Know Everything about cash advance fee – Dear Credit card holder your credit card has cash advance facility; in keeping with this facility, you can do cash transaction using an ATM machine. But you should know about credit card cash advance fee, before you try to do cash withdrawal transaction using ATM machines.
Cash advance fee is a kind of transaction fee you need to pay for ATM cash withdrawal transaction; please note that every credit card’s cash advance fee varies on card to card or bank to bank, but generally this fee is really annoying for those who are really not aware of this charges.
But do not worry! I’m going to share my own ideas about this charges, and It concludes tips to avoid paying unusual charges, because, a credit card user may/mayn’t have full information about the credit card;
Credit card issuer company offer the credit card with the benefits tips but they keep disadvantage of their card in secret. Thus a credit card user assume that cash withdrawal from a credit card is as usual a debit card; But when charges levy for cash withdrawal. it’s the matter of Sadness.
How Credit card cash advance fee is charged?.
Every time you withdraw the cash from ATM using your credit card has to pay this fee. i.e this is the fee that you need to pay for per debit transaction via ATM machine.
And it varies on card to card or the location. but please note that the charges range is between 2.5% to 3% of the transaction amount, and also subject to a minimum amount of Rs 250 to Rs 500 rupees. let’s understand it. how much you need to pay if you withdraw the amount up to 3K from your credit card.
3000*3/100=90+ GST = 106.2, According to the above statement. Total credit card charges for cash withdrawal amount up to 3K = 106.2 INR . But you ‘ll need to pay either 250 rupees or up to 500 rupees. I hope you understand now how does this work, and how much you pay for this type of charges.
How to check Credit card cash limit ?
In order to check it on your credit card ; first check with the total credit card limit; basically the cash limit is available up to 30 to 40% of your total credit card Limit; let’s understand it with an example.
For example– Total Limit of your credit card is – 100000, If cash limit is available – 40%, so the total amount you can withdraw is – 100000*40/100=40000 rupees.
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Escape Cash advance fee using this method
Now you have necessary information related to credit card cash withdrawal transaction. In order to avoid paying the charges for it. I would suggest you choose other ways of credit card debit transaction methods,
For instance you can use payment gateway application to re-load the wallet balance through your credit card, a lot of such applications are available out there; you can opt them to do free transactions. such as Paytm, you can read the below article to know ( How to transfer money from a credit card to a bank account free of cost). Once you know. you can apply the same tactics and can use your debit card to do cash withdrawal transaction instead of using a credit card.
Conclusion- I hope that you understand this topic very clearly, however, if you confess a kind of issue or unable to understand any point related to ” Credit card cash advance fee” please ask your question in the comment section, please note that we do not allow anyone share the personal information such as bank details,
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