SBI Credit Cards comes with many features and benefits. Among all these features and benefits by banks comes a feature called cash advance. This feature can help you get instant cash with the help of a credit card which can be used in case of emergencies. The cash advance feature comes in handy when the payment methods are limited but urgent.
Cash Advance – The cash advance is one of the best facilities by the banks with which a credit card user can withdraw cash through ATMs up to a certain limit. The cash advance feature comes with certain fees and restrictions of usage.
Such as, there are many financial charges and rates applied to the cash advance at the time of withdrawal itself. These fees and charges make this feature the most expensive feature in the whole credit card, maybe even more expensive than the card itself.
With SBI Bank credit cards the cash advance fee of 2.5% of the withdrawn amount is charged or Rs. 300 which is higher. However, in case of international transactions, you will be charges a fee of 3% or the Rs. 300 which ever is higher from the total amount withdrawn. The cash advance fee may vary from card to card and user to user but on an average the amount remains the same.
But there is a percentage of your credit card limit which you can actually use to withdrawn. The number of times your credit card gets swiped for the cash withdrawal, the rates and charges will be applied accordingly.
Interest charges on SBI Cash Advance –
Cardholders pay an interest rate on every withdrawal with which the rates are applied. These rates start getting added to the amount from the moment the amount was taken. These financial rates can be different depending on the type of credit card you are using. The examples are –
SBI Card ELITE Advantage, SBI Card Unnati –
Monthly rate – 2.25%
Annual rate – 30%
SBI CardElite, SBI Card Prime, SBI Prime Advantage, SimplySAVE SBI Card, STYLEUP Contactless card, BPCL SBI Card, SimplyCLICK SBI Card, Central SBI Select + Card, Central SBI Select Card –
Monthly rate – 3.35%
Annual rate – 40.2%
Even though cash advance can be costly for your, it is still a very useful feature. People can get into any emergency at any time and you can get the necessary funds via cash withdrawal through your credit card. Always remember to use this facility in times of urgent need and also remember the rates and charges because you can need it at these times.