ICICI Bank Credit Card Cash Withdrawal Facility

ICICI Credit Card Cash Withdrawal Charges

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ICICI Credit Card Cash Withdrawal

ICICI credit cards can be used not only for purchasing items but also to withdraw cash from ATMs in case of an emergency. Such cash-advance facilities are available from many banks which is like an on-the-spot loan. Cash withdrawal from ATMs using the credit card should be done only in case of an emergency when you have no other options.

ICICI Bank credit card cash withdrawal has a certain limit to how much you can withdraw as the cash advance. This will be capped way below your maximum credit limit. However, ICICI Bank levies certain ICICI credit card cash withdrawal charges.

Key Highlights Of ICICI Credit Card Cash Withdrawal

Check out the key highlights of credit card cash withdrawal from ICICI Bank here.

  • The limit for cash withdrawal from the credit card is 20% of the credit limit.

  • 2.5% of the withdrawn amount is levied as cash advance fee.

  • Minimum cash advance fee is Rs. 300.

  • Interest on cash advance is 3.40% monthly and 40.8% yearly.

How to Withdraw Cash From an ATM Using an ICICI Credit Card?

ICICI credit card ATM withdrawal is quite easy and you can withdraw the cash whenever it is required. Follow the steps mentioned below.

  • Locate the nearest ICICI Bank ATM.

  • Visit the ATM and feed in the card.

  • Enter the security pin when asked for.

  • Select ‘Cash Withdrawal’ from the list of choices.

  • Enter the amount required. Mostly, the ICICI credit card ATM withdrawal limits are set at 20 percent of the existing credit limit. So keep that in mind.

  • Press ‘Ok’.

  • The required cash will be dispensed.

  • A transaction message will be sent to your registered mobile number.

ICICI Bank Credit Card Cash Withdrawal Charges and Fees

When the credit card is issued from the ICICI Bank, the ICICI credit card ATM withdrawal charges will be informed to the customer.

Cash advance fee or the credit card cash withdrawal charges imposed by ICICI is one of the lowest in the market. This amount is added to the next month’s credit card billing. Other than the fee, a monthly interest is levied from the withdrawal date till the day the amount is paid back completely.

Here are some important details on ICICI credit card withdrawal charges.

  • Credit card ATM withdrawal charges for ICICI Bank is 2.5% of the withdrawn amount.

  • A minimum cash advance fee of Rs. 300 is set as a limit.

  • 5% of outstanding amount or Rs. 200, whichever is higher is considered as the minimum repayment amount.

  • The interest rate on cash withdrawal from credit cards for ICICI Bank is 2.49%- 5% per month.

  • The charges for cash withdrawal from ICICI credit card and the rate of interest varies based on the credit card variant as well.

Advantages and Disadvantages of ICICI Credit Card Cash Withdrawal

Here are some of the advantages of using the ICICI credit card cash withdrawal facility:

  • Better response during emergencies.

  • No need to have any balance in the savings account.

  • Bank approval is not necessary.

  • Zero documentation.

  • Easy cash advance than any other bank in the market.

  • Your credit limit determines the cash withdrawal limit.

  • 5% of outstanding amount or Rs. 200, whichever is higher is considered as the minimum repayment amount.

But then, you need to be aware of these disadvantages as well:

  • Every transaction recurs a fee.

  • There is no interest-free period.

  • Interest is calculated immediately from the date of cash withdrawal.

  • No reward points are awarded for these transactions.

 

FAQs

  • ✔️What are the cash withdrawal charges on ICICI credit card?

    The charges for cash withdrawal are way higher than for any other online or offline transaction, with the ballpark being somewhere around 2.5 percent, on the withdrawn cash.

  • ✔️How much cash can I withdraw from ICICI bank?

     If you plan on taking money out from the bank directly, there is no capping for self-payments and transactions. However, for ATM-based transactions, the limit is set at Rs. 25,000.

  • ✔️How to check the cash limit and available cash advance on my ICICI credit card?

     You can check either of the details by logging into the internet banking account or heading over to customer care support.  

  • ✔️Does taking cash from ICICI credit card affect your credit rating?

     It might be as every credit card transaction is recorded and sent over to the credit bureaus for referencing in the future. Therefore, when other lenders see a cash advance tag, they automatically assume that your bank reserves have been completely depleted, thereby making them skeptical when it comes to providing loans.

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