Your HDFC Bank credit card allows you to make cash withdrawals, among other things. If you require a cash advance, the bank will reserve a portion of your HDFC Bank credit card limit for you. This can be used to withdraw money for pressing financial needs. However, a cash advance fee must be paid to use this service.
HDFC credit card cash advance feature
The credit card’s cash advance option allows you to withdraw liquid cash and then pay for it later.
Limit on HDFC credit card cash
The highest sum you are permitted to withdraw with a credit card is known as the cash advance limit. The cash limit, which is typically expressed as a percentage, is not an addition to the credit limit on the card but rather a portion of it. For instance, if the entire credit limit on your credit card is Rs 1 lakh, the normal cash limit is between 20% and 40% of that amount. You may use up to Rs 20,000 of liquid money from your credit card if the cash limit is 20%. The remaining Rs 80,000 should only be used for card purchases.
Except for corporate credit cards, which have an ATM withdrawal limit of 30% under personal liability and 40% under corporate liability, HDFC normally gives a cash advance maximum of 40% on the majority of its credit cards.
Cash withdrawal fee for HDFC credit cards
Credit card features like cash advances and withdrawals cost money. Every transaction will be subject to a transaction fee or cash advance fee, which will be added to the bill on the subsequent statement.
A cash advance fee of 2.5% of the withdrawn amount or Rs 500, whichever is greater, is charged by HDFC. However, the bank has the right to modify the cash advance fee. Additionally, from the date of withdrawal until the entire payment is made, a financing charge equal to the financing fees on the cash withdrawn will be applied to the cash advances.
From the date of withdrawal until the complete amount is received, interest will be levied. Until the full sum is reimbursed, the payable finance costs will be charged to the cardholder’s account.
While you can withdraw cash with your HDFC credit cards, most of your payments can be done online these days, eliminating the need for cash. You can even do your monthly rent payment through credit card.
FAQs
What is the HDFC credit card's cash withdrawal fee?
HDFC normally gives a cash advance maximum of 40% on the majority of its credit cards.
Other than the price for cash withdrawal, are there any other fees?
Yes, in addition to the cash withdrawal fee, interest is imposed from the date of the withdrawal until the whole amount is reimbursed.
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