Using a credit card is quite helpful. It helps you make instant cashless transactions, similar to debit cards, & apps such as Airtel Thanks mobile wallet etc. In addition to that, you also do not have pay at the same time. You can pay back the amount that you owe any time later, i.e., within the time limit that is allowed by your bank. Moreover, credit card issuing banks also let you withdraw a certain amount of cash from the bank. So, if you were thinking ‘can we withdraw money from the credit card’, then the answer is yes! Hence, you have the flexibility of withdrawing cash from your debit as well as credit cards. However, there is a limit on the amount of credit card cash withdrawal.
This credit card cash withdrawal is not applicable on all kinds of credit cards. There are a specific set of credit cards that allow you to make such withdrawals. Therefore, before you get your credit card issued from the bank, ask for the complete set of information. In addition, credit card cash withdrawal is not completely free as well. Credit card cash withdrawal charges can vary from bank to bank. Here’s a bit more into the topic.
How to withdraw money from credit card?
Want to know how to withdraw cash from credit card? Follow these steps:
- Go to your nearest working ATM.
- Insert your credit card into the machine.
- Enter your PIN.
- Withdraw the amount according to availability.
However, you should understand that you will have to incur interest charges on the amount that you have just withdrawn. There is also a credit card cash limit that you have to adhere to. In addition, you are also charged a credit card cash advance fee.
Benefits of credit card cash withdrawal
Here are some benefits that you can avail:
- You get liquidity in your hands at an instant. You can approach any ATM at any time and draw out the amount that you need.
- In addition, you don’t have to go through a long-drawn application process. There is no documentation or paperwork involved throughout.
- You can also end up improving your credit card cash limit by paying back your dues on time, limiting expenditure and others.
Follow credit card cash limit when you withdraw money from credit card
The credit card cash limit always needs to be followed. It denotes the specific limit until which you cannot withdraw any more cash from your credit card. It is usually set at 30-40% of the amount that has been made accessible to you.
What is the credit card cash advance fee?
The credit card cash advance fee will be added to your credit whenever you use the credit card to withdraw cash. Usually, the cash advance fee tends to be a certain percentage of the total amount of cash that has been withdrawn by you. Furthermore, each transaction adds up the specific amount of cash advance fee.
For example, let us say you make multiple withdrawals in a day. Then, each of these individual transactions will be charged. Once you have used your credit card to withdraw money, the changes will be reflected in the month’s card bill.
How much interest do I have to pay after I withdraw money from credit card?
The interest rate of cash withdrawal from credit card can change from one bank to another. Here are some of the most famous banks and the amounts they charge for credit card cash withdrawal.
Bank that issued Credit Card
|Monthly Interest Rate in %||
Yearly Interest Rate in %
|HDFC Bank Credit Card||1.99% – 3.5%||23.88% – 42%|
|Axis Bank Credit Card||2.95% – 3.5%||35.4% – 42%|
|SBI Credit Card||Up to 3.35%||Up to 40.2%|
|Citi Bank Credit Card||3.1% – 3.5%||37.2% – 42%|
Similarly, the interest charges for other banks can also vary accordingly.
Read more: How to make UPI payments with credit cards
Use Airtel Thanks to avoid additional charges
You can always use the Airtel Thanks recharge app to ensure that you don’t have to pay any additional charges. It also provides you the perfect platform to pay all your prepaid, postpaid, DTH, broadband and other connections.
With Airtel Thanks mobile wallet on your side, cashless transactions are much simpler too. You need not enter your bank account number, credit card details and other information. Simply scan the QR code and the transaction is done.
Therefore, get Airtel Thanks today and make your life smoother.