Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
Bank of India offers an option of cash withdrawal on credit cards which can be opted for during times of emergencies. This facility is usually offered on most credit cards offered by the bank. However, to opt for this facility, Bank of India does charge a certain fee which will be added to the total amount which is withdrawn.
The withdrawal limit for the credit card cash advance facility is decided by the bank. It is advised that you speak with the bank to know the maximum withdrawal limit on your credit card.
If you choose for a cash advance, the bank will charge a fee to do so. Bank of India charges a cash advance fee of 2.5% or a minimum amount of Rs.50.
For example, if you opt for a cash advance of Rs.20,000, a fee of 2.5% would be charged. A transaction fee of 500 will be added and the total cash advance amount would be Rs.20,500.
Bank of India will be charging interest for the total cash advance you opt for. However, different BOI credit cards do come with varied interest rates. Due to this, it is advised that you speak with a BOI credit card customer care representative of the bank to know the additional charges on the cash advance fee.
The steps to be followed to withdraw the cash with your credit card are:
Important – Making cash withdrawals from other bank ATMs may attract additional charges.
Advantages:
Disadvantages:
No, you do not need to take any approval from the bank if your credit card has the facility. You can always visit an ATM and then withdraw cash.
No, the facility of cash withdrawal will be available only on a few credit cards and you will be informed about this facility when you get the credit card.
The cash withdrawal transaction is mentioned in your credit card statement. Additional fees and charges related to it are also mentioned in it.
Yes, you have to pay an additional fee for availing this facility.
The cash that you have withdrawn will have to be repaid at the time of making payment for the statement. The payment can be made via UPI, or demand draft.
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