Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
Most of the IndusInd Bank credit cards have a cash withdrawal facility. This feature on your credit card allows you to withdraw cash from any Automatic Teller Machine (ATM) using your IndusInd Bank credit card. The process is similar to withdrawing cash using your debit card from an ATM. However, the interest rate and other charges applicable on credit card cash withdrawal are comparatively higher. Hence, credit card cash withdrawals are meant to be used when you are in a financial crisis and if you do not have any other alternatives.
As mentioned earlier, IndusInd Bank allows their credit cardholders to withdraw a certain sum of money using their credit cards. The bank decides the cash withdrawal limit which is usually lower than the credit limit available on your card. When you withdraw cash using your credit card, the total outstanding balance including your transactions, cash withdrawals, and fees levied cannot exceed the credit limit.
Generally, IndusInd Bank cardholders assume that the difference between the total outstanding balance and the credit limit is the cash withdrawal limit. However, that is not true. A credit limit is different from the cash limit. The cash withdrawal limit will be around 20-40% of the credit limit. Your available cash limit at any time will be the difference between the total cash limit granted and the total outstanding cash balance due on the card. The available credit and cash limit will differ from one cardholder to another. You could find out the available cash and credit limit on your card in your monthly credit card statements.
As mentioned earlier, the cash withdrawal limit on IndusInd Bank credit cards differs from one cardholder to another depending on the type of card you hold and the credit limit assigned to you. IndusInd Bank sets the maximum cash withdrawal limit on your credit card. Get in touch with IndusInd Bank credit card customer care to know your available cash withdrawal limit or check your recent credit card statement.
Also known as “Cash Advance Fee”, a cash withdrawal fee is a fee charged when a cardholder uses his/her credit card to withdraw cash from an ATM. Currently, IndusInd Bank charges a cash advance fee of 2.5% of the total cash advance withdrawn by the cardholder subject to a minimum of Rs.300. IndusInd Bank waives off the cash advance charge for IndusInd Legend Credit Card. So, if you hold an IndusInd Legend Credit Card, you do not have to worry about the cash withdrawal fee.
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.
| IndusInd Bank | Finance Charge or Interest Rate | |
|---|---|---|
| Monthly rate | Annual rate | |
| For all IndusInd Bank credit cards | 3.83% | 46% |
Though IndusInd Bank has an excellent loyalty program for their credit cardholders, it is not applicable on credit card cash withdrawal transactions. You are not eligible to receive reward points for your cash advances. This is mainly because withdrawing cash using your credit card is not recommended and the bank does not encourage their credit cardholders to use the cash withdrawal facility until they are in a financial crisis and do not have any other alternatives.
The procedure to withdraw cash using your IndusInd Bank credit card is similar to withdrawing cash using a debit card. You can withdraw cash using your IndusInd Bank credit card at any ATM. To withdraw cash using your credit card, follow the below steps:
| Description | Charges |
|---|---|
| Interest-Free Period or Grace Period | Up to 50 days. The interest-free period is not applicable on cash advances and if you have not cleared the total outstanding balance in full in the previous billing cycle. |
| Cash Advance Fee | 2.5% of the amount withdrawn subject to a minimum of Rs.300. The cash advance fee will be waived off for IndusInd Bank Legend Credit cardholders. |
| Finance Charges (on revolving credit) |
|
It is very important to know about the pros and cons of the cash withdrawal facility offered by IndusInd Bank to their credit cardholders as it helps make better financial decisions.
No. 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.
As mentioned earlier, your cash withdrawal limit is always less than your credit limit. If your credit limit is Rs.1 lakh, the bank may allow you to withdraw up to 40% in cash, i.e., Rs.40,000. However, IndusInd Bank may mention the maximum cash withdrawal limit you are entitled to, which may be a percentage of the available credit limit. Banks do not allow you to withdraw the entire credit limit. Please check your monthly credit card statements for the available cash withdrawal limit.
You can request IndusInd to increase your credit limit which will enable you to request for a cash limit enhancement. However, you cannot increase your cash withdrawal limit when you have a low credit limit. IndusInd Bank reserves the right to either approve or decline your request.
You can contact the IndusInd Bank customer service department by dialing 022-44066666. Alternatively, you can dial 1860 267 7777 to reach the IndusInd Bank credit card customer service department.
Yes. You can pay your IndusInd Bank credit card bill through non-IndusInd Bank savings account through National Electronic Funds Transfer (NEFT). Please add “IndusInd Bank credit card” (without any space) as a beneficiary by logging in to your non-IndusInd Bank netbanking account and use the IFSC Code: INDB0000018. You will be asked to enter your 16-digit credit card number to transfer funds through NEFT.
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