Yes, with most ICICI credit cards, you can withdraw cash. Cash withdrawal is also known as a cash advance and it is cash taken out of your credit card.
The cash advance feature is a way with which you can withdraw cash when you are unable to use your credit. This feature is very useful when it’s an emergency. However, how much you can withdraw depends on your credit card limit. The bank usually allows you to withdraw a percentage of your cash limit as your cash advance limit.
The cash you withdraw from your credit card charges a high-interest rate on return. And you also get charged for cash advance fee when you make the withdrawal. The cash advance might be a very useful feature but it can be very costly. The cash advance fee is almost the same for most of the cards issued by ICICI and the interest will be added to your bill.
ICICI Bank Credit Card Cash Advance Fee
Every card withdrawal is subject to a cash advance fee and you will have to pay this fee every time you make a withdrawal. This fee will show in your billing statement. For the majority of cards, the cash advance fee applied by ICICI is 2.5% of the withdrawal amount or Rs. 300 whichever is higher. Withdrawal from non-ICICI ATMs rather than ICICI ATMs can charge a higher fee which can result in higher advance fees.
Interest Charges on ICICI Cash Advance
Just like any other card transactions, cash withdrawals are also liable for finance charges. These charges are levied at a monthly percentage rate from the date of withdrawal till the amount is paid in full. Typically the interest rates of ICICI Bank can range from anywhere between 2.49% to 3.5%, again depending upon the type of card. Cardholders get all the information about the features and charges from the bank itself. They can even have thorough research on what card they want and check all the necessary details.
Here is a list of finance charges levied by the ICICI bank on different cards –
Instant Platinum, Instant Gold, and Fixed Deposit Instant Credit Cards –
Finance Charge or Interest Rate = Monthly Rate (2.49%) / Annual Rate (29.88%)
All other ICICI Credit Cards (except the above-listed ones)
Finance Charge or Interest Rate = Monthly Rate (3.40%) / Annual Rate (40.80%)
Jet Airways ICICI Bank Credit Card
Finance Charge or Interest Rate = Monthly Rate (3.50%) / Annual Rate (42%)
Finance Charge or Interest Rate = Monthly Rate (3.50%) maximum interest rate / Annual Rate (42%)
These charges are levied as per the bank guidelines, following the RBI guidelines, and can only be changed by the Bank itself. The Bank has the sole right to change the interest rates at any point on all the credit cards.