ICICI Credit Card Cash Withdrawal

ICICI Credit Card Cash Withdrawal Limit

The amount of cash that can be withdrawn with a specific credit card is known as the card advance limit or credit card cash limit. It usually represents a percentage of the credit card's overall credit limit. Within the allowed amount, cardholders may withdraw cash using their credit card.

Different cash limits are set by ICICI Banks for various credit cards. At the moment the credit card is delivered, the cash limit will be disclosed. Additionally, during the first 180 days following card issuance, the cash limit on a few ICICI credit cards would be nil. The bank will enable the cash advance feature on the card once the 180-day term is over.

ICICI Bank Credit Card Cash Advance Fee

Every credit card cash withdrawal is subject to a fee known as a credit card cash advance. You will be required to pay a fee each time you use your credit card to make a cash withdrawal; this fee will be applied to your billing statement for the following month.

For the majority of cards, ICICI Bank levies a cash advance fee of 2.5% of the withdrawn amount or Rs. 300, whichever is higher. From the date of withdrawal until the full amount is returned, the cash advance fee accrues interest at a rate of 2.95 percent per month, or 41.7 percent annually. Withdrawals from ICICI ATMs to non-ICICI ATMs, which normally carry a higher fee, may also result in a different advance fee.

Interest Charges on ICICI Cash Advance

Just like credit card transactions at point of sale terminals and online portals, cash withdrawals are also eligible for finance charges.

The charges will be levied at a monthly percentage rate from the date of withdrawal till the amount is paid back in full. The interest will be debited from the cardholder's account till the payment is completely paid. ICICI typically charges rate of interest ranging from 2.49% to 3.5% per month depending on the credit card type. Cardholders can check the terms and conditions of their card to know card specific finance charges.

Listed below are Finance Charges on a few ICICI Credit Card Variants.

The bank at its sole discretion have the rights to change the interest rates at any point of time for all the credit cards are for specific cards based on the spending pattern, payback and card utilization on the credit card.

An important aspect about cash advances is that there is no interest free period. The interest will be levied from the date of cash withdrawal till the amount is paid back completely.

How to Withdraw Cash Using an ICICI Credit Card

Withdrawing cash using an ICICI Credit Card is almost similar to withdrawing cash using a debit card. All you need to do is visit any of ICICI ATM kiosks, insert your credit card in the card slot and follow the instructions for cash withdrawal. Step-by-step process is provided below.

Step 1: Visit ICICI ATM

Step 2: Insert your credit card and enter the PIN, the same PIN which you use for credit card transactions

Step 3: Select 'Cash withdrawal' from the menu

Step 4: Enter the amount and press 'ok'

You will get an SMS on your registered cellphone number after the money is disbursed. The sum will be deducted from the card's overall cash limit and credited to the remaining balance. To avoid overdrawing, you should verify the credit card's available cash limit before making a cash withdrawal.

ICICI Bank Cash Withdrawal Fees and Charges

A summary of all the charges applicable on ICICI cash advance facility is provided below.

Advantages and Disadvantages of ICICI Cash Advance Facility

Let us look at the advantages and disadvantages of using ICICI credit card cash advance facility.

Benefits of Using ICICI Credit Card for Cash Withdrawals

1. Instant cash without any balance
2. Can be used as emergency fund
3. No approval required from the bank
4. No need to submit any documents
5. Cash can be availed from any bank ATM
6. More your credit limit, more will be your cash limit
7. If unused, the same can be used for card transactions

Disadvantages of ICICI Credit Card Cash Advance

1. Attracts a cash advance fee for every withdrawal
2. Interest will be levied from the date of withdrawal
3. No interest free period
4. No reward points

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