What is Cashing out Credit Cards?
Cashing out credit cards refers (신용카드 현금화) to the process of purchasing a gift certificate using the remaining limit of the credit card and then selling the gift certificate again to convert the limit into cash.
In the past, it was done by visiting a credit card merchant, paying cash to the owner of the merchant, but now it is treated as an illegal transaction. As a result, all recent cashing out credit card has changed to buy and sell gift certificates online.
Types of cashing out credit cards methods
1. cash gift certificates
There is a method of cashing gift certificates, and the method of obtaining cash by selling the gift certificate after purchasing a gift certificate at an online gift certificate exchange with a credit card may violate Article 70 of the Credit Specialized Financial Business Act. A similar concept to cashing gift certificates is Sang-Tech, which is generally recognized as a legitimate economic activity and is unlikely to cause legal problems. If you are curious about Sang-Tech, please refer to how to re-tech with a card.
2. credit card loan
Card Loan is a method of receiving loans based on credit card usage limits, and you can get loans within the existing credit card limits. In contrast, credit loans are not a loan within the limit, but a loan amount, interest rate, and repayment period at a loan rate set according to the contract. This card loan is also called cashing out credit cards, and is widely used as one of the methods of cashing out credit cards.
a method of cashing a credit card
There are several ways to cash out a credit card, each of which has its advantages and disadvantages. Below are the main methods. The method of making a false payment to a merchant owner of a cash card is called a credit card gang. After paying a credit card of 1 million won to a merchant owner with whom the customer is close, the merchant owner limits the 10% fee and gives the customer the remaining 900,000 won in cash. In a way, it may be a good way for each other because customers can benefit from the card performance and immediately convert it into cash, and franchise owners to profit enough after limiting certain fees.
Gift Certificate Cash is a method of purchasing gift certificates with the limit of a credit card and then selling them to companies. Each card company can purchase gift certificates within the limit of 1 million won per month. Credit card loan is a loan service provided by a credit card company that allows you to borrow a certain amount of money in cash. The advantage of the credit card loan is that it is easy to apply for a loan and you can borrow it within the credit card limit. However, depending on the loan interest rate, the repayment burden may be high, and it may be rejected because the credit rating is not reached. Cash Service Cash service is a method of withdrawing cash from ATM using the credit card’s cash withdrawal function.