A credit card is a bank payment card. On the basis of the client's solvency level, the Bank establishes a certain limit of funds that the client can cash out or spend through non-cash payments.
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The main advantage of such cards is the lack of need to report to the bank on the targeted use of funds. Along with numerous options for using credit cards, it is possible to repay a loan issued by another bank.
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The use of a credit card to repay a loan makes it possible to postpone cash withdrawal for a period established by the terms of the contract on the credit card itself, and not on a bank loan. For example, a mandatory loan payment is assigned to the 20th day of each month, but there is no cash at that moment, then you need to list the amount of payment from the credit card. The deadline for refund on the card is stipulated by the contract on this map, sometimes the contract is set dead, when it is possible to make the required amount on the card without paying interest.
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When concluding a lending agreement in its text, among other things, the account number is prescribed to repay the body of the loan and percent on it. At this expense, it is necessary to make a certain amount of any convenient for the borrower. There are several ways to repay a loan:
payment of a loan through the cashier in the Bank's Office;
repayment of the loan by making instructions to the accounting department at the place of work on a regular listing of a certain loan agreement amount with a one-time debiting of this amount from the wage account;
transfer from the account on the deposit is carried out after the conclusion of an additional agreement;
the write-off of funds from banking (both debit and credit) cards to the account of repayment of the loan is possible after concluding a banking service agreement with the Bank and issuing a written order for these actions;
write-off funds from a credit card using an ATM.
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Modern ATMs have a large number of functions, including paying loans. By inserting a credit card by entering the PIN code, you must select the corresponding function. Next, enter the name of the bank that has granted a loan, account number to repay the debt on the loan and the amount. Another option is to cash out from the map of the required amount and making funds through special payment machines.
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Translate funds from a credit card can also be using the service "Internet banking"which must be predetermined through the bank. On the bank's website should be authorized, then make money transfer to the desired account.
Thus, the loan repayment method with the help of a credit card of another bank is not prohibited by law and is possible thanks to modern technologies. The main disadvantage of this option is that in addition to the main loan, the borrower assumes an additional obligation to pay interest and on the credit card. Therefore, its use is advisable only in extreme cases.
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