With the increasing financial demands, credit cards has become an integral part of our lives that makes it easy to shop for anything without cash in hand and pay later. The card issuer sets a credit limit depending upon your annual income and lets you spend up to the limit to purchase any household needs, pay bills, or wherever you wish to use it.
Another most lucrative feature of credit cards is their cash withdrawal feature. However, there are certain limitations to withdrawing cash with your credit card, still, you can withdraw cash from your nearest ATMs at the time of urgent need.
Are you intrigued to know How to Get Cash from Credit Cards?
Well, in this comprehensive guide, we will make you aware of the ways to withdraw cash with your credit card. So, let’s get straight into it.
What is Credit card Cash Withdrawl
Credit card cash withdrawal is commonly known as Cash Advance which allows you to withdraw cash using an ATM temporarily. In simple words, withdrawing cash with a credit card is just purchasing cash from the card issuer instead of purchasing an item using it. The money you have withdrawn from an ATM will be added to your credit card bill and reflected in your monthly bank statement.
Also, a one-time surcharge and high interest rates are associated with this cash advance feature and the average APR for cash advance varies from 22.99% to 24.99% which is much higher than a general APR.
How to Get Cash from Credit Cards,
Withdrawing cash from credit card, is a pretty simple process. Here are the steps to follow.
- First of all check the latest account statement, how much amount you can withdraw from your bank account depending upon your credit limit set by the card issuer.
- Visit your nearest ATM and insert the credit card.
- Input your credit card PIN (To know your credit card PIN, you can call the number given on the back or can set a new one.)
- Here, you will find two options “Cash Withdrawl” or “Cash advance”, pick one.
- Now select between “Credit” or “Debit”, pick “Credit”.
- Input the amount you wish to withdraw.
- Here, you need to accept any fees like ATM Transaction fees and cash advance fees.
- Now, confirm your cash withdrawal.
Once done, you are all set to withdraw cash and fulfill your requirement.
