Cash with credit card swipe

[iamdhamo]

Hi all
I see many advertisements saying we can swipe our cc n get cash at 1.3% in some places
1.5% to 2% in some places
This is for mc n visa
If it's amex then it's 3%

Is this safe? I guess it's not right to do like this. What are the chances of fraud here?

@SSV @Vasuki @RAMESH BABU N

 

[keerthirahul123]

Hi all
I see many advertisements saying we can swipe our cc n get cash at 1.3% in some places
1.5% to 2% in some places
This is for mc n visa
If it's amex then it's 3%

Is this safe? I guess it's not right to do like this. What are the chances of fraud here?

@SSV @Vasuki @RAMESH BABU N

One of my friend runs this business. Legitimacy depends on whom you deal with. I don’t have the basics but this is very prominent and his phone never stops ringing round the clock. Even at 3am there are people who call to take this service.

 

[coolguy1]

What's the merchant doing, what's the MCC, what's the transaction, you would never have any idea.

He could be a bookie, doing fraudulent transactions, registered with a shady business, could clone and hack your card.
Banks would later knock on your door asking where and why did you pay this to!

Axis being Axis can stop your rewards asking for receipts and other documents.

And things could potentially get bad depending on what kind of a guy/business you swipe it at so always be careful, best to stay away! 🙂

 

[BVCBVC is verified member.]

Hi all
I see many advertisements saying we can swipe our cc n get cash at 1.3% in some places
1.5% to 2% in some places
This is for mc n visa
If it's amex then it's 3%

Is this safe? I guess it's not right to do like this. What are the chances of fraud here?

@SSV @Vasuki @RAMESH BABU N

If you are familiar with person you can trust. Yes frauds can be done.

 

[chasni]

I think it is one of the ways to convert Black money into White. Showing card swipers as customers when actually nothing is being sold. It is just my hypothesis.

 

[RAMESH BABU N]

Why get into this ruckus at all ?

In the unlikely event of urgently requiring hard cash, there are hundreds of onsite n offsite ATMs (and CDs - cash dispensers) in each town and even in remote places.

Why go to some unknown (unreliable n extremely risky) outfits n shops for cash ?

Avoid at all costs.

I NEVER EVER used CCs for getting cash - even from ATMs/CDs in India. Used pre-loaded SBI's MultiCurrency Forex card for withdrawing cash from ATMs/CDs while traveling abroad (that too, very rarely).

 

[Piyush_Jaiswal]

Why get into this ruckus at all ?

In the unlikely event of urgently requiring hard cash, there are hundreds of onsite n offsite ATMs (and CDs - cash dispensers) in each town and even in remote places.

Why go to some unknown (unreliable n extremely risky) outfits n shops for cash ?

Avoid at all costs.

I NEVER EVER used CCs for getting cash - even from ATMs/CDs in India. Used pre-loaded SBI's MultiCurrency Forex card for withdrawing cash from ATMs/CDs while traveling abroad (that too, very rarely).

He didn't wanted to withdraw cash😂

People use this feature to take out money from credit card to use it while in financial crisis or to earn reward points. People generally use it for the first reason to get 45 days interest free money.

Now that banks have introduced surcharge on rent/education fee payments. So swipe machine are used to withdraw money from credit card as it has a rewarding mcc.

 

[SSV]

Hi all
I see many advertisements saying we can swipe our cc n get cash at 1.3% in some places
1.5% to 2% in some places
This is for mc n visa
If it's amex then it's 3%

Is this safe? I guess it's not right to do like this. What are the chances of fraud here?

@SSV @Vasuki @RAMESH BABU N

Onething is for sure: you will definitely become a customer of him/ her..
What kind of customer depends upon what kind of business he / she is running on the paper. .
Now you can decide yourself !! 😉

 

[Manav24]

Most probably the MCC being used is for Petrol Pumps.
Else they will end up paying more MDR than 1.3% they charged from the customers

 

[Wealth is my birth right!]

Hi all
I see many advertisements saying we can swipe our cc n get cash at 1.3% in some places
1.5% to 2% in some places
This is for mc n visa
If it's amex then it's 3%

Is this safe? I guess it's not right to do like this. What are the chances of fraud here?

@SSV @Vasuki @RAMESH BABU N

My 2 cents
I did locally for 2% years back its visa
Mcc i got groceries
Safety measure since i saw swipe machine without shop i as soon as got cash did block and replace so far no issues
But never repeated

 

[SSV]

Most probably the MCC being used is for Petrol Pumps.
Else they will end up paying more MDR than 1.3% they charged from the customers

And also Petrol / diesel evaporates quickly ( via engine consumption) so that either purchaser / seller need to show any proofs per say !!! ... 😉
Or
Are you suggesting black money will be turned into white via Petrol??

 

[Piyush_Jaiswal]

MCC would be of groceries most probably since it has lower mdr and no surcharge.

 

[Manav24]

Are you suggesting black money will be turned into white via Petrol??

Could be, Here in North I know few petrol pumps doing this for known people but its not advertised as such.
Like suppose they sold 1 lac worth of petrol for cash than they can show it as card sale and earn commission 1-2%. Also MDR is zero.

 

[iamdhamo]

How come banks offer them pos without verifying their business? Interesting n every where we see these boards cash with cc......
Wonder why it's not being scanned by rbi just like they did recently for p2p lending business

 

[iamdhamo]

I think it is one of the ways to convert Black money into White. Showing card swipers as customers when actually nothing is being sold. It is just my hypothesis.

Yeah I was also thinking of same

 

[hellobois]

How come banks offer them pos without verifying their business? Interesting n every where we see these boards cash with cc......
Wonder why it's not being scanned by rbi just like they did recently for p2p lending business

Any thread for p2p business order by RBI
I have some investments in mobiqwik and 13 karet.
Please elaborate

 

[iamdhamo]

Any thread for p2p business order by RBI
I have some investments in mobiqwik and 13 karet.
Please elaborate

https://www.business-standard.com/amp/finance/news/following-violations-in-nbfc-p2p-lending-platforms-rbi-revises-norms-124081601649_1.html

Here is the link that I got n also mail ss from grip invest platform related to p2p

 

[rizzer]

MCC would be of groceries most probably since it has lower mdr and no surcharge.

no most of them use utilities

 

[panchabhut]

These days, as long as there is net facilities working, you do not need hard cash for most of the things. For digital cash, there are many options of loading digital wallets using CC at similar charges.
Only time you will need real cash is when Govt shuts down net facilities in a particular area. Then nothing will work, no UPI, no CC machine, not even ATM or over the counter withdrawal from bank. I have personally faced it 3 times in last 8 years. But then, even this option would not be available.

 

[Vasuki]

Hi all
I see many advertisements saying we can swipe our cc n get cash at 1.3% in some places
1.5% to 2% in some places
This is for mc n visa
If it's amex then it's 3%

Is this safe? I guess it's not right to do like this. What are the chances of fraud here?

@SSV @Vasuki @RAMESH BABU N

Better rotate yourself 😜

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