Santa Claus comes around just once a year. In the meantime, there are Credit Cards.
  • LIC Credit Card Cash Withdrawal

    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.

    LIC Credit Card Cash Withdrawal Limit

    Cash withdrawal limit is the amount of cash you can withdraw using a credit card. For the LIC Gold EMV Credit Card and LIC Platinum EMV Credit Card, the cash withdrawal is up to 10% of the limit.

    Interest Charged on LIC Cash Advance

    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 Interest on cash advance or finance charges are levied on a monthly rate from the day cash is withdrawn using the credit card till the amount is repaid in full. Interest for the cash advance is chargeable from the date of the amount withdrawn to the billing date.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%)

    How to Withdraw Cash Using an LIC Credit Card

    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.

    • Step 1: You will have to go to an ATM.
    • Step 2: Next step is to insert their SBI credit card in to the slot.
    • Step 3: Then, you will need to select his preferred language from the ones listed on the screen.
    • Step 4: Next, you will need to select the option of ‘Cash Withdrawal’.
    • Step 5: Once you do that, they will need to enter the amount you wish to withdraw and tap on ‘Enter’.
    • Step 6: Cash will be dispensed immediately.

    Pros and Cons of Cash Advance Facility

    Advantages of Cash Advance:

    • The process of cash withdrawal does not require documentation.
    • You can withdraw cash from ATMs anywhere inside and outside the country.
    • You will not have to get any approval from the bank to withdraw the cash.
    • You can withdraw cash during times of emergency and also pay at places where card transactions are not accepted.

    Disadvantages of Cash Advance:

    • You will have to pay interest from the date of withdrawal of the cash.
    • You will have to pay a fee when you withdraw money using your credit card.
    • There is no interest-free period.
    • The interest you have to pay is more than the regular card transactions.
    • Cash advance does not come with any reward points.

    LIC Credit Card Cash Advance Facility FAQs

    1. Where can I find the cash withdrawal transactions of my credit card?

      The cash withdrawal transactions will be mentioned in your credit card statement.

    2. Will I need to pay an additional fee for withdrawing cash from my LIC credit card?

      Yes, you have to pay an additional fee when you use your credit card to withdraw cash from the ATM.

    3. Do I have to get approval from LIC or my bank before I withdraw cash from my credit card?

      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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