Credit card pad, what does it mean?

Credit card advance repayment, also known as credit card repayment, generally refers to a situation where a credit card user cannot repay the entire amount in the current month, but wants to repay the amount in full to obtain interest-free or points. Or the user is unable to repay the money and delays the repayment time by paying monthly advance fees and other methods. The specific process of credit card advance repayment is as follows: the repayer takes your credit card and first goes to the bank where the repayment is due to make the repayment. After paying off the money, wait for about ten minutes, and then cash out all the money you just paid back on his POS machine. The credit card holder pays a handling fee (1-3% of the repayment amount) to the repayer, and the bank determines that the credit card user has repaid the amount in full and consumed the amount in full. Interest-free and the next bill will be sent. Due to bank regulations, credit card payments cannot be delayed for one day. Otherwise, it will be considered overdue and late payment fees and interest will be charged. You can't just pay interest, you must pay the minimum payment, otherwise it will be considered overdue, and bank personnel will constantly call to collect. When credit card users are unable to repay the minimum repayment in the short term, or are able to repay the minimum repayment but do not want to pay high interest, they usually choose credit card advances.

What does credit card advance mean?

Credit card advance is also called credit card repayment. It generally means that the credit card user cannot repay the entire amount in the current month and wants to repay the full amount in order to get free payment. interest or points. Or the user is unable to repay the money and delays the repayment time by paying monthly advance fees and other methods.

Credit card advance repayment process:

The specific process of credit card advance repayment is: the repayer takes your credit card and first goes to the bank where the repayment is due. After paying off the money, wait for about ten minutes, and then cash out all the money you just paid back on his POS machine. The credit card holder pays a handling fee (1-3% of the repayment amount) to the repayer, and the bank determines that the credit card user has repaid the amount in full and consumed the amount in full. Interest-free and the next bill will be sent.

Extended information

It is not illegal to repay a loan on behalf of someone else. However, credit card advances also involve cashing out after repayment. The recent "Interpretation on Several Issues Concerning the Specific Application of Laws in Criminal Cases Impeding the Administration of Credit Cards" clearly stipulates that cashing out of credit cards is illegal.

The "Interpretation" also stipulates: "Violating 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. , if the circumstances are serious, they shall be punished as illegal business operations in accordance with the provisions of Penalty Article 225.”

The essential feature of credit card cash-out is to directly convert the credit limit in the credit card into cash through deception. Take out the condom. Since the cash-out funds have separated from the normal credit management channels of banks and escaped the management sight and control of regulatory authorities, they have seriously damaged the management order of my country's financial market and planted unstable factors for the country's overall financial order.

Penalty:

The essential characteristic of credit card cash-out is to convert the credit limit of the credit card into cash through deception. Cash-out merchants collude with cardholders to use credit cards to conduct false transactions, which is actually a disruption and violation of the financial order.

Previously, due to the lack of clear legal basis, relevant departments could only impose soft penalties such as withdrawing POS machines and suspending transactions on merchants who were cashing out. There has been a lack of effective means and it was difficult to start from the source. Effectively curb the spread of arbitrage behavior.