What is credit card swiping? Does it cost? Should I swipe the card?

Although quite common and popular in the market, many people do not know it swipe credit card what? Should I swipe my credit card for cash? The following article lamchutaichinh.vn introduces you to these contents.

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What is a credit card?

Credit card is a card product issued by banks in association with international organizations to customers, allowing users to easily pay, spend first, pay later without having to carry cash.

Credit card limit are granted based on the customer's income or collateral.

What Is Credit Card Swiping?

Credit is a tool to help you pay, support users to spend easily, shop without money in the account. The bank will also give you an amount to spend within that limit and refund at the end of the period.

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Swiping a credit card makes paying easy.

Swiping a credit card is an indispensable activity when using it to transact and pay for items. You can swipe to get cash, but this action is not recommended by banks.

Should I Swipe (Cash) Credit Card For Cash?

Answering the question of many people whether to swipe a credit card to get cash, the answer is no. You should limit the use of credit cards to withdraw cash, financial experts and banks also do not recommend this action.

The reason is because credit cards are used for payment, not cash withdrawal. If you consider credit cards as debit cards, you will use Visa/Mastercard cards in the wrong way. Withdrawing money from a credit card can cause bad debt and risk.

How to Swipe a Credit Card on a POS Machine?

When you need to pay the purchase bill, you can swipe your credit card or give the staff a card to help. But it should be noted that cashiers do not take advantage of leaked information.

let the money lay down
Swiping a card for cash is generally not recommended.

When you want to swipe the card on POS machine You perform the following specific steps:

  • If the card is a chip card, you need to insert the card into the card reader slot, face the chip up, keep it straight, insert the part with the chip side down.
  • If it is a magnetic card, swipe in the direction from the beginning to the end of the card reader slot.
  • Your information will be displayed on the POS machine and then enter the amount to be paid with the PIN code. After swiping the credit card, the POS machine reports success, the owner signs and confirms the receipt. Finally you receive the bill and card and done, the whole process is very quick and convenient.
  • Although there are many conveniences, this payment method can also bring many risks if used over the limit.

Learn about Which bank's POS machine has the lowest fee? Currently?

3 When Should You Not Swiping Credit Cards?

Although there are many benefits to users, it is not always possible to swipe a credit card. At these 3 times, you should not swipe your credit card to withdraw cash or make payments.

Can't Manage Personal Spending

The bank will issue you a credit card with a limit of 2-3 times your monthly income. At the end of the period, you must pay the full amount spent to the issuer, but also because of this advantage, it is easy to fall into debt.

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Choose the right payment time.

If you lose control of your spending and do not pay your debt on time, you will have to pay a very high interest rate of 25-33% and a penalty fee. Failure to pay the debt also causes the amount to increase from month to month. So make sure you're keeping your spending under control and making sure you're able to pay off your debt.

Borrowing Unsecured Bank

Unsecured loans and credit cards have similarities, only the interest rate and limit are different. Credit cards that are interest-free 45-55 days after this time will charge interest ranging from 26-33%. If you have an unsecured loan, you need to repay the loan, if the monthly interest is not on time, you will have to pay 20% interest.

Both are forms of bank loans, so if you are taking an unsecured loan, it is best to open a card or use a credit card to make payments and purchases. If you do not control your spending, you will have more debt.

Credit Card Debt

Before swiping your credit card for your bill, you need to pay off your credit card balance. Control and plan spending through statements to help you avoid debt. Moreover, suspending credit card use helps you have a reasonable spending plan.

Is there a fee for swiping a credit card?

One thing is for sure, when swiping a credit card on a POS machine, there will be a fee, so how much is the credit card fee?

In fact, the bank does not charge you any fee for swiping your card through the POS machine. The person who has to pay a fee to the bank is the unit that rents the POS machine to serve the payment, the fee is usually 1-2.5% of the transaction amount.

Therefore, if customers are charged additional fees, it is because these units voluntarily collect more to make up for the fees they have to pay to the bank.

Notes When Swiping Credit Cards

Using a credit card also has risks, so there are a few things you need to keep in mind to ensure safe credit card use:

  • Choose a reputable, transparent, licensed card-swiping location.
  • If the staff asks you for your card, you should be careful with the cashier to avoid information leakage
  • Paying the card on time, avoiding the new debt payment date will not collect money in time, causing bad debt, affecting credit score.
  • Always carefully check transaction information on invoices and statements.
  • Do not disclose credit card information to others.
  • Only swipe your card when you're sure you can control your spending and ensure your future ability to pay.
  • Before signing for confirmation, you should check the payment invoice one more time to limit errors in payment.

Some Questions When Scratching a Credit Card

Is there a fee for swiping a credit card on a POS machine?

In fact, the person who has to pay the fee is the unit renting the POS machine to serve the payment. If the customer is charged a fee, it is the store that voluntarily collects more.

Should I swipe my credit card to withdraw cash?

The answer is no because credit cards have the main function of making payments, not withdrawing money.

How much is the fee for swiping a credit card abroad?

The answer is that depending on the policy of each bank, the credit card swiping fee will be collected differently.


The information that lamchutaichinh.vn introduces above hopes to help you better understand credit cards and how to use them. swipe credit card. Hopefully, this information can help you have the most reasonable credit card spending plan.

Information edited by: lamchutaichinh.vn