Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • Canara Bank Credit Card Cash Withdrawal

    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 Credit Card Cash Withdrawal Limit

    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 However, the maximum amount which can be withdrawn is Rs.50,000.

    For the Canara Card Visa Corporate Credit Card, 50% of the credit limit can be withdrawn with an overall maximum limit of Rs.5 lakh.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.

    Canara Bank Cash Advance Fee

    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 A minimum of Rs.30 will be levied as a fee for Rs.1,000 withdrawn.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 The cash advance fee is a certain percentage of the total amount withdrawn and can be changed by the bank at any time.

    Interest Charged on Canara Bank Cash Advance

    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for a cash advance on your canara bank credit card, you will also have to pay a certain rate of interest on the amount withdrawn on a monthly basis during the repayment period.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 It is advised to speak to the bank representative to know the interest rate which will be applied to the amount withdrawn as a cash advance from your credit card.

    How to Withdraw Cash Using a Canara Bank Credit Card

    To withdraw cash using a Canara Bank Credit Card, the steps you need to follow are:

    • Visit a Canara Bank or any bank’s ATM.
    • Insert your card in the ATM slot.
    • Select the preferred language and choose the option of ‘cash withdrawal’.
    • Enter the amount and the cash will be dispensed immediately.

    It is important to know that using other bank ATMs may attract extra charges on your cash withdrawal.

    Canara Bank Cash Advance Fees and Charges

    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 and Disadvantages of Canara Bank Cash Advance Facility


    • In times of emergencies, having a backup source of obtaining cash can be helpful.
    • To avail the cash advance facility, no documentation is required and it’s a simple process.
    • Approval of the bank is not required.
    • Withdrawals can be made from all ATMs.


    • Additional fee charged on cash withdrawals.
    • Interest needs to be paid on the amount withdrawn.
    • No interest-free period.

    FAQs on Canara Bank Credit Card Cash Advance Facility

    1. What will happen if I do not pay my credit card bills on time?

      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.

    2. Are these fees charged by the bank subject to change?

      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.

    3. Will the fees and charges remain same for all the Canara Bank credit cards?

      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.

    4. The bank updated its interest rate. Will the new interest rate be applicable to an existing customer?

      The new interest rate will be applicable on your outstanding amount from the new billing cycle.

    5. I need to withdraw a sum of Rs.10 lakh. Can I withdraw it using my Canara Bank credit card?

      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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