The prime feature of a credit card is to help you perform cashless transactions but the cash withdrawal facility is an added bonus that the banks offer. A credit card allows you to withdraw cash from an ATM. Therefore, credit card cash withdrawals involve charges. This cash withdrawal feature may not necessarily be made available to all credit cards. Also, there are limits on withdrawal and that too varies from one card to another.
You need to keep two aspects in mind when you use a credit card:
Credit Limit: The credit card limit is the upper limit to which you can spend on your credit.
Credit Card Cash Advance Limit: The cash advance limit is the maximum limit you can use to withdraw cash.
The advance cash limit for withdrawal on a credit card typically ranges from 20% - 40% of your overall credit limit. So, if your credit limit on the card is ₹2 Lakh, you can withdraw ₹40,000 to Rs 80,000 from an ATM. Each cash withdrawal made through your credit card attracts a cash advance fee (also called withdrawal charges) of 2% - 5% of the amount you have withdrawn.
SBI credit cards also offer the option of cash withdrawal on their credit cards. SBI credit card cash withdrawal charges are 2.5% of the amount you have withdrawn or ₹500 - the higher of the two will be applicable on domestic ATMs. However, the international cash withdrawal charges or cash advance fees may go up to 3% on some categories of SBI credit cards. Apart from cash withdrawal charges, you will also be required to pay monthly and yearly service charges of 3.35 % to 40.2% on the withdrawals, beginning from the date of the cash withdrawal from an ATM to the date of repayment or settlement of the full amount.
The cash advance limit on SBI ELITE credit card is up to 80% of the credit limit, with a maximum of ₹15,000 per day. The SBI credit card cash withdrawal charges for this card at any ATM (including SBI) is 2.5% of the transaction amount, subject to a ₹500 minimum. The same charges are applicable to international withdrawals as well.
On this travel credit card, the cash advance limit is up to 80% of the credit limit, with a maximum of ₹12,000 per day. The SBI credit card cash withdrawal charge for this card is 2.5% of the transacted amount, subject to a ₹500 minimum. For withdrawals at international ATMs, the charges for cash withdrawal from an SBI credit card (Club Vistara SBI Card PRIME) is 3% of the transacted amount, subject to a minimum of ₹500.
SBI PRIME Business Card offers a cash advance limit of up to 80% of the credit limit, with a maximum of ₹15,000 per day. The cash withdrawal charge for this card is 2.5% of the transacted amount, subject to a minimum of ₹300. On international ATMs, the cash advance fee is 3% of the transacted amount, subject to a minimum of ₹300.
The cash advance limit on this card is up to 80% of the credit limit, with a maximum of ₹15,000 per day. The cash withdrawal charge for this card is 2.5% of the transacted amount, subject to a ₹500 minimum. The same cash advance fee applies for international withdrawals as well.
This BPCL Octane credit card comes with a cash advance limit of up to 80% of the credit limit, with a maximum withdrawal of ₹12,000 per day. The cash advance fee for withdrawals at SBI or any other ATMs is 2.5% of the transacted amount, subject to a minimum of ₹500 and the same charges apply to international withdrawals as well.
The cash withdrawal facility on your SBI credit card can be availed at SBI as non SBI ATMs. The process is simple to follow and is like that of withdrawing cash using a debit card. Here is how to withdraw cash using an SBI credit card.
Visit your nearest ATM.
In the card slot provided, insert your SBI credit card.
Select your preferred language and click on ‘Cash Withdrawal’.
Enter the amount you would like to withdraw from your SBI credit card.
Click on ‘Enter’ and collect your dispensed cash.
The advantages and disadvantages of availing the SBI credit card cash withdrawal facility are as follows:
Cater to financial emergencies in places which do not accept card payments.
Is simple to follow and does not require extensive documentation.
Does not require bank’s approval.
Cash withdrawal can be done at domestic as well as international ATMs.
SBI credit card cash withdrawal charges are applicable every time you withdraw cash.
Apart from cash withdrawal charges on SBI credit card, you are also required to pay interest charges.
The interest charged on credit card cash withdrawal is higher than regular interest.
There is no provision of an interest-free period.
You cannot earn reward points for the transaction.
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With the SBI credit cards, available on Finserv MARKETS you can avail a personal loan against the cash limit on your card.
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Typically, the charges for cash withdrawal from an SBI credit card at an SBI domestic or other ATMs is 2.5% of the transaction amount, subject to a minimum of ₹500. On some of the SBI credit cards, this may go up to 3% of the transaction amount for withdrawals at international ATMs.
You can apply for the SBI Easy Money Card that gives you a feature of instant money transfer. You can make the transfer via NEFT and get the amount credited into your account within 48 working hours. You can avail this feature for a minimum amount of ₹5,000 or a maximum of up to 75% of your cash limit available.