Understanding your credit card cash withdrawal limit and associated charges is crucial to effectively managing emergencies. Also referred to as a credit card cash advance, it is a facility that most issuers use. However, remember that credit card companies don’t allow you to withdraw cash up to your credit limit. Your card issuers give the limit for cash withdrawals when you receive it. It can vary from different credit cards and is not fixed.
Here are more details about cash withdrawal and the charges on it.
What is Cash Withdrawal on a Credit Card?
A credit card typically has two limits. The total limit is the maximum amount you can access with your card. Within this limit is another limit, which determines how much you can withdraw as cash.
The withdrawal limit typically ranges from 20% to 40%. It is also important to note that this limit is linked to your total limit. So, if the available limit is less than the credit card cash withdrawal limit, it will be the maximum amount of cash you can get.
Charges on Cash Withdrawal with Credit Card
Issuers offer the withdrawal facility but there are some charges for it. It is imperative to consider this cost to make a cost-effective decision. Here are the various charges associated with credit card cash withdrawal:
Cash Advance Fee
This is a charge that issuers levy for making the facility available. Depending on the issuer and your card, it can be between 2.5% to 3% of the amount you withdraw. So, if you withdraw ₹5,000 the cash advance fee can be up to ₹150.
ATM Cash Withdrawal Fee
You can withdraw cash from your credit card through an ATM, just like a debit card. And, just like in debit cards, an ATM fee is levied for making withdrawals with credit cards. The amount varies across issuers. However, remember that the issuer will allow you to make a certain number of transactions for free every month.
Interest Charges
Just like for other transactions, credit card issuers levy interest on cash withdrawals too. However, the difference is that the interest is charged from the day of the transactions but for other payments it is levied after the end of the interest-free period.
Issuers usually charge 2.5% to 3.5% per month on all cash withdrawals. This can vary from different card providers and is communicated to you at the time of getting the card. These rates are subject to change even after the card is issued.
Late Fee
If you don’t pay the outstanding amount by the due date, the issuer will charge a late payment fee. The charge can be up to 30%, so if you miss the date, withdrawal can quickly become more expensive.
How Can You Withdraw Money Using Your Credit Card?
The cash advance procedure is just like withdrawing cash using your debit card at an ATM. All you need to do is follow the commands on the ATM screen to withdraw cash securely and quickly. Here is an overview of the steps:
- Visit the ATM near you
- Enter your card in the slot
- Type in your PIN
- Select the option for cash withdrawal
- Enter the amount you want to withdraw
- Confirm the transaction
- Collect the cash
Merits And Demerits of Credit Card Cash Advance
This feature has both pros and cons. But it can save you in a cash crunch during an emergency. You get instant cash since ATMs are accessible 24×7 and are present almost everywhere in India now. You need no approval and documentation, which saves so much time.
However, it is essential to know that there are usually higher interest rates and other additional charges for this feature. The credit card cash withdrawal limit can also be a hindrance if you want to withdraw substantial funds.
Additionally, cash advances may also not be eligible for any rewards and offers. You also have literally no interest-free period in this facility making it more expensive to withdraw cash using a debit card.
That said, it can be an excellent option for an uncalled medical emergency or a cash crunch during the month’s end. To tackle the cons of the facility, you must choose a credit card which has nominal fees, like the One Credit Card. This card has no annual or joining fees, and the interest rate is affordable.
The One Cash feature lets you transfer funds directly to your bank account instantly. You can withdraw cash without a hassle and save yourself in a tricky situation. Imagine no paperwork and waiting because it is pre-approved.
Use the powerful One Credit Card App to track transactions and make timely payments to avoid late payment fee. You can earn 5X rewards on your top 2 spend categories and use the EMI payment option for a cost-effective payment solution with your credit card instantly. Apply online and access funds without a fuss.
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