Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
Most banks offer their customers the credit advance or a cash advance facility on their credit cards as a benefit. Canara Bank, like other banks, offers its customers the cash advance facility on their cards so that they can withdraw cash from their credit card accounts in times of need or during emergencies.
However, to opt for a cash advance, Canara Bank does charge a fee for the transaction along with some additional charges may apply. Here are the details on the cash withdrawal facility offered by Canara Bank on their credit cards.
Canara Bank offers a withdrawal limit on the credit cards of up to 50% of the credit limit on regular credit cards such as the Canara Visa Classic Credit Card, the Canara Visa Gold Credit Card, The MasterCard Standard/Gold/WORLD/ Secured Credit Card and the Rupay Classic Credit Card. However, the maximum amount which can be withdrawn is Rs.50,000.
For the Canara Card Visa Corporate Credit Card, 50% of the credit limit can be withdrawn with an overall maximum limit of Rs.5 lakh. The maximum cash advance limit on the add-on credit card is Rs.25,000.
Cash withdrawals on a credit card are a feature offered by the bank and like all banks, Canara Bank, as well, levies a certain fee on the availing the cash advance facility.
If you are opting for a credit card withdrawal, Canara Bank will be charging a fee of 3% of the transaction amount. A minimum of Rs.30 will be levied as a fee for Rs.1,000 withdrawn.
For example, if you withdraw Rs.5,000 from your credit card, a fee of Rs.150 will be charged as a cash advance fee by the bank. The cash advance fee is a certain percentage of the total amount withdrawn and can be changed by the bank at any time.
If you have opted for a cash advance on your canara bank credit card, you will also have to pay a certain rate of interest on the amount withdrawn on a monthly basis during the repayment period.
However, each credit card may have a different interest rate or finance charge attached to it. It is advised to speak to the bank representative to know the interest rate which will be applied to the amount withdrawn as a cash advance from your credit card.
To withdraw cash using a Canara Bank Credit Card, the steps you need to follow are:
It is important to know that using other bank ATMs may attract extra charges on your cash withdrawal.
| Canara Visa Gold/Classic MasterCard Standard/Gold/Secured Credit Card/ WORLD/Rupay Classic | 50% of the credit limit (maximum of Rs.50,000) |
| Canara Card Visa Corporate | 50% of the credit limit with a maximum overall limit of Rs.5 lakh. Maximum cash advance limit for individual Add on card will be Rs.25,000. |
| Cash Withdrawal Charges for cash withdrawal at our ATMs | 3% of the transaction amount, with a minimum of Rs.30 for every Rs.1,000. |
Advantages:
Disadvantages:
The bank will charge you interest on the outstanding amount payable. In case you delay the payment of your bill, the lender will also charge a penalty on the outstanding amount. Despite repeated reminders, if you fail to pay your credit card bill on time, then your credit card account will get frozen and your credit score will take a hit.
Yes, the bank can alter the fees and charge whenever it deems fit to do so. The bank will inform you regarding any change in their fees and charges.
The fees and charge may differ from one Canara Bank credit card to another credit card offered by the bank. Since, different credit cards offer different facilities, the fees and charge may remain the same.
The new interest rate will be applicable on your outstanding amount from the new billing cycle.
No, the maximum withdrawal limit is Rs.5 lakh. If you wish to withdraw any amount higher than Rs.5 lakh, you will need to get in touch with the lender.
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