Avoid withdrawing cash from your credit card
By Ankit Sharma
Print    Email    RSS   

The interest rate on cash withdrawals and credit outstanding is mostly same for most credit card companies. For instance if an individual withdraws Rs 20,000 on 5th of a month and the bank generates the credit card statement on the 1st of every month, then an interest would be charge for 25 days. This would be over and above the charge that is levied for withdrawing the cash.

Therefore, withdrawal of cash through a credit card turns out to be very expensive and it is advised to avoid making such a transaction unless you are in a real emergency that demands instant cash and in case you have made a withdrawal, try to repay it as soon as possible in order to avoid the interest that will start mounting up from day 1 of the withdrawal.

Also if you need money for a longer term, it is better to go in for a personal loan that can be easily availed from any lender at rates that are much cheaper than interest rates charged on cash withdrawal through a credit card.


Page    | 12 |
(Comments Posted : 1) Post Your Comments
1. f
lanu (Posted: Jan 9, 2015)
Show All Comments
 Select a product:

 Select a product:

Travel Credit Cards in India: A Comparison
Guidelines to apply for a NRI Credit Card
Carnival of Indian Personal Finance Blogs #6
Rupeetimes guide to different types of...
Know if you are in CIBIL’s list of...

I NEED A BLANK ATM CARD 2023, Whatsapp: +18033921735
GET RICH WITH BLANK ATM CARD, Whatsapp: +18033921735
Daawat*Call giℛℒ escort In ZiRaKpUr OOOOOOOOOO...

91st Founders day of the Karnataka Bank Feb 18, 2015
Banks on strike from 25th February Feb 16, 2015
SBT bank postponed the Open House meet Feb 13, 2015
Yes bank planning to line up for credit card portfolio Feb 12, 2015
Pocket banking – new app by ICICI bank Feb 11, 2015
News Archive