Posted 23 May, 2019 | Finance
How Can I withdraw money from a credit card?Add Answer
There are multiple e wallets are recently emerged in india. Paytm , phonepay, mobikwik etc are some of them. Because of the tough war between these phone wallets, many of them give attractive offers like cash back , zero transaction fee etc.
Currently paytm has 0 transaction fee. So in order to save the extra charge that the credit card vendors charged from you, you can first transfer amount from your credit card to paytm wallet then paytm to your savings account. Then you can take money from your savings account.
These following step will help you to withdraw money from a credit card
Latest Statement: check your credit card latest statement that how much you have and how much you need to withdraw.
Credit cards can be a great rescuer in case you need cash urgently. You can withdraw money from your credit card in the form of the cash advance. The cash advance dispenses instant liquid cash to the cardholders without any approvals from the bank or any kind of documentation within permissible limits. You can simply avail your money using an ATM.
Cash withdrawal from a credit card comes with many perks but accompanied by some charges. The article expositions all the details one should know before availing the cash advance.
Flexible limits: If your repayment records are fair enough and consistent, your bank allows you to extend your credit limit leading to an automatic extension of cash limit.
Cash limit: the maximum cash withdrawal limit ranges from 20-40% of the total credit limit as stated by most banks but may be distinct for distinct cards and is dynamic.
Cash advance fee: Average fee accounts for 3-5% of total transaction amount but varies with different credit cards. You will be charged for every other cash advance transaction even when conducted on the same day.
Interest: Interest will start accruing from the date of the transaction with an interest rate of 2.5-3.5% at the monthly percentage until full repayment. There is no grace period.
Reward points: No reward points are awarded for credit card cash withdrawals irrespective of the amount of transaction.
If the outstanding due on your credit card contains other dues than cash advance including card transactions, EMIs, balance transfers, and others, the payment received will be compensated in ascending order with the least due compensated being the cash advance.