There are numerous benefits of a credit card, one of which is the cash withdrawal facility. It gives you the option to get access to cash at any time, as long as you have the card. Simply visit the nearest ATM and withdraw the amount you need.
The DBS credit card cash withdrawal facility is similar to that of other cards and you can use the Bajaj Finserv DBS Bank SuperCard at most ATMs in case you need emergency cash. However, you need to remember that every credit card has a limit on the amount of cash you can withdraw.
To learn more about how cash withdrawal works on Bajaj Finserv DBS Bank SuperCard, read on.
There are charges levied when you withdraw cash from a DBS credit card. These charges will be mentioned in your Bajaj Finserv DBS Bank SuperCard statement. It is crucial that you pay your dues on time to avoid interest charges and late penalties.
The charges for cash withdrawal from a credit card are at the discretion of the issuer. Generally, a flat fee (cash advance fee) is charged when you withdraw cash from a DBS credit card or any other credit card.
This fee typically ranges between 2.5%-3% on the amount withdrawn. With your Bajaj Finserv DBS Bank SuperCard, there is a flat fee of 2.5% applicable. Apart from this, issuers may levy an interest charge for cash withdrawals if you do fail to pay the dues on time.
But with a Bajaj Finserv DBS Bank SuperCard, you can enjoy an interest-free period of 20-50 days even on your cash withdrawals. Despite the benefits on your DBS credit card, withdraw cash only when you absolutely need to.
If you fail to pay back the amount, you may be charged a finance fee of 4% (monthly) or 48% (annually) for your cash withdrawals from the date of transactions. These charges and your cash withdrawals will be present in your statement either for the current cycle or for the next cycle, depending on your transaction date.
You also need to remember that these charges and fees are subject to change at the sole discretion of the issuer. As such, you should check your statement from time to time and stay updated on the particulars of these fees.
Every credit card comes with a credit limit, which is the maximum amount you can use with your credit card. You cannot use your credit card for amounts beyond your credit limit. In fact, it is advised that you do not use the full limit of your credit card.
The cash withdrawal limit is a subset of your total credit limit and refers to the amount of cash you can withdraw with your credit card. This limit varies based on the issuer and the type of card you have. Both of these limits are generally disclosed when your card is approved.
Generally, the cash withdrawal limit is 20-40% of the total credit limit. For example, if your credit card limit is ₹1.5 Lakhs, then your cash withdrawal limit may be between ₹30,000 - ₹60,000. This limit is a part of your total credit limit which means that if you withdraw cash to the maximum limit, your available limit will be between ₹90,000 - ₹1,20,000.
Your credit limit will be restored to the total limit once you repay the outstanding amount on your card. This happens gradually over billing cycles. If you fail to repay your dues on time, you may be charged a penalty, further increasing your dues.
When withdrawing cash with your credit card, there are certain pros and cons you need to consider. These advantages and disadvantages can enable you to make better and more informed decisions regarding your credit card use.
Given below are some of the common advantages and disadvantages of making a cash withdrawal from your credit card.
Access to instant cash
Fees and charges
High-interest rate post the interest-free period
These advantages and disadvantages are general for cash withdrawals through credit cards. But remember, you can make the most of your withdrawals if you repay your dues on time. Repaying dues on time can help you increase your credit limit, including the cash limit.
Withdrawing with your Bajaj Finserv DBS Bank SuperCard is quick, easy and convenient. To withdraw cash from a DBS credit card all you have to do is follow the steps below:
Step 1: Visit an ATM near you
Step 2: Insert your card in the slot
Step 3: Enter your PIN and the amount you want to withdraw
Step 4: Submit and collect the cash
An important thing to keep in mind while withdrawing cash through credit card is that you must consider your total credit limit and cash limit. This means that if you have a total limit of ₹90,000 with a cash limit of ₹20,000 and you have already utilised ₹75,000, then you may not be able to withdraw more than ₹15,000.
This is because your cash withdrawal limit is a part of your total credit limit. You should also ensure that you do not use your credit card to the maximum limit, as it may affect your credit score negatively.
The Bajaj Finserv DBS Bank SuperCard comes with a host of benefits that allow you to make the most of your credit. To get yours quickly and easily, visit Bajaj Markets and apply online with ease.
Yes, the cash withdrawal facility is available on all Bajaj Finserv DBS Bank SuperCards, but the limit is dependent on the type of card you have and your total limit.
Your cash withdrawal limit is dependent on your total limit and some issuers may allow you to increase this limit.
Through Bajaj Finserv DBS Bank SuperCard, you can withdraw cash at a flat advance of 2.5% (minimum ₹500) on the withdrawal amount. An interest rate will be levied if you do not repay within the due date.
Yes, with Bajaj Finserv DBS Bank SuperCard, you can enjoy an interest-free cash withdrawal for a period of 20-50 days. Post that, an interest rate will be levied.
Generally, you cannot use more than your total and cash limit. Some issuers may offer an overdraft facility, but you may be charged a higher fee for that.