Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
Credit cards are highly beneficial when used wisely. It offers amazing features and benefits that help you manage your finances better. If planned well, you could use your credit card to pay your bills and earn rewards which can be later used to buy products or against your flight and hotel bookings depending on the kind of credit card you hold.
Bank of Baroda is one of the reputable banks in India that offers a wide range of credit cards, each designed to meet the requirements of their cardholders. The credit cards offered by Bank of Baroda is exclusively designed keeping the spending habits of the cardholders in mind.
One of the features of Bank of Baroda credit cards is the cash withdrawal facility. Yes, you can withdraw cash using your Bank of Baroda credit card just the way you withdraw cash using any debit card. Almost all Bank of Baroda credit cards come with the cash withdrawal feature. However, it is recommended to get in touch with the bank or refer to your credit card statements to check if you have this facility.
As mentioned earlier, the cash withdrawal facility or the cash advance feature on your Bank of Baroda credit card allows you to withdraw cash from any ATM. The process is similar to withdrawing cash from an ATM using your debit card.
When you use the cash advance feature of your credit card, the money will be disposed immediately and you do not need any approval for this transaction. Also, you do not have to submit any documents to avail this benefit. You can visit any ATM and withdraw cash just the way you use your debit card. This feature helps Bank of Baroda credit cardholders to get instant cash during a financial crisis.
Bank of Baroda decides the cash withdrawal limit on your credit card. Generally, the available cash advance limit is 40% of the total credit limit. Most Bank of Baroda credit cardholders assume that the total credit limit on the card is the available cash advance limit. However, this is not true.
Bank of Baroda has the right to decide the maximum cash advance limit on your credit card. It could be a percentage of the available credit limit on the card. The available credit and cash limit will differ from one cardholder to another. Read your credit card monthly statements or get in touch with the bank to know the available cash advance limit on your card.
A cash withdrawal fee is also called “Cash Advance Fee”. This is the fee levied on your credit card by Bank of Baroda if you use your card to withdraw cash. The cash advance fee is a percentage of the amount withdrawn by you.
Bank of Baroda charges a cash advance fee on every cash advance transaction you make. Currently, for domestic cash withdrawals for Titanium/Platinum/Assure cardholders, Bank of Baroda charges 2.5% of the amount withdrawn or Rs.300 (whichever is higher). For Bank of Baroda Signature cardholders, the bank charges 3% of the amount withdrawn or Rs.200 (Whichever is higher).
For international cash withdrawals for Titanium/Platinum/Assure cardholders, Bank of Baroda charges 3% of the amount withdrawn or Rs.300 (whichever is higher). For Bank of Baroda Signature cardholders, the bank charges 3.5% of the amount withdrawn or Rs.250 (Whichever is higher).
When you use the cash advance feature on your Bank of Baroda credit card to withdraw cash, you will be charged the cash advance fee plus the applicable finance charges (Interest rate) from the date of the withdrawal until the dues are paid in full.
For example: If you withdraw Rs.1,000 using your Bank of Baroda credit card in a domestic ATM on 15 Feb, you will be charged with a cash advance fee of 2.5% on Rs.1,000 plus the applicable finance charges, taxes, and other fees, if any, from the 15 Feb until you clear the bill.
Please note that the finance charges or interest rate on credit card cash withdrawals may vary depending on the amount and if you have paid your previous months balance in full.
| Bank of Baroda Bank | Finance Charge or Interest Rate | |
|---|---|---|
| Monthly rate | Annual rate | |
|
For Bank of Baroda Titanium and Master/ Visa Platinum cardholders |
3.25% per month |
39% per annum |
|
For all other Bank of Baroda credit cards |
2.6% per month |
31.20% per annum |
Bank of Baroda offers reward points on transaction made using their credit cards to encourage cardholders to use their credit cards wisely and avail the applicable benefits. However, when it comes to cash withdrawal transaction, Bank of Baroda does not reward their cardholders with reward points. This is mainly because cash advance facility should be used as a last resort and only when the cardholder has exhausted all other alternatives.
The procedure to withdraw cash using your Bank of Baroda credit card is very simple. It is similar to withdrawing cash using a debit card. Follow the steps below to withdraw cash using your BOB credit card:
| Description | Charges |
|---|---|
|
Interest-Free Period or Grace Period |
The interest-free period on your Bank of Baroda credit card can range from 20 days to 50 days depending on the type of card you hold. The interest-free period is not applicable for cash advances and if you have not cleared the total outstanding balance in full in the previous billing cycle. |
|
Domestic Cash Advance Fee (Titanium/Platinum/Assure cardholders) |
2.5% of the amount withdrawn or Rs.300 (whichever is higher) |
|
Domestic Cash Advance Fee (Bank of Baroda Signature cardholders) |
3% of the amount withdrawn or Rs.200 (Whichever is higher) |
|
International Cash Advance Fee (Titanium/Platinum/Assure cardholders) |
3% of the amount withdrawn or Rs.300 (whichever is higher) |
|
International Cash Advance Fee (Bank of Baroda Signature cardholders) |
3.5% of the amount withdrawn or Rs.250 (Whichever is higher) |
Before you avail the cash advance facility available on your Bank of Baroda credit card, you will have to know about the advantages and disadvantages of it. Educate yourself about the pros and cons of the cash withdrawal facility before deciding to withdraw cash using your credit card.
The cash advance fee and other charges applicable will reflect in your next credit card bill statement. When you withdraw cash using your credit card, the total amount you entered will be dispensed. The charges available will not be deducted at source.
As mentioned earlier, your cash withdrawal limit is always less than your credit limit. It is the difference between the assigned cash limit and the total outstanding balance on your card.
No. Bank of Baroda will not charge you a limit enhancement fee. You can get in touch with the bank and request for a limit enhancement. Bank of Baroda Bank reserves the right to either approve or decline your request.
You can write to BOB Financial Solutions Limited, Credit Card Customer Service, Baroda House, 2nd Floor, Behind Dewan Shopping Centre, S. V. Road, Jogeshwari (W), Mumbai 400 102. For new credit card application status, renewed credit card, and credit card PIN-related information, you can call 1800-223-224 or write to ccb@bobcards.com. For bob credit card billing, maintenance, reward points, service request, and credit card payment-related issues, you can call 1800-225-110 or 1800-225-100 or write to crm@bobcards.com.
You can contact the Bank of Baroda Grievance Redressal Department by writing to BOB Financial Solutions Limited, Credit Card Customer Service, Baroda House, 2nd Floor, Behind Dewan Shopping Centre, S. V. Road, Jogeshwari (W), Mumbai 400 102. Alternatively, you can also call 1800 -225 -100. Please keep your credit card number, registered phone number, and email ID ready when you place the call.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
