Using your credit to withdraw cash is a service that is offered by many banks in India. You can withdraw cash up to a certain limit over the counter at a bank or via an ATM. LIC offers the service to its customers who possess a credit card that is offered by the bank.
You need to pay interest on availing the facility of cash advance on any credit card offered by LIC. Interest on cash advance or finance charges are levied on a monthly rate from the day cash is withdrawn using the credit card till the amount is repaid in full. Interest for the cash advance is chargeable from the date of the amount withdrawn to the billing date.
For the LIC Gold EMV Cards, the interest on the cash advance is 2.75% from the first day (annualised 33%). For Platinum EMV Cards, the interest is 3.00% from the first day (annualised 36%)
Credit Card Cash Withdrawal Bankwise
You can withdraw at any of the ATMs. The procedure to avail cash advance from ATMs using a credit card is similar to that of using a debit card.
Advantages of Cash Advance:
Disadvantages of Cash Advance:
The cash withdrawal transactions will be mentioned in your credit card statement.
Yes, you have to pay an additional fee when you use your credit card to withdraw cash from the ATM.
No, you do not have to get approval from LIC before you use your credit card at the ATM for withdrawing cash.
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