How To Check Cash Advance Limit of A Credit Card

Credit Cards do come with a lot of purchasing power, but there are also lots of terms & conditions associated with these cards. If you are a credit card user, you would be aware of the fact that these cards are not supposed to be used for withdrawing cash, but you can do that in emergency situations. However, there are various restrictions on such transactions with credit cards and it is generally not advisable to use credit cards for cash advances. Many individuals still consider this facility as a benefit and they withdraw cash very often with credit cards. If you are also one of them and you want to know what is the cash advance limit of your credit card, this article will help you understand how you can do so:

What is the Cash Advance Limit?

Along with offering credit facilities for your expenses, Credit Cards also provide you with the facility to withdraw if necessary. This is known as the cash advance facility of credit cards. However, there are several terms & conditions and fees & charges associated with this facility. You can withdraw as much amount as you want with a credit card, but there is a certain limit up to which cash withdrawal is allowed. This limit is known as the cash advance limit of a credit card, and it can be different for different credit cards. Generally, the cash advance limit is a fixed percentage of the total credit limit of a credit card, but some premium cards also offer a cash advance limit of up to 100% of the credit limit.

Other Restrictions On Cash Advances

Other restrictions of the cash advance facility include the cash withdrawal charges and the interest rate on cash advance transactions. Every time you withdraw cash using your credit card, there is a cash advance fee applicable to your accounts. This is generally 2.5% to 3% of the withdrawn amount subject to a specific minimum amount. Moreover, the interest on cash advances may be higher than that on other retail transactions. One of the biggest drawbacks of withdrawing cash from a credit card is that you don’t get any interest-free period for such transactions.

Ways To Check Cash Advance Limit

There are many ways to check the cash advance limit of your credit card. You can do it offline as well as online at your convenience using any of the below-mentioned methods:

By Checking MITC

When you receive your physical credit card, you get a document that contains the most important terms and conditions related to your credit card. This document mentions all the applicable fees and charges as well as the general cash advance limit of your credit card. It may not tell you the exact amount up to which you can withdraw cash, but the percentage limit would be mentioned there and hence, you can easily calculate the cash advance limit if you know your total credit limit.

Through Internet Banking

Almost every credit card issuer offers an internet banking facility nowadays. If you have a credit card internet banking account, you can get all the information related to your account there. From your total credit limit to available credit and the cash advance limit, almost everything can be found in your net banking account. So, if you have not created an internet banking account so far, make sure that you register your card for it to make your credit journey smooth and convenient.

By Calling Customer Care

If you find it difficult to check your cash advance limit using any of the above methods, you can always contact your respective credit card customer acre. Just provide them with the basic details of your account and they will help you know the cash withdrawal limit of your credit card. If you think your cash advance limit is not sufficient, you can even request them to enhance it if possible.

Bottom Line

Though it is never a good idea to withdraw cash using a credit card, the facility can always be considered in emergency situations. Checking your cash advance limit is not really a difficult task, but managing cash withdrawal transactions may be challenging. You must try to repay your outstanding balance as soon as possible when you use the cash advance facility on your credit card. It is because you don’t get any interest-free period for cash withdrawals and hence, you may end up paying a very high amount if you carry on the balance for a long time. If you have any further doubts regarding this, feel free to ask us in the comment section below!