Pros and cons of credit card cash withdrawal
Pros of credit card cash withdrawal | Cons of credit card cash withdrawal |
Provides quick access to cash in emergencies, ensuring you have funds when needed. | Each cash withdrawal incurs a fee, increasing the overall cost of accessing cash. |
No need to maintain a balance in your Savings Account, making it convenient for those without savings. | Unlike regular purchases, there is no interest-free period, meaning costs accrue immediately. |
Does not require bank approval or extensive documentation, simplifying the process. | Cash withdrawals do not earn reward points, reducing potential benefits compared to regular spending. |
The cash withdrawal limit is based on your credit limit, allowing access to a portion of your available credit. | High-interest rates apply from the moment of withdrawal, making it an expensive borrowing option. |
Credit card cash withdrawal limit
The credit card cash withdrawal limit for the Bajaj Finserv RBL Bank SuperCard is set by RBL Bank and varies depending on the individual's creditworthiness which usually ranges from 20% to 40% of your total limit.
Suppose you have a credit card with a credit limit of Rs. 1 lakh; in that case, you can take out Rs. 20,000 to Rs. 40,000 in cash, depending on various factors. The remaining limit on the credit card can be utilized for regular card transactions.
Withdrawing cash using your Bajaj Finserv RBL Bank SuperCard might seem like an easy solution in a financial emergency, but it's important to think about the fees and charges that will apply beforehand. Always try to prioritize paying off the balance on your credit card through regular payments before attempting a cash withdrawal.
Credit card cash withdrawal charges
Credit card cash withdrawal can be a lifesaver in times of emergency when cash is required. However, it's crucial to be aware of the charges that come with it to avoid any surprises. If you're a customer of Bajaj Finserv RBL Bank Supercard, here’s what you need to know about credit card cash withdrawal charges. It’s important to note that interest is also charged on the amount withdrawn, starting from the date of withdrawal. The interest rate varies but is typically higher than the interest rate for regular purchases.
When you withdraw cash using your credit card, you will be charged a fee, or a percentage of the total amount withdrawn. For Bajaj Finserv RBL Bank SuperCard, the cash advance fee is 2.5% of the amount (minimum Rs. 500 + GST) of the cash amount.
Cash withdrawal charges on top credit card providers | |
Credit card | Cash advance fee |
2.5% of the amount (minimum Rs. 500 + GST) of the cash amount | |
2.5% of the amount (minimum Rs. 500 + GST) of the cash amount | |
Credit card cash withdrawal charges on Bajaj Finserv RBL Bank Credit Cards
When a cardholder withdraws cash using a credit card, a flat processing fee of 2.5% of the cash amount (minimum Rs. 500) + GST.
However, the Bajaj Finserv RBL Bank Credit Card provides the following benefits over other credit cards.
- Up to 50 days interest-free period on ATM withdrawals, starting from the date of the withdrawal
- Although credit cards charge high interest rates,Bajaj FinservCredit Cardcomes with an affordable rate of 3.99% per month after the 50-day period expires
- Only a one-time Credit Card cash withdrawal fee of 2.5% is applicable as processing charges. This makes availingBajaj Finserv RBL Bank SuperCard more affordable for users
