HSBC Bank is one of the leading banks in the world. From financial services for businesses and personal loans to credit cards and foreign exchange services, they offer it all. Almost all credit cards offered by HSBC Bank comes with an inbuilt cash advance feature. Also called as the cash withdrawal facility, this feature in HSBC credit cards allow the cardholder to withdraw cash from any Automatic Teller Machine (ATM) when in dire need of money. This process is very similar to withdrawing cash from an ATM using a debit card.
If you hold an HSBC credit card and want to withdraw cash using it, you could check your credit card monthly statements for cash advance information or you could get in touch with HSBC Bank.
As mentioned earlier, a cash withdrawal facility on HSBC credit cards allows you to withdraw cash from any HSBC or VISA ATM at any time without approval from the bank. If you have used your debit card to withdraw cash from an ATM, you could know how convenient and fast the process is. The process of withdrawing cash using your credit card is very similar to using your debit card to withdraw the funds.
You do not need to get an approval from HSBC Bank or submit any documents to use this facility. You could straight away visit any domestic or international ATM and withdraw the cash.
Credit Card Cash Withdrawal Bankwise
HSBC Bank assigns a cash advance limit on every credit card they issue. The cash advance limit differs from one cardholder to another. Generally, HSBC offers 40% of the credit limit as the allowed cash withdrawal limit. But this is subject to the discretion of the bank and can vary between customers. The available cash limit is always communicated to the customer in the monthly credit card statement. HSBC reserves the right to change the cash limit as well as the credit limit from time to time, without prior intimation.
To check what your available cash limit is, please read your credit card monthly statements or get in touch with HSBC Bank. From time to time, HSBC Bank will send messages to your registered mobile number informing you of the available credit and cash limit on your card.
A cash withdrawal fee or a cash advance fee is the fee levied by HSBC Bank if you use your credit card to withdraw cash. This fee is charged on the total amount withdrawn by you. In other words, the cash advance fee is a percentage of the amount withdrawn by you. HSBC Bank charges a cash advance fee on every cash withdrawal you make using your credit card. Currently, HSBC Bank charges a cash advance fee of 2.5% of the amount withdrawn which is subjected to a minimum of Rs.300. The cash advance fee can be changed at any time by HSBC Bank at its discretion.
When you make a cash withdrawal using a credit card, you will incur finance charges from the date of the transaction till you settle the amount withdrawn. Finance charge is nothing but the interest rate levied on the transaction amount. The interest is charged on the basis of daily reducing balance. Therefore, it is wise to clear off the bill as soon as you can and whenever you can, even if it is in small chunks. The finance charges on credit card cash withdrawals may vary between customers.
Currently, HSBC Bank charges an interest rate of 3.3% per month and 39.6% per annum on all extended credit and cash advances made using their credit cards.
|HSBC Bank||Finance Charge or Interest Rate|
|Monthly rate||Annual rate|
|On all HSBC Bank credit cards extended credit and cash advances||3.3% per month||39.6% per annum|
Though HSBC Bank has an excellent loyalty program, reward points are not applicable for cash advances made using HSBC credit card. 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 HSBC Bank credit card is very simple. Follow the below steps to withdraw cash using your HSBC credit card:
|Interest-Free Period or Grace Period||HSBC Bank gives a grace period of 52 days to their credit cardholders. However, this benefit is available only if the cardholder has cleared all the total outstanding dues within the due date in the previous billing cycle. The interest-free period is not applicable on cash advance transactions.|
|Cash Advance Fee||2.5% of the amount withdrawn which is subjected to a minimum of Rs.300.|
|Cash Advance Limit||As communicated in your monthly statements|
|Transaction fee for cash advances against your bank account at ATMs overseas||Rs.100|
|Transaction fee for cash advances against your bank account at non-HSBC ATMs in India||Nil|
|Overlimit Fee||Rs.500 per month|
|Credit Card Replacement Fee (within and outside India)||Rs.100|
As cash withdrawal transactions attract a high cash advance fee and finance charges, it is not to be used until there is a financial emergency. HSBC Bank credit card cash advance feature has its own advantages and disadvantages. So, before you decide to use this facility, it is very important to educate yourself about the pros and cons of this feature.
If you notice any discrepancies in your credit card monthly statement, you will have to notify HSBC Bank within 30 days from the time you received the statement. You can get in touch with the bank through phone banking by dialing the number printed on the back of your credit card or write to HSBC Credit Card Division, Dispute Desk, P.O. Box 5080, Chennai - 600 028. Alternatively, you can call the Nodal Officer Team by dialing +91 44 - 3911 1217 from Monday to Friday, 9.30 a.m. to 6:00 p.m.
Dial 1800 102 2208 or 1800 267 3456 to reach HSBC credit card customer care department.
You can write to The Chief Nodal Officer, The Hongkong and Shanghai Banking Corporation Limited, Shiv, CTS No. 139 -140B Sahar Road, Vile Parle (East), Mumbai - 400 057. Alternatively, you can send an email to firstname.lastname@example.org.
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.
HSBC Bank usually offers a cash advance limit of up to 40% on your credit limit. However, this depends on the type of card your hold and other factors. Check your HSBC credit card monthly statements to find out the accurate cash advance limit on your card.
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