How bad is withdrawing money through ATM using credit card?

[swiftlysingh]

As the topic suggests. How bad is withdrawing money using credit card in an emergency? I used to keep a debit card for this purpose but with my growing credit cards. I find it inconvenient to carry both my debit and credit cards. This is purely for use in emergency cases when I don’t have enough cash on me.

Also if I withdraw money can I repay at the same time so that no additional interest gets added to the amount? (I have credit cards with no cash withdrawal fees)

 

[22tarush]

everytime you withdraw cash - there's a Cash Advance Fee that is levied on the card which is around 300-500 differing from issuer to issuer.

repayment will be applicable from the time the amount gets reflected back in your card.
for eg - if it takes 2 days then u have to pay interest for 2 days.

it's better to carry a Debit Card with you and don't use CC for Cash Withdrawals.

 

[souvikr]

As the topic suggests. How bad is withdrawing money using credit card in an emergency? I used to keep a debit card for this purpose but with my growing credit cards. I find it inconvenient to carry both my debit and credit cards. This is purely for use in emergency cases when I don’t have enough cash on me.

Also if I withdraw money can I repay at the same time so that no additional interest gets added to the amount? (I have credit cards with no cash withdrawal fees)

First you need to pay cash advance fee which is around 2.5% of total amount (Upto rs 500). Also there will be no interest free period for cash withdrawl. Means you will start accuring interest from day 1 itself. So total charge will be 2.5% (one time) + monthly 3.5%.

 

[souvikr]

Btw you can withdraw cash without card using icici imobile pay and sbi yono.

 

[Wealth is my birth right!]

Btw you can withdraw cash without card using icici imobile pay and sbi yono.

Icici I tried this max limit 5k for 24 hours

 

[Wealth is my birth right!]

As the topic suggests. How bad is withdrawing money using credit card in an emergency? I used to keep a debit card for this purpose but with my growing credit cards. I find it inconvenient to carry both my debit and credit cards. This is purely for use in emergency cases when I don’t have enough cash on me.

Also if I withdraw money can I repay at the same time so that no additional interest gets added to the amount? (I have credit cards with no cash withdrawal fees)

Better to avoid since cc is a worst instrument for interest part
One time I used same bank cc instead of dc unknowingly and since amount is less than 1k my damage is less
From that onwards cc pin all I changed to some sequence and dc pins are different from that series to strike my mind

 

[theglobalinvestor]

Typically 36% to 48% interest on all current and future balances until paid off in full.

 

[Batmanbaba]

Only use idfc credit card for cash withdrawal.... They only take one time fees per transaction if around 250...maybe gst also...

 

[Darthvader]

Dont ever do this, i had CITI debit and credit and i was so dumb to keep the same pin for both. Instead of using debit , i used credit to withdraw like 1k i think . i had paid extra 500 or even more as i dont remember .

However for emergencies either create a Emergency Fund or have a Overdraft Facility Account.

 

[Wealth is my birth right!]

Dont ever do this, i had CITI debit and credit and i was so dumb to keep the same pin for both. Instead of using debit , i used credit to withdraw like 1k i think . i had paid extra 500 or even more as i dont remember .

However for emergencies either create a Emergency Fund or have a Overdraft Facility Account.

well said!

 

[manikP]

I think Magnus does not have any cash withdrawal charges, so if you pay on withdrawal day itself and it gets credited instantly so you'd only be charged 1 day interest I think.

 

[bash07]

I usually turn off ATM txn on apps. by the way, IDFC has only 250 per withdrawal charges and no interest whatsoever, effectively getting 20-48 days without interest free.

 

[Wealth is my birth right!]

I usually turn off ATM txn on apps. by the way, UDFC has only 250 per withdrawal charges and no interest whatsoever, effectively getting 20-48 days without interest free.

Me too other than Amex all atm off in my cards
Amex they themselves disabled since in India no banking operation for them

 

[CMGCMG is verified member.]

ATM is turned off for all my cards.