Credit cards offer several benefits such as cashless payments, affordable EMIs, reward points and cashbacks, complimentary airport lounge access, and many more. It also provides the option of withdrawing funds from the card in the form of cash. Most credit cards offered by Citibank comes with this cash withdrawal advantage.
Citi credit card cash advance or cash withdrawal is the facility whereby you can withdraw cash from Citi credit card at an ATM in India and abroad. The cash withdrawal process is same as that of cash withdrawal using a Citi debit card. You need to simply swipe the card and get the cash without submitting any documents to the bank or seeking approval. This acts as an instant loan or an emergency fund that can be accessed at any time. However, it is important to note that availing this feature attracts certain charges.
Along with the pre-approved credit limit, every Citibank credit card comes with a cash advance limit. The same is communicated at the time of card issuance. The Citibank cash advance limit or withdrawal limit is the maximum funds that can be withdrawn on the card in the form of cash, without attracting any over-limit charges. This cash limit forms a part of the overall credit limit, which is dependent on the card’s usage. As a result, withdrawing cash on the CitiBank credit card reduces the available credit on the card. Usually, the Citi card cash advance limit is less than 50 percent of the total credit limit available on the card.
Certain withdrawal charges and fees are applicable on availing the cash withdrawal facility. One such fee is the Citi cash advance fee, which is a special fee that is levied every time you withdraw cash, even if it is on the same day. The cash advance fee for most Citi credit cards is typically 2.5% of the total cash withdrawn, or INR 500, whichever is higher. Some credit cards, such as the Citi PremierMiles Credit Card have a Citi cash advance fee of 2.0% of the total cash withdrawn, or INR 300, whichever is higher. Apart from this, it also attracts finance charges.
Finance charges are levied from the date of transaction on availing cash advance on Citi card. As a result, there is no interest-free period or grace period on the loan, and the interest is calculated on a daily basis. While usually finance charges levied by banks ranges from 2.5% to 3.5%, most Citibank credit cards have 3.5% of the total amount withdrawn, levied as interest charges, per month, or 42.00% annually.
Citibank’s credit card cash withdrawal process is simple and easy to follow.
The ATM will dispense the amount requested in currency notes.
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You can withdraw cash within the cash advance limit on your Citi credit card. This is usually a percentage of the total credit limit and will be communicated to you at the time of sourcing the card.
Using the cash advance facility on Citi credit cards, you can withdraw funds from a nearby ATM effortlessly by swiping your card. This advantage of using a credit card as a debit card lets you access funds quickly in case of an emergency without the need for any documentation.