Can I withdraw money from a credit card? - Letsdiskuss
LetsDiskuss Logo
Ask Question


Posted 17 May, 2019 |

Can I withdraw money from a credit card?

lets user

Financial Advisor | Posted 17 May, 2019

There might be times when you might find yourself in need of cash, and using credit cards for that is a fabulous option to get fast cash in hand. Yes, by using a credit card in an ATM, you can easily collect funds as loans. But this will cost you a bit, as the interest rates will be higher than normal.

Majority of individuals who want to apply for credit cards, are picking them, over handheld currencies since it's easy to pay the merchant while purchasing. The diverse range of features and benefits present in them are other elements making them a popular choice. They are safe, reliable and 24*7 efficient.

Before searching the web "Want to apply for credit card" make sure that your credit score is excellent. A fabulous credit score is like a seal of trust that banks and most of the financial organizations in the world, use to know their customers net worth.

Usually, when you use your credit/debit card in paying bills for online or offline purchases, you get the benefit of no interest period, within which you repay the amount to the bank but, on withdrawing cash directly via credit card you are charged, with interest rates on the same day until you repay the amount back to bank, it’s around 18% to 36%.

Make sure you pick a credit card that best suits your needs. There are specific banking cards that are mainly for shopping purpose only. They also provide better offers and comparatively cheaper interest rates.