Want to find out how to withdraw money from your Bradesco credit card? You've come to the right place, see all the information you need below.
Often unforeseen events happen and our budget goes into the red, so some bills or even the rent go unpaid.
Withdrawing money from your credit card may be your only way of paying the bills. But withdrawing money from your credit card isn't always the best option, as it's money that doesn't exist in your account, which is why banks charge interest rates on such withdrawals.
Therefore, only make a withdrawal from your credit card if you really have to, and avoid having your name on the SPC or Serasa.
Here's how to withdraw money from your Bradesco credit card.
How to withdraw money from a Bradesco credit card
You can withdraw money from your Bradesco credit card using your credit limitYou can also pay in installments.
Withdrawals are only allowed from Bradesco self-service machines, and any amount withdrawn using your credit card will be charged to your bill.
Remember that interest rates will be charged on your withdrawal. The Bradesco bank charges a fee of R$ 15 reais for each withdrawal made with your card.
When to consider using a cash advance
Cash advances can be an important source of funds in the event of an emergency.
Although you don't want to use cash advances regularly, you can use one if you're short of cash and unable to charge an expense. However, always make sure you consider all your options, taking into account the costs.
How cash advances work
On the surface, a cash advance on a credit card is like a debit card withdrawal from a bank account.
You use your card at an ATM and receive cash, but the similarities stop there. With a debit card, you withdraw your own money and often don't even pay a bank fee.
With a credit card, you borrow money, which becomes part of the credit card debt you have to pay off.
Here are 3 ways in which a cash advance can be more expensive than you think:
Most credit card issuers charge a cash advance fee every time you receive a cash advance. This is usually around 2 to 5% of the transaction amount and can also have a fixed minimum.
The interest rate charged by credit card companies on cash advances is usually higher than the rate for credit card purchases, even if you have good credit.
There is usually no grace period for repayment. For purchases, you may have 25 days (or another number of days) to pay off the balance before interest accrues. Interest begins to accrue immediately on most cash advances.
Most card issuers charge fees for cash advances. Depending on who issues your card, cash advance fees are determined using one of the following methods:
- A flat-rate transaction fee
- A percentage of the advance payment amount - usually between 2 and 5%
- A mixture of the first two. Many financial institutions charge a minimum flat fee or a percentage of the amount withdrawn, whichever is greater.
Understand transaction fees
Some transaction fees are a percentage of the overall advance, in which case you can limit the fee by withdrawing only as much as you need.
Other transaction fees can be a flat fee or a combination of a flat fee and a percentage of the transaction.
In this case, if you take all the money you think you'll need at once, instead of making several smaller transactions, you'll only pay the flat rate once.
Pay fast
Unlike credit card purchases, which offer a grace period between the purchase and the payment due date when interest begins to accrue, a cash advance transaction usually starts accruing interest immediately.
This means that paying your cash advance on time is crucial to saving money in the long term.
Find a credit card with better conditions
If you plan to take out a cash advance, look for a card with lower cash advance rates and a interest rate more competitive, as they can vary according to the issuer.
Now that you know how to withdraw money from your Bradesco credit card, apply only when necessary, as you will be charged interest when you use your credit card to withdraw money. If you liked the tips above, please leave your opinion below.
