How to Check the PIS Balance Available for Withdrawal
Want to know how to withdraw money from your credit card? Here is some essential information.
Are you stuck in a financial crisis? Do you need money in case of an emergency or to pay your bills? Here, you have credit cards at your disposal, with which you can withdraw money and meet all your financial needs in case of an emergency.
Credit cards have become one of the crucial financial tools in the lives of individuals today. With the increase in the number of features and benefits that credit cards offer, they have become more of a necessity than a luxury item.
In addition to allowing you to pay with your credit card at various online and offline stores, credit card issuers also allow you to withdraw cash using a credit card.
The process of withdrawing money from a credit card is as simple as withdrawing money from a debit card, but withdrawing money from a credit card attracts a lot of fees and charges and hence is not advisable.
Therefore, there are many details that an individual should be aware of once before withdrawing money using his/her credit card. Here is how to withdraw money from credit card.
Withdraw money from a credit card It is a fairly simple task. It is as easy and effortless as in the case of a debit card.
You will first need to check with your credit card issuer whether or not you have the cash advance feature available on your credit card.
Once you are sure that the feature is available on your card, you can follow the instructions given below and successfully withdraw money using your credit card.
See the steps on how to withdraw from your credit card:
Although the process is as simple as in case of debit card but in case of debit card it is your own money that you withdraw from an ATM but in case of credit card it is a kind of loan that you take from the bank.
Therefore, only use this feature when it is really necessary, as you will pay interest rates that vary from one bank to another.
A credit card cash advance fee is a fee charged by credit card companies to credit cardholders in lieu of accessing the cash advance feature available on their credit card, via an ATM.
The cash advance fee differs from bank to bank, but is usually a specific percentage of the amount withdrawn, but subject to a minimum cash amount for small transactions.
Whenever you swipe your credit card for a specific transaction, you get an interest-free period of 30 to 45 days.
This is a period of time during which you do not have to pay interest. Payments made after this date will attract interest charges. However, the criteria are quite different in the case of cash withdrawals.
Interest starts accruing on such cash withdrawal transactions as soon as you withdraw money from your credit card. Interest rates differ from bank to bank and card to card. These usually range from 2.5% to 3.5%.
Following are some of the benefits of withdrawing cash with a credit card.
With the help of a credit card cash advance facility, you get instant access to liquid cash. Due to the easy availability of ATMs and having a credit card in hand, you can have cash anytime and anywhere. Hence, it is the best alternative to cash in times of emergency.
While you have to submit several documents and wait for approval when you want to take out any type of personal loan, in the case of withdrawing money with a credit card, you don’t need to submit any documents or wait for any type of approval. Just go to the nearest ATM and withdraw money.
Where there are advantages, there are also disadvantages. Below mentioned are some of the disadvantages of withdrawing money using a credit card.
Interest starts accruing on these transactions from the first day of the cash withdrawal until the day the amount is paid in full. Because of this, it becomes very expensive to withdraw money from a credit card.
Whenever money is withdrawn from a credit card, in addition to the interest, you must also pay a advance fee in cash, which is a certain percentage of the amount you withdraw with your credit card.
You do not get any interest free period in case of cash withdrawal from credit card, otherwise you get with other credit card transactions.
Now that you know how to withdraw money from your credit card, tell us about your experience, leave a comment below in this post.
