Walk down any busy street these days and you’ll spot them — stickers on EB posts, lamp posts, even trees, shouting:
“Swipe Credit Card 2% – Get Immediate Cash!”
At first, I dismissed these as shady schemes. After all, to get a swipe machine you need a merchant code, GST, and settlement into a business account. How were these guys running such a smooth cash-for-swipe business?
But here’s the catch: when you’re cash-stressed and staring at a mountain of credit card bills, these services suddenly look less like an eyesore and more like a lifeline.
How It Works
- You give your card, they swipe it like a regular merchant.
- Instead of goods, you get instant cash in hand (minus ~2%).
- You roll your credit card, push the due date, and breathe easier for the moment.
From the outside, it’s a gray zone. Legal? Maybe. Illegal? Possibly. But one thing’s for sure: these guys are fast, flexible, and discreet.
My Personal Take
I’ve used these services when things got tight. And honestly? Paying 2% on the swipe feels way better than getting hammered by the bank’s 3.5% minimum due interest + GST.
It’s not a long-term solution. It’s not glamorous. But when you’re in that “just need 30 more days” situation, these credit card rollers are the silent shock absorbers of the urban middle class.
And the funniest part? I doubt the regulators even know how deep this runs. Or maybe they do — and are just letting it be, because people like me would be in much worse shape without it.
AnandNataraj 