Unfair loss of money from illegal cash withdrawal and credit card expiration services

DNUM_CBZAIZCABH 09:40

Currently, "underground" cash withdrawal and credit card maturity services are all invalid transactions and pose a risk of causing cardholders to lose money unjustly.

Recently, banks have been racing to open credit cards, so the number of credit cards issued has also increased. Along with that, many "off-line" services related to credit cards have appeared on the market, including cash withdrawal services and credit card maturity services.

Just type in the phrase “credit card cash withdrawal” on Google and you will get hundreds of thousands of results for this keyword. Similarly, typing in the keyword “credit card maturity” also returns a large number of results. This shows that the credit card cash withdrawal service and the maturity service are taking place very actively.

In fact, credit card holders can withdraw cash at ATMs of the issuing bank. However, card holders will have to pay a cash withdrawal fee (about 4%, depending on the bank) and their credit accounts will have to pay interest immediately upon withdrawal instead of being exempted from interest for 30-55 days. Not to mention that not all credit cards allow cash withdrawals with 100% of the granted limit.

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Losing money unjustly from illegal cash withdrawal and credit card expiration services

If using the credit card cash withdrawal service of other services, the cardholder will only have to pay a withdrawal fee of 1% - 1.5% and can withdraw 100% of the limit. After withdrawing cash like that, the cardholder will still be exempted from interest within the time limit as when paying for a regular service.

There are many credit card holders who are unable to pay the bank when due. If they cannot pay on time, the cardholder will have to pay a penalty and a very high interest rate, from 1.5% to 4%, depending on the bank. If using “unofficial” credit card maturity services, the cardholder will only have to pay a fee of 2% of the maturity amount, and then continue to be exempted from interest on that amount for the next 30-55 days.

Compared to paying penalties and interest to the bank, many cardholders accept the option of paying off their credit cards through an external service because the service fee is lower than the overdue interest rate. More importantly, the cardholder will have a bad credit history if they let their debt overdue, which will make it more difficult to borrow money from the bank in the future.

Dr. Nguyen Tri Hieu, a finance and banking expert, said that these services belong to the “gray area” of the financial system. “These points providing cash withdrawal services from bank cards have provided “fake” service invoices to banks because customers do not actually buy anything but only use the cash withdrawal service.

These are not transparent services and they are not valid. Cardholders need to be careful when using the service,” Dr. Hieu advised.

In addition, because these service points may retain the card and the cardholder's ID overnight to complete the payment, the customer's credit card information may be recorded for future exploitation and use for malicious purposes. This is also an opportunity for criminals to steal information to counterfeit the card to withdraw cash later, causing damage to the cardholder and the bank.

Dr. Hieu also recommends that credit card holders should be extremely vigilant when paying by credit card, not letting others record card information, especially not letting strangers hold the card, to avoid losing money and getting into trouble.

According to VOV

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Unfair loss of money from illegal cash withdrawal and credit card expiration services
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