Credit Card ATM Withdrawal Charges

Credit Card Cash Withdrawal Charges

my offers

How about checking some pre-approved offers you might be eligible for?

my offers

How about checking some pre-approved offers you might be eligible for?

  • Mobile No.
  • Date of birth

You have a pre approved offer

  • Sum Assured
    Premium
    Persons Covered
  • Rate
    5%

Currently, we do not have a personalized offer for you but don’t be disheartened. Check out our oven fresh deals of the day here!

We have 02 personalised offers for you

Currently, we do not have a personalized offer for you but don’t be disheartened. Check out our oven fresh deals of the day here!

my offers

✓ Fast Processing ✓ Great Discounts & Offers ✓ Easy EMI Facility | Apply for Credit Card now!

Credit Card Cash Withdrawal

Credit card cash withdrawal is a facility through which you can withdraw cash from an ATM using your credit card. You don’t need any additional bank approvals for credit card cash withdrawal. You can withdraw cash from your credit card up to the maximum permissible limit. This limit is called credit card cash withdrawal limit and it may vary from bank to bank. Do note that not all banks offer the facility for credit card cash advance on their cards.

What are the Charges Associated With Credit Card Cash Withdrawal

A percentage of the amount withdrawn and is called credit card cash advance fee. Generally, banks charge about 2.5% to 3% of the cash withdrawn or a minimum of ₹300 to ₹500 as credit card cash advance fee. Therefore, it is wise to avail the facility only during emergencies. Over and above this, most banks also charge interest on the withdrawn amount until the dues are cleared. Hence, it is advisable to check with your credit card issuer before you avail the credit card cash advance facility.

Credit Card Cash Advance Fee of Top Credit Cards

Depending on the bank and the type of card issued, the credit card cash advance fees on top cards generally vary between a range of 2.5%-3.4% of the amount withdrawn (min.₹500) + taxes.

Difference Between Credit Card Cash Advance Limit and Credit Limit

The maximum amount that you can spend on the credit card is known as the credit card limit. The credit card cash withdrawal limit, on the other hand, is the maximum cash you can withdraw from the card. This limit is also known as the credit card cash advance limit and forms a part of the total credit limit on the card.

While the CC cash withdrawal limit varies from bank to bank, it usually ranges between 20% to 40% of the card’s total credit limit. Do note that the available credit card ATM withdrawal limit reduces after each cash withdrawal. The limit is restored when the withdrawn amount is repaid in full.

Interest Charges on Credit Card Cash Withdrawal

Credit card withdrawal charges also include finance charges, apart from the cash advance fee. The finance charge is levied on the amount withdrawn and will reflect in your credit card statement.

The credit card interest rate on cash withdrawal from a credit card varies from bank to bank and the card type. Usually, it ranges from 2.5% to 4% per month and is communicated at the time of credit card issuance. However, before attempting cash withdrawal from your credit card, you should check the cash withdrawal interest rate as it is dynamic and subject to change at the bank’s discretion.

Interest Levied on Credit Card Cash Advance by Top Banks

The interest rates on cash advance for top bank credit card such as Citibank Credit Card, Axis Bank Credit Card, Bajaj Finserv RBL Bank Credit Card, SBI Credit Card and ICICI Credit Card are generally within a range of 35%-40% annually.

How To Withdraw Money Using a Credit Card

The process of withdrawing money from a credit card is very easy and similar to cash withdrawal using a debit card. You can visit your nearest ATM and withdraw the required amount in a few easy steps given below.

 

  • Step 1: Insert the credit card into the card slot at the ATM.

  • Step 2: Enter the credit card PIN.

  • Step 3: Enter the amount you wish to withdraw from your card.

  • Step 4: Click ‘Submit’.

You will receive the cash immediately.

FAQs on Credit Card Cash Withdrawal

  • ✔️Is the facility of cash withdrawal available on all credit cards?

     No. Credit card cash withdrawal is a facility you can find against select cards. It is communicated when you apply for a credit card and in the welcome kit, should your card get approved. You can also go through the features of the card to understand the same.

  • ✔️What happens if I withdraw cash from my credit card?

     If you withdraw cash from your credit card, the available cash limit against your card is reduced. You are also required to pay a fee for availing the facility.

  • ✔️Can I withdraw money from my credit card without charges?

     No. Your bank will charge you a credit card cash withdrawal fee every time you avail the facility.

  • ✔️Can we withdraw cash from a credit card from an ATM?

     Yes. Credit cards that support the cash withdrawal feature can be used at an ATM to withdraw cash.

  • ✔️How do I know the cash limit of my credit card?

     The cash limit on your credit card will be conveyed to you at the time of card issuance. You can also log in to your netbanking account to get an idea about your credit card cash advance limit. Alternatively, you can reach out to an executive by calling the card issuer’s customer care helpline and inquire about your credit card ATM withdrawal limit.

  • ✔️How to make a credit card payment specifically towards a cash advance?

     If the balance that is outstanding on your credit card includes only the cash advance made, then any payment you make towards your credit card will be used to pay off your cash advance. Hence, if you want to make credit card payments towards cash advance alone, you would need to clear all other dues against your card.

  • ✔️When should withdrawn cash be repaid and how?

     Interest is levied on withdrawing money from your credit card. It is, therefore, wise to clear your credit card cash advance dues at the earliest to reduce the interest paid on said withdrawal.

  • ✔️Do I need to pay an additional fee for cash withdrawal using a credit card?

     The credit card cash advance fee is a one-time fee that is charged when you withdraw money from your credit card. Apart from cash advance fee, credit card ATM withdrawal charges may also incur finance/interest charges.

  • ✔️Is it good to withdraw cash from a credit card?

     No. Cash withdrawal is an additional feature of the credit card and should be used only during emergencies. The reason is that you must pay credit card cash withdrawal charges along with interest on the withdrawn amount using a credit card.

  • ✔️How much do credit cards charge for cash withdrawal?

     Generally, banks charge about 2.5% to 3% of the withdrawn amount subject to a minimum amount of ₹300 to ₹500 as credit card cash advance fee.

Happy Customers of Finserv MARKETS

Getting a loan to take care of my wedding and relieving my parents to enjoy the occasion was the best decision I ever made. Easy-to-apply, amazing interest rate and quick disbursal, what more can one ask for!

I am passionate about the vehicle I drive. I want to protect it with the best available option. What amazed me was the full transparency, quick quotes and the attractive discount on the premium while choosing the annual payment option!

Check your personal loan eligibility in seconds!

My husband and I will finally move into our own house this Diwali. All thanks to Finserv Markets, with competitive interest rates, minimal processing fees and easy to repay EMIs, our dream saw the light of reality in no time!

Get the best FD interest rates starting @ 8.40%. Let's start!

Kids grow up fast and to fulfill their dream trip to Disneyland I had everything but instant funds. With no collateral or guarantor required and a hassle-free processing, I gifted my family a memorable trip to Orlando with just a click!

Get sum insured up to 1 Crore! Let's start!

The best way to start looking for health insurance is to do a close study of the coverage needs and checking the insurance company's claim ratio. No unnecessary jargons, easy to apply claims process and choice of premium!

Zero additional charge on part-payment option on Business loans! Let's start!

I bought my first iPhone using my Bajaj Finserv EMI Network Card. Zero downpayment with a No cost EMI on Bajaj Finserv EMI store just made my day!

Get home loan sanctioned online in 72 hours! Let's start!