Empty card cashing is actually a way to withdraw cash by credit card. Here is a brief introduction to empty card cashing.

conventional credit card cashing means that the cardholder swipes the full amount of the credit card limit of the credit card through many cashing companies or other institutions, and then the cardholder immediately cashes in. This method requires a handling fee ranging from 1.5% to 3%. Empty card cashing is to withdraw cash from the credit card when the credit limit of the credit card is used up, and the amount withdrawn can be several times the credit limit. This kind of cashing is relatively difficult to complete, and only a few banks can cash out empty credit cards, and the formalities are also relatively high, with the highest reaching 25% and the lowest about 15%. Usually, the cashing agent goes to Suning Appliance or Gome and other businesses to buy electrical appliances, and pays the bill by credit card by installment. Then the intermediary charges a handling fee, and as for the goods bought, the intermediary will return them to the mall by some means.

Legal Basis

Securities Investment Fund Law of the People's Republic of China

Article 14 The the State Council securities regulatory authority shall, within six months from the date of accepting the application for the establishment of a fund management company, conduct an examination in accordance with the conditions stipulated in Article 13 of this Law and the principle of prudential supervision, make a decision on approval or disapproval, and notify the applicant; If it is not approved, it shall explain the reasons. If a fund management company changes its shareholders holding more than 5% of the shares, changes its actual controller, or changes other major matters, it shall be reported to the the State Council Securities Regulatory Authority for approval. The State Council securities regulatory authority shall make a decision of approval or disapproval within 6 days from the date of accepting the application, and notify the applicant; If it is not approved, it shall explain the reasons. Article 17 Directors, supervisors, senior managers and other employees of fund managers who offer funds publicly, their spouses and interested parties shall report to the fund managers in advance for securities investment, and shall not have conflicts of interest with fund share holders. The fund manager of a publicly offered fund shall establish a management system for the declaration, registration, examination and disposal of securities investment by the personnel specified in the preceding paragraph, and report it to the the State Council Securities Regulatory Authority for the record.