the residential sector and accumulates financial risks. The report issued by the National Laboratory of Finance and Development also shows that in the second quarter of 2019, the leverage ratio of the residential sector reached 55.3%, which increased by 2.1 percentage points in six months. Therefore, it is timely and necessary for the regulatory authorities to reiterate relevant policy requirements and take measures to plug policy loopholes. Dong wishes to emphasize.
Yan Yuejin said that the tightening of credit card switching by real estate businessmen also showed a stricter policy orientation, making credit card payment meaningless, and also reducing the impulse of some funds irregularly flowing into the real estate market, so that credit card financial risks were prevented and real estate-related financial risks were controlled.
Dong Xizhao suggested that commercial banks should approve credit card quota reasonably, minimize multi-credit, strictly control over-credit, and reduce the possibility of overdraft of customers, especially young customers, from the source. For example, the requirement of rigid deduction should be strictly implemented. When credit lines are granted to credit card holders, they should deduct the amounts already obtained by other banks. (Sino-Singapore longitude and latitude APP)
(At the request of the respondents, Xiaojun and Xiaodong are aliased names.)
Source of this article: Sino-Singapore Editor-in-Charge of Longitudinal and Weft: Yang Bin_NF4368