Cash-out of Bank of Communications credit card means that the cardholder does not withdraw cash through normal legal procedures (ATM or counter), but uses other means to withdraw the funds within the credit limit of Bank of Communications credit card in cash. At the same time, you do not pay bank withdrawal fees. So what are the consequences of credit card arbitrage?

Cash-out of Bank of Communications credit cards is illegal

First, it may affect your credit card limit and bring bad personal credit records. Once the bank identifies it as a suspected malicious credit card cash-out investment, such bad records may affect the investor's future personal loan business such as home loans and car loans, which may lead to higher loan interest rates or even the inability to get a loan. In addition, banks will generally choose to moderately reduce the credit card limit when users use credit cards to cash out large sums of money or invest through other means.

The second is credit card repayment risk. Industry insiders said that platforms where credit cards can be used to recharge securities are not standardized. If there is a problem with either the platform or the borrower and the funds cannot be returned on time, and the speculator does not have enough funds to repay the credit card in time, then in addition to paying a certain amount In addition to late payment fees, you will no longer enjoy the interest-free repayment treatment. The bank will charge users overdraft interest from the accounting date. The higher the amount used to cash out on a credit card and the longer the overdue period, the greater the speculator's losses.

The third is legal risk. Cashing out on a credit card is illegal. According to relevant regulations, those who maliciously overdraft will be convicted and punished for credit card fraud.