Hello, the so-called cashing out by credit card means using a credit card to cash out. Because there is no cash in the credit card, but a credit limit, but for now, it is not illegal to use a credit card to cash out! Because there are no relevant policies and regulations to restrict this behavior! But cash-out behavior will definitely directly affect your credit record! It will have a direct impact on future credit card approvals, limit increases, and housing mortgage loans!

There are several ways to cash out:

1. Cash out on the Internet. To put it more clearly, it is to open a store with your A number, hang some fictitious things, and then use Go buy it with your own number B, and pay with a credit card when you buy it. In this way, the money in your credit card is taken out, and all the money is converted into cash and goes to number A. This form of cash-out has a smaller amount, usually 18,000 yuan, but there is no handling fee.

2. Some merchants specialize in providing this service. If you want to cash out, just go to them with your credit card and swipe the card directly on their POS machine, and then they will pay you cash at that time, that's it. Cash out! This form generally involves a larger cash withdrawal amount and a handling fee, which seems to be generally within 5%, with most ranging from 1.5% to 3%. For example, if the handling fee is 2%, and you use several credit cards to swipe at the same time, the total amount you swipe is 100,000, but they will only give you 98,000 in cash, which is after deducting the 2,000 handling fee. fee. However, this method is limited by the credit card limit, and you can only withdraw as much cash as you have.

3. The other is to withdraw cash from your credit card when your credit card credit limit is used up. The amount withdrawn can be several times your credit limit. This is the so-called "empty card set"! This kind of cash-out is relatively difficult to complete, and currently only a few banks' credit cards can cash out empty cards, and the handling fees are relatively high, with the highest reaching 25% and the lowest being around 15%. Usually the cash-out intermediary takes you to some merchants such as Suning Appliances or Gome to buy electrical appliances, and you pay by credit card in installments. Then the intermediary will give you cash and charge a handling fee. As for the purchased goods, the intermediary will return them to the mall through some means.

The act of cashing out is not illegal in itself. Because like any consumption, the bank earns handling fees from it, and the merchants also have to pay business tax, but the cardholder is exempted from the 0.05% interest for 50 days. If you fail to repay the money in time after cashing out, or use someone else's ID card to apply for a credit card, and maliciously swipe the card to spend and cash out, this is a violation of the law.