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First, the social harm of credit card cashing
First of all, credit card cashing has increased the unstable factors of China's financial order. China has a strict access system for financial institutions and a series of strict regulations to monitor the inflow and outflow of funds from financial institutions. Those criminals and merchants, who use virtual POS machines to swipe their cards, withdraw cash in disguised form by credit cards and other untrue transactions, are outside the legal framework, which violates the national legal provisions on financial business franchising, deviates from the relevant provisions of the People's Bank of China on cash management, and may also provide convenient conditions for illegal activities such as "money laundering", which undoubtedly lays an unstable factor for China's overall financial order. In addition, the increase of bank risks and the formation of a large number of non-performing loans will also destroy the social credit environment and hinder the healthy development of the credit card industry. Secondly, the harm of illegal cash withdrawal to the issuing bank is enormous. Most credit cards are unsecured lending instruments. As long as the cardholder makes a consumption, the bank will bear the repayment risk. Therefore, in general, banks guard against overdraft risk through high overdraft interest or cash withdrawal fees. The act of cashing in credit cards just circumvents the high cash withdrawal fee set by banks and crosses the bank's prevention threshold. In particular, some loan intermediaries help cardholders forge identity materials and constantly increase the credit card quota, which greatly interferes with the normal business of banks and brings great risks. Because of holding a large amount of cash, the cardholder is tantamount to obtaining an interest-free and unsecured personal loan. However, the issuing bank cannot know the purpose of these funds, and it is difficult to identify and track them effectively. In fact, the credit risk of credit card has evolved into the credit risk of investment or speculation. Once the cardholder can't repay the cash amount, the bank loses not only the loan interest, but also a lot of assets.
Finally, for the cardholder personally, the credit card cashing behavior also brings great risks to himself. On the surface, cardholders get cash by cashing out, which reduces interest expenses, but in essence, cardholders need to repay after all. If the cardholder can't repay the loan on time, he must bear the overdue repayment interest higher than the overdraft interest, which may cause a bad credit record. It will be very difficult to borrow money from the bank in the future, and even bear the legal risk of personal credit loss.