Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
YES Bank offers a cash withdrawal feature, also known as, cash advance facility. This is available on most of YES Bank credit cards. Using this feature, you can withdraw cash from ATM using your 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.
You can use your credit card at any ATM kiosk, just like how you use your debit card for cash withdrawal, to use the cash advance facility.
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.
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. If you clearly observe your credit card statement, you can find a term similar to credit limit, which is cash limit.
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 offers 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 The first thing, the facility is not offered for free and secondly, the withdrawn amount attracts finance charges in a way different from card transactions.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 YES Bank charges a cash advance fee of 2.5% of the withdrawn amount (a minimum of Rs.300).
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 also attracts a GST of 18% applicable on all credit card fees and charges.
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Cash from YES Bank credit cards can be withdrawn from any of the ATM kiosks, not necessarily from YES Bank ATMs.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 credit card 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 |
|---|---|
| Interest-Free Period | NIL |
| Cash advance fee | 2.5% of cash withdrawn (a minimum of Rs.300) |
| Cash advance limit | Up to 30% of the credit limit |
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.
Yes, your minimum monthly income should be Rs.25,000 to get FinBooster: YES Bank-BankBazaar Co-branded Credit Card.
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