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If you ever find yourself in a tight spot and need cash urgently, a credit card cash withdrawal, also known as a credit card advance, can be your saving grace. You can borrow money as per the limit on the card and pay it back in convenient instalments.
As with all things, credit cards can also have some advantages and disadvantages. Before you go ahead and withdraw money, let’s see what these are.
Credit card cash withdrawal enables you to obtain physical currency from an ATM or bank using your credit card. It allows you to access a portion of your credit limit as physical cash. This convenience is quite useful in emergencies but incurs some fees and interest rates. This can be particularly helpful in emergencies or when you encounter businesses that don't accept card payments.
A credit card cash advance limit and a credit limit are discrete terms related to a credit card. Your credit limit is the maximum amount you can spend on your credit card for regular purchases, such as shopping, dining, or online transactions. It represents the line of credit extended to you by the card issuer based on your creditworthiness and is meant for standard, interest-bearing transactions.
On the other hand, a credit card cash advance limit is a portion of your overall credit limit, specifically designated for cash withdrawals. This limit is typically lower than your total credit limit. It's intended for obtaining physical currency from ATMs or over-the-counter transactions. Cash advances typically come with higher fees and interest rates than regular card purchases, making them a more expensive form of borrowing.
Credit card cash withdrawal interest rates refer to the cost associated with borrowing cash using your credit card. When you obtain cash through an ATM or bank using your credit card, the card issuer typically charges a higher interest rate than the one applied to regular purchases. This rate is known as the cash advance interest rate.
Cash advance interest rates are usually higher than the standard purchase interest rates, making them more costly. They can range from around 20% to 30% or even higher in some cases. These rates accrue daily, starting from the day of the withdrawal, and compound rapidly, which means that the cost of borrowing cash in this manner can accumulate quickly.
However, with an IDFC FIRST Bank Credit Card, you get interest-free cash advances for up to 48 days, where you can withdraw money and repay it without any interest.
It's important to be aware of these rates and fees, as well as the terms and conditions of your credit card, to make informed decisions about when and how to use cash withdrawals on your credit card. It's advisable to use this option as a last resort due to its high cost.
Withdrawing cash using a credit card is simple and straightforward. Follow the below-mentioned steps to withdraw money from ATM using your credit card:
1. Insert the card: Insert your credit card into the ATM's card slot.
2. Enter your PIN: You'll be prompted to enter your Personal Identification Number (PIN), a secure code provided by your card issuer.
3. Select cash withdrawal: Choose the "Cash Withdrawal" option from the menu displayed on the ATM screen.
4. Specify the amount: Enter the amount of cash you wish to withdraw.
5. Confirm transaction: Review the details and confirm the transaction.
6. Collect cash: The ATM will dispense the requested cash, and you can retrieve it.
To withdraw cash, simply locate a compatible ATM, insert your credit card, enter your PIN, select the "Cash Withdrawal" option, specify the amount, and confirm the transaction. The ATM will dispense the requested cash.
Yes, credit cards typically have a cash advance limit, which is a subset of your overall credit limit. This limit is usually lower and varies based on the card and the issuer. Exceeding it may result in declined transactions or additional fees.
Cash withdrawals often come with high fees and interest rates. You may be charged a flat fee or a percentage of the amount withdrawn. Additionally, interest starts accruing immediately and compounds daily.
Cash withdrawal should be a last resort due to its cost. It's advisable in emergencies or situations where cash is the only acceptable payment method, such as in remote areas.
To minimise costs, only withdraw what you need, repay the borrowed amount promptly, and explore alternative ways to obtain cash, such as debit cards or personal loans, which may have lower fees and interest rates. It's crucial to read your card's terms and conditions to understand the specific costs associated with cash advances.
Credit card cash withdrawal is a cost-effective, quick, and hassle-free option if you use credit cards. However, if you do not use credit cards, you can resort to other measures, such as loans or a salary advance. Either way, availing of credit is pretty simple today, and you have little to worry about.
Disclaimer
The contents of this article/infographic/picture/video are meant solely for information purposes. The contents are generic in nature and for informational purposes only. It is not a substitute for specific advice in your own circumstances. The information is subject to updation, completion, revision, verification and amendment and the same may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject IDFC FIRST Bank or its affiliates to any licensing or registration requirements. IDFC FIRST Bank shall not be responsible for any direct/indirect loss or liability incurred by the reader for taking any financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.
The features, benefits and offers mentioned in the article are applicable as on the day of publication of this blog and is subject to change without notice. The contents herein are also subject to other product specific terms and conditions and any third party terms and conditions, as applicable. Please refer our website www.idfcfirstbank.com for latest updates.