Did you know that ICICI Bank credit cards offer a convenient cash withdrawal option? When you need quick funds in emergencies, you can simply use your ICICI credit card at ATMs. It’s like getting an instant loan without the hassle of paperwork or bank approval. However, remember that cash withdrawals should be a last resort when you have no other alternatives.
What is ICICI Bank credit card cash advance?
The cash advance feature provided by ICICI Bank allows credit card holders to withdraw cash from ATMs. While credit cards are primarily used for offline and online transactions, this feature enables users to access cash. ICICI Bank offers cash advances on its credit cards, with charges varying based on the card variant.
How to withdraw cash from an ICICI ATM using a credit card?
- Locate the nearest ICICI Bank ATM.
- Insert your ICICI Credit Card into the card slot and enter your PIN, the same one used for credit card transactions.
- From the menu, select ‘Cash Withdrawal.’
- Enter the desired amount and press ‘OK.’
Once the transaction is complete, you will receive an SMS notification on your registered mobile number.
ICICI credit card cash withdrawal charges: Key points
Interest rate: The interest rate for cash withdrawals from ICICI credit cards ranges from 2.49% to 5% monthly.
Cash withdrawal charges: ICICI Bank imposes a fee of 2.5% of the withdrawn amount for credit card ATM withdrawals.
Minimum cash advance fee: A minimum limit of Rs 300 is set as the cash advance fee.
Minimum repayment amount: The minimum repayment amount is either 5% of the outstanding balance or Rs 200, whichever is higher.
Variations based on card variant: The charges and interest rates for cash withdrawals may vary depending on the specific ICICI credit card variant.
Keep in mind that while you can withdraw cash with your ICICI cards, most of your payments can be done online these days, eliminating the need for cash. You can even do your monthly rent payment from credit card.
FAQs
Where can I withdraw cash using my ICICI Credit Card?
Cash withdrawals can be made from ICICI Bank ATMs or other bank ATMs. However, cash withdrawals from non-ICICI ATMs may incur higher advance fees.
Is it possible to increase the cash limit on my ICICI Credit Card?
To apply for a cash limit increase on your credit card, you must have used your ICICI Credit Card for a minimum of 12-18 months. Once this period is completed, you can contact ICICI customer care to inquire about your card's eligibility for a cash limit enhancement. Alternatively, you can apply for it through your registered net banking account.
How can I check my ICICI Credit Card's cash limit and available cash advance?
To determine the total cash limit and the available cash advance on your ICICI Credit Card, you can contact ICICI customer care or access your ICICI internet banking account.
What is the maximum cash withdrawal limit for ICICI Credit Cards?
Most Indian banks typically allow cash withdrawals ranging from 20% to 40% of the total credit limit. For example, if your card's total limit is Rs.1 lakh, you can withdraw approximately Rs.20,000 to Rs.40,000.
Does taking a cash advance have a negative impact on credit score?
Cash advances with a credit card are recorded on your credit file and visible to all lenders. When lenders see such transactions, they may interpret them as an indication that you rely on your credit card due to insufficient funds in your bank account.
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