Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
Standard Chartered Bank offers credit card cash withdrawal facility for most of its credit card users. Termed as cash advance facility, the feature allows Standard Chartered credit cardholders to withdraw cash from ATMs. The cash advance facility is not similar to other credit card features most of which can be availed free of cost. Hence every Standard Chartered Bank credit card holder must be aware of the various fees and charges associated with the credit card cash advance facility. The following information will help you be familiar with the most important aspects of Standard Chartered credit card cash withdrawal facility.
Standard Chartered Bank’s cash withdrawal facility allows the credit cardholders to withdraw liquid cash from ATMs. The customers can use their Standard Chartered credit card at any Standard Chartered ATM kiosk or other bank ATMs displaying the logo of a Visa card. The credit card cash withdrawal process is similar to that of debit card cash withdrawal from ATMs.
Most of Standard Chartered credit cards come with the cash advance feature by default. However, before using the facility, it’s always better to check the terms and condition of your credit card to know whether or not your card provides the feature. You can also call Standard Chartered credit card customer care to check the availability of the feature on your credit card.
Once you know about the cash withdrawal facility on your Standard Chartered credit card or once you have decided to withdraw cash using your Standard Chartered credit card the first thing you must know is how much you can withdraw using your card. Just like credit limit defines the maximum amount you can use on your credit card, cash limit on a credit card is the maximum cash available for withdrawal using the card.
Credit card cash limit is usually a portion of your total credit limit and not anything in addition to it. Banks typically provide 15% to 30% of the credit limit as cash limit. Knowing the cash limit will let you know how much cash you can withdraw using your credit card.
For Standard Chartered Bank credit cardholders, the bank reserves the right to define the cash limit differently for each card and sometimes for every customer. The bank at its sole also increases or decreases the cash limit or cancels the cash advance facility unconditionally. The cardholder will be informed immediately through an SMS or e-mail whenever there is a change or revision is cash advance limit.
If the credit limit on your credit card is Rs.2 lakh and the cash limit is 20%, you can withdraw Rs.40,000 as cash using your credit card and not beyond that.
Every time you withdraw cash using your Standard Chartered Bank credit card, the bank will charge a transaction fee, also called cash advance fee. Cash advance fee is typically a percentage of the withdrawn amount and will be billed in the following month’s credit card statement.
Standard Chartered Bank typically charges a cash advance fee of 3.0% of the withdrawn amount or Rs.300, whichever is higher. The cash advance fee thus changes with respect to the withdrawn amount. The cash advance fee also attracts a GST of 18% as applicable on all credit card fees and charges.
Besides the cash advance fee, the interest charged on credit card cash advance makes the feature expensive. Unlike card transactions, cash withdrawals attract interest from the date of withdrawal till the amount is paid back in full. Interest will be levied irrespective of the credit card outstanding balance. Even though you clear all your dues on time, you must pay interest on the cash advance amount till you repay it. The interest charged will also attract applicable GST.
Standard Chartered Bank charges an interest of 3.49% per month or 41.88% per annum on cash withdrawals. The interest rate varies from card to card and will be revised timely at the sole of the bank.
As interest will be levied from the day of withdrawal, clearly there is no interest-free period or grace period for cash withdrawals.
Credit card cash withdrawals are not eligible for any reward points. Irrespective of the withdrawn amount, you will earn zero reward points for cash advances.
Cash from Standard Chartered Bank credit cards can be withdrawn from Standard Chartered ATMs and other bank ATMs that accept Visa or Visa Plus. The procedure to withdraw cash from a credit card is almost similar to debit card cash withdrawal. The following steps will help you withdraw cash using an Standard Chartered Bank credit card at an ATM.
Before withdrawing the cash using your Standard Chartered credit card, make sure you have enough cash limit on your card. If you are not aware of the available cash, find the same in your net banking account linked to your credit card or call Standard Chartered Bank credit card customer care centre.
A summary of all the charges applicable on Standard Chartered Bank cash advance feature is provided below.
| Standard Chartered Bank cash advance feature | Fees and charges |
|---|---|
| Interest-Free Period | NIL |
| Cash advance fee | 3.0% of cash withdrawn or Rs.300 (whichever is higher) |
| Cash advance limit | Varies from card to card |
| Finance charges | 3.49% p.m. or 41.88% p.a. |
Yes, the credit card cash withdrawal facility can be availed at any bank ATM that supports your Standard Chartered Bank credit card’s network.
The maximum amount of cash you can withdraw using your Standard Chartered Bank credit card is called cash limit. Cash limit is a portion of your total credit limit. You can find the total cash limit available on your card in your monthly credit card statement or by calling the bank’s customer care.
No, you cannot transfer funds from a credit card to savings account.
There is no interest-free period or grace period for the credit card cash withdrawal facility. The bank will start levying the interest from the date of withdrawal till the amount is paid in full. The sooner you pay back the withdrawn amount, the lesser will be the interest charge.
You can call Standard Chartered Bank credit card customer care centre to check whether or not your card is eligible for cash advance facility. If eligible, you will be informed about the enrolment process. Follow the same to activate the cash advance feature on your credit card.
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