It is not illegal to exchange points for cash

When people use credit cards to make purchases, they can generally accumulate a certain amount of points, and these points can be used to redeem some gifts and miles. Wait, exchanging credit card points for cash is not illegal. To be precise, there is basically no such thing as converting credit card points into cash in banks, and the law does not clearly stipulate that it is illegal. Selling credit card points is risky. Selling credit card points is very likely to reveal the credit card password, and there is a risk of being stolen.

The "credit card points exchange business" is originally a value-added service provided by banks to customers. It involves buying and selling credit card points and making profits from it. This has violated the bank's regulations, and users need to be responsible for all consequences.

If users find any promotions that offer credit card points redeemed for cash, they need to pay attention. This is likely to be a scam, used by fraudsters to defraud customers of their personal information and steal their credit cards. A trap set.

So when you encounter text messages or phone calls about redeeming credit card points for cash offers, you must be vigilant. Ignore the other party, don't click on the link sent by the other party easily, and be careful to avoid leaking personal information to the other party.

People must take extra precautions when using credit cards. They must take good care of their credit cards, and do not tell others their information, card numbers, and card transaction passwords, and do not arbitrarily disclose their information, card numbers, and card transaction passwords to others. Swipe your card at the POS machine.

According to relevant regulations, in violation of national regulations, using point-of-sale terminals (POS machines) and other methods to directly pay cash to credit card holders through fictitious transactions, false prices, cash returns, etc. The circumstances are serious. , shall be punished with the crime of illegal business operations in accordance with the provisions of relevant laws. Cashing out on a credit card brings great risks to the cardholder personally. On the surface, the cardholder obtains cash through cashing out and reduces interest expenses, but in fact, the cardholder needs to repay the loan after all. If the cardholder cannot repay on time, he must bear higher interest than the overdraft interest. Late repayment charges may result in a bad credit record, making it very difficult to borrow funds from banks in the future, and you may even have to bear the legal risk of lack of personal credit. In this case it is illegal.

Legal basis:

"Criminal Law of the People's Republic of China"·

Article 225· Violation of national regulations includes the following illegal acts If one of the business activities disrupts the market order, and the circumstances are serious, he shall be sentenced to fixed-term imprisonment of not more than five years or criminal detention, and shall also or solely be fined not less than one time but not more than five times the illegal income; if the circumstances are particularly serious, he shall be sentenced to fixed-term imprisonment of not less than five years and concurrently A fine of not less than one time but not more than five times the illegal income may be imposed, or property may be confiscated:

1. Operating franchises, monopoly items or other restricted items as prescribed by laws and administrative regulations without permission;

< p>2. Buying and selling import and export licenses, import and export certificates of origin, and other business licenses or approval documents stipulated in laws and administrative regulations;

3. Illegal securities operations without the approval of the relevant national competent authorities , futures, insurance business, or illegally engaging in fund payment and settlement business;

4. Other illegal business activities that seriously disrupt market order.