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When you need money for an emergency or to pay bills, you may wonder if you can withdraw it from your credit card.
Many credit card companies allow you to obtain funds from your card via a cash advance. While this can be convenient in the event of an emergency, cash advances also have some disadvantages to consider.
So before you use your credit card to withdraw money, it's important to weigh up the pros and cons.
Here's how to withdraw money from your credit card.
How to withdraw money from your credit card
Also known as an emergency withdrawal, a credit card withdrawal can be made as soon as you have been approved by a bank that provides you with a credit card.
This transaction can be called a loan, since the bank is "lending" it to you. The limit on the withdrawal amount is based on the limit you have on your card.
To withdraw money with your credit card is very simple, just go to an ATM and choose the option to withdraw by credit card to have access to the money released. The money will then be available in your current account.
Remember that the amount withdrawn must be available within your credit card limit.
What is a credit card cash advance?
When it comes to how to withdraw money from a credit card, in technical terms, withdrawing money with a credit card is called a 'Credit Card Advance'.
Using this facility, users can withdraw money from an ATM using their credit card. However, there are a few points related to withdrawing money from a credit card that you should note.
The main function of a credit card is to carry out card transactions, cash withdrawals are just an additional credit card feature offered by banks.
Users can withdraw money from their credit card only up to a permitted limit and no more.
The maximum cash withdrawal limit on a credit card can vary from bank to bank. Users will have to pay additional fees along with interest on the amount withdrawn using a credit card.
Not all banks/credit card issuers offer the facility to withdraw cash by credit card.
Credit card: How advance payments work
Credit cards are normally used to make purchases. For example, you use your card at the checkout in stores or enter your card number and expiration date to make purchases online.
As you make purchases, your available credit is reduced by this amount until you pay off your credit card bill.
Credit card cash advances work differently. If your card allows it (and not all of them do), you can have a credit limit for purchases and another limit for cash advances, which is usually lower than your purchase limit.
When you make a cash advance, you are borrowing money against that credit limit.
In addition, cash advances start to accrue interest immediately, unlike purchases, where you usually have a grace period of 20 to 30 days to pay your bill before interest starts to accrue.
There are several ways to receive a cash advance, including:
- Request a cash transfer from your credit card to your bank account
- Withdrawing money from an ATM
- Write yourself a convenience check and cash it at a bank
When to withdraw money from a credit card?
After finding out how to withdraw money from your credit card, you should know that withdrawing money from your credit card may seem like a good option if you're in a difficult situation. financial situation difficult.
For example, if your car breaks down and you need to pay a tow truck company that doesn't accept credit cards, this may be your only option.
But if the situation isn't urgent, you can look into other options for obtaining money, as a credit card advance can be expensive.
What are financial charges when withdrawing money by credit card?
Withdrawing money from the credit card attracts financial charges. These fees vary between 2.5% and 3% of the total amount withdrawn, depending on each bank.
The actual interest rate on cash advances varies from bank to bank and from one type of card to another.
It is important to note that details relating to credit card cash withdrawals are shared with the credit card holder at the time the credit card is issued.
It is therefore highly recommended to go through all the terms and conditions before taking out a credit card to avoid any unwanted surprises later on.
Conclusion
Now that you know how to withdraw money from your credit card, you should know that credit card cash advances have some advantages, but they can be expensive compared to other ways of borrowing money.
If you need funds but it's not an emergency, take the time to research your other options before committing to a credit card cash advance.
And if you do end up withdrawing money from your card, try to pay off the balance as quickly as possible to minimize interest.
