The central bank once banned personal POS machines from swiping credit cards, just to prevent the use of POS machines to cash out. However, in the end, this provision was abolished in the Measures for the Administration of Bank Card Receipt Business promulgated in August 20 13. At that time, it was thought that individual industrial and commercial households and online merchants with personal bank settlement accounts had an increasing demand for credit cards.
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An online survey conducted in Yinlv.com shows that more than 22% cardholders have cashed in their credit cards.
For the purpose of cash amount, some private financial people in Guangzhou have provided several explanations. First, some small and micro business owners face difficulties in borrowing from banks through formal channels, or in order to reduce financing costs, they take multiple cards to cash out in turn for financing; Second, some speculators take advantage of the interest-free period to set out the amount in their credit cards first, and then invest, or even put in++.
However, it seems "cheap" to occupy the interest-free funds of the bank. In fact, the harm of illegal cash withdrawal to cardholders is rarely mentioned. "Under normal circumstances, some people do want to occupy interest-free short-term funds, but it does not rule out the situation that they are not due, which will generate interest and increase the burden on cardholders."
A person from the credit card risk control department of a bank said that some people even cashed out multiple credit cards in turn. Once a card is considered as an "abnormal transaction" by the bank and payment is stopped, the whole capital chain will break and the cardholder will fall into a deeper debt crisis.
People's Daily Online-Personal POS Mechanism Credit Card "Withdrawal Artifact" was explicitly prohibited by the central bank