Yes Bank offers cash withdrawal feature also called cash advance facility on most of its credit cards. Using the feature, Yes Bank credit card holders can withdraw cash from ATM using their credit card. However, there are a few important aspects to know about Yes Bank’s credit card cash withdrawal facility to make sure you are aware of all the associated fees and charges. Compiled below is a list of features, benefits, pros and cons, fees and charges related to Yes Bank’s cash advance facility.
Technically termed as cash advance feature, Yes Bank’s cash withdrawal feature allows the credit cardholders to withdraw liquid cash from the ATMs. The customers can use their credit card at any ATM kiosk, just like how they use their debit card for cash withdrawal, to use the cash advance facility.
Credit Card Cash Withdrawal Bankwise
Yes Bank offers the cash withdrawal facility almost on all its credit cards. However, it’s always better to ensure that your card has the feature while availing. If you have the cash advance feature on your Yes Bank credit card, make sure to know the cash advance fee, finance charges on cash advance and most importantly the cash advance limit available on your card. Continue reading to know about them in detail.
Once you’re aware that you can withdraw cash using your Yes Bank credit card, the very next thing you must know is how much you can withdraw. Can you withdraw the entire credit limit available on the card or is it something in addition to your credit limit? If you clearly observe your credit card statement, you can find a term similar to credit limit, which is cash limit. Yes, just like how the credit limit on your card defines how much money you can spend on your card, the cash limit tells how much you can withdraw as cash using your card.
Credit card cash advance limit is thus the maximum amount of cash the cardholder can use on his/her credit card account. It is typically a portion of the total credit limit available on the card. Many people assume that it is an additional amount. But in fact, it’s not. For example, if your Yes Bank credit card’s total credit limit is Rs.50,000, the cash limit would be 20% to 30% of it, i.e., Rs.10,000 to Rs.15,000.
Yes Bank typically provides a cash advance limit of 30% of the total credit limit on most of its credit cards. For accurate number, you can either check with the bank or your credit card statement.
There are two things you need to know when you’re using Yes Bank’s cash advance feature. The first thing, the facility is not offered for free and secondly, the withdrawn amount attracts finance charges in a way different from card transactions.
Regarding the charges levied for availing the cash advance feature. Every time you withdraw cash using your Yes Bank credit card, your account will be charged with a transaction fee otherwise called as cash advance fee. Yes Bank typically charges a cash advance fee of 2.5% of the withdrawn amount or Rs.300, whichever is higher.
The higher the amount you withdraw using your Yes Bank credit card, the higher would be the cash advance fee. Further, the fee is applicable for every cash withdrawal made on the card. The fee will not reflect immediately in your credit card account but will be added to your next month bill statement. The fee also attracts a GST of 18% applicable on all credit card fees and charges.
The interest levied on cash advances is a little different from the interest levied on card transactions. On card transactions, interest charges are applicable only when you don’t pay the total outstanding in time. But for cash withdrawal, the interest charge will be levied from date of withdrawal till the amount is paid back in full. Even though your previous due is paid in full, cash advances still attract finance charges.
The interest rate on cash advance may vary from the interest rate on card transactions. Further, they are also different from one credit card to another. Hence, it’s important to know the interest charged for the cash advance feature on your credit card.
Yes Bank typically charges an interest of 1.2% per month or 14.40% per annum to salary account holders and for others, it charges 1.99% per month or 23.88% per annum.
The interest rates are, however, subject to change depending on the spending on the card, payback and card utilization patterns.
One important thing to know about Yes Bank cash withdrawal feature is that there is no interest-free period. As mentioned earlier, interest will be charged from the date of withdrawal till the payment is made in full. The payable finance charges will be added to the cardholder’s account till the amount is paid back in full.
Unlike card transactions, cash withdrawals using Yes Bank credit card do not attract any reward points. No matter how much cash you withdraw, you will receive zero reward points for cash advances.
Cash from Yes Bank credit cards can be withdrawn from any of the ATM kiosks, not necessarily from Yes Bank ATMs. The procedure is simple and is similar to withdrawing cash using a debit card. The following steps will help you withdraw cash using a Yes Bank credit card at an ATM.
However, before withdrawing the cash 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 Yes Bank customer care centre.
A summary of all the charges applicable on Yes Bank cash advance feature is provided below.
|Yes Bank cash advance feature||Fees and charges|
|Cash advance fee||2.5% of cash withdrawn or Rs.300 (whichever is higher)|
|Cash advance limit||30% of the credit limit|
|Finance charges||1.20% - 1.99% per month or 14.40% - 23.88% per annum|
|Minimum repayment amount||5% on the outstanding or minimum Rs.200|
The advantages and disadvantages of using Yes Bank’s credit card cash advance facility are listed below.
Yes, the credit card cash withdrawal facility can be availed at any bank ATM.
No, the cash advance fee and other finance charges will reflect in your next billing statement.
Cash limit is a percentage of credit limit. When you withdraw cash using your Yes Bank credit card, it will get debited from your available cash limit on the card affecting the total credit limit.
You can apply for a cash limit enhancement on your Yes Bank credit card only after using it for 6-12 months. However, increasing the limit is completely at the discretion of the bank. To check the eligibility of your card for limit enhancement, you can call Yes Bank customer care.
If your Yes Bank credit card has a net banking account, you can check your total cash limit and available cash limit on the card by logging in to your account either on the website or the mobile app. Alternatively, you can also call Yes Bank customer care, to know the same. You can also check your monthly billing statement.
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