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Infinia ATM Withdrawal fees
- Thread starter smakmagik
- Start date
Solution
Cash withdrawal should be avoided through CC. In case of emergency, charges don't matter.. 😊😊
If it's small amount like 4k rs then use paytm wallet in Zomato else just do rent payment. I think it will be cheaper than atm.
Even without the information not being explicitly disclosed. Cash withdrawal is one feature that should never be used, unless in exigencies such as being stuck in a foreign county with no other alternative. Apart from such an emergency situation I don't think the customer cohort that is the target group for Infinia will ever need to use the feature to manage their working capital requirements.
It's rare for cc to not have cash withdrawal charges.
cash advance charges (ATM withdrawal fees) [normal fees - 2.5%, min 500 rs] is not applicable on HDFC Infinia credit card, but interest will be charged on cash advance amount.
Check MITC for written proof.
Check MITC for written proof.
"interest will be charged on cash advance amount"
Can you please explain this?
My only reasoning is I don't have to carry a debit card with me if the infinia has 0 withdrawal charges. Would help to know if there are any charges or fees or interest etc that's applicable
Can you please explain this?
My only reasoning is I don't have to carry a debit card with me if the infinia has 0 withdrawal charges. Would help to know if there are any charges or fees or interest etc that's applicable
if you withdraw some amount from infinia
HDFC will not charge you any cash advance fees, but they will charge you interest on the withdrawal Amount till you pay it back.
rammahajan
TF Buzz
what would happen, if I pay the exact amount that I withdrew from atm with in 3-4 hrs?
helloworld
TF Legend
So, if someone does advance payment with nil or negative outstanding, there won't be any charges for withdrawal?
That seems a good option for cash withdrawal in foreign (just like magnus), as most of the times any exchange takes 3-4% extra for cash and Infinia/magnus charges are 2.36% only.
BTW, is gvp program 1% cb applicable on cash withdrawal also?
rammahajan
TF Buzz
I asked about the finance charges on cash withdrawals, and the customer executive told me its 2.4%+GST per month. Even if I consider interest charged for 1 day, would I be charged 2.36% forex fees + (.09%) interest charges for 1 day = 2.45%? If yes, then Infinia is good backup option as an international debit card.
helloworld
TF Legend
never tried that scenario.
In domestic, if I withdraw cash today then I have to clear all bills (settled, pending etc.) to avoid next day interest.
This is major advantage with IDFC cards, there its just like another transaction.
As per HDFC MITC.
Finance charges on cash advances are
applicable from the date of transaction until the payment is made in full.
When the customer carries forward any
outstanding amount or avails of Cash Advance, a finance charge calculated by average Daily Balance Method, will apply to balances carried forward and to fresh billings.
Hunter44
TF Buzz
I am looking for the exact same information as well. I’m traveling to a country whose currency isn’t easily available in India (cheapest I could find was charging 15% commission on the forex).
I’m wondering if I can make an advance payment of a large amount on my Infinia and then use the Infinia to withdraw cash at ATMs abroad without any interest charges.
Will post an update here if I get more info from HDFC about this.
I’m wondering if I can make an advance payment of a large amount on my Infinia and then use the Infinia to withdraw cash at ATMs abroad without any interest charges.
Will post an update here if I get more info from HDFC about this.
Hunter44
TF Buzz
Update: Spent some time speaking to Infinia concierge, customer care, RM, and also Branch Manager. None of them had a confident answer. Branch Manager made an interesting point though. He said there are special scenarios where the banking system treats advance payments differently. In some scenarios, a transaction done on the credit card may not be automatically adjusted against an excess payment made in advance (some edge cases relating to large value transactions close to or exceeding credit limit). He mentioned that it is possible that cash withdrawals may also be treated differently. But he said he did not know all the details about this as he wasn’t an expert on credit card technicalities. Nevertheless, helpful chap.
I suppose one way to find out is trial and error. I just walked down to an ATM and withdrew Rs.100 using Infinia. Let’s see what happens!
I suppose one way to find out is trial and error. I just walked down to an ATM and withdrew Rs.100 using Infinia. Let’s see what happens!
helloworld
TF Legend
prev. balance & cur. balance..?
not exact number, just over the given limit or under the limit.
Hunter44
TF Buzz
I made a very large payment to credit card bill (much larger than the total amount due) just before the ATM withdrawal. So the pending amount should definitely be negative.
i do remeber i went without any cc to buy my first new vehicle and only carried my cc thinking would remove cash if needed and then i did and few days later some charges would levied after that never withdrawal any cash from cc.
Hunter44
TF Buzz
We know that cash withdrawal incurs charges. There’s no confusion about that.
We are trying to figure out if the interest charges can be avoided by making advance payments.
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