Can we withdraw cash from an SBI credit card with minimum charges?

This article will examine whether we can withdraw cash from an SBI credit card with minimum charges. Firstly, we will define what an SBI Credit Card is.

SBI Credit Card

Advertisement

SBI Credit Cards offer a range of benefits to cardholders. While specific benefits may vary depending on the type of SBI credit card you hold, here are some common benefits you can expect:

  1. Rewards Program:
    SBI Credit Cards often come with a rewards program where you earn reward points on eligible transactions. These reward points can be redeemed for a variety of options, including merchandise, gift vouchers, air miles, or cashback.
  2. Cashback Offers:
    Many SBI Credit Cards provide cashback on specific spending categories such as dining, fuel, groceries, or utility bills. This allows you to earn a percentage of your spending back as cashback, reducing your overall expenses.
  3. Welcome Benefits:
    SBI Credit Cards may offer welcome benefits to new cardholders, such as bonus reward points or discounts on initial purchases made using the card.
  4. Fuel Surcharge Waiver:
    SBI Credit Cards often provide a waiver of the fuel surcharge levied on fuel purchases made at designated fuel stations, helping you save on fuel costs.
  5. Travel Benefits:
    Depending on the specific SBI Credit Card, you may have access to travel-related benefits such as airport lounge access, complimentary travel insurance, discounts on flight or hotel bookings, or accelerated reward points on travel-related spending.
  6. Dining and Entertainment Offers:
    Some SBI Credit Cards offer discounts, cashback, or exclusive access to dining establishments, movie theaters, concerts, or other entertainment events.
  7. EMI Conversion:
    With certain SBI Credit Cards, you may have the option to convert large purchases into easy monthly installments with attractive interest rates, allowing you to manage your expenses more effectively.
Related to Bonds Articles
RBI Bonds or Floating Rate Savings BondsCapital Gain Bonds
Treasury Bills in IndiaList of Government Bonds in India
RBI RDG Account NHAI Capital Gain Bonds
54 EC REC BondsRBI IINSS-C
PFC 54EC BondsTax-Free Bonds in India
Loan on Sovereign Gold BondTax Free Bonds NHAI
Sovereign Gold Bond Tax-ExemptionBuy SGBs from ICICI Bank
Sovereign Gold Bond in ZerodhaSovereign Gold Bond – Return Calculation
SBG SBICorporate Bonds vs Government Bonds
How to Buy Capital Gain Bonds OnlineBond vs Debenture
BI Bonds vs Tax Saving FD vs SGBsBond vs Equity
SGBs via Axis BankRBI Bonds via BOB, PNB, UBI & Canara Bank

Can we withdraw cash from an SBI credit card with minimum charges?

Advertisement

General Approach

To withdraw cash from an SBI credit card, you can typically follow these steps:

  1. Locate an ATM:
    Find an ATM that accepts SBI credit cards for cash withdrawals. You can look for SBI ATMs or other ATMs that display the logos of the payment networks associated with your SBI credit card (such as Visa or Mastercard).
  2. Insert your credit card:
    Insert your SBI credit card into the ATM machine’s card slot.
  3. Enter your PIN:
    Enter the Personal Identification Number (PIN) associated with your credit card when prompted. This PIN is usually the same PIN you use for making purchases with your credit card.
  4. Select cash withdrawal:
    Follow the on-screen instructions to select the cash withdrawal option.
  5. Enter the withdrawal amount:
    Enter the desired amount of cash you wish to withdraw from your credit card. Keep in mind that there might be a limit on the maximum withdrawal amount.
  6. Confirm the transaction:
    Review the details of the transaction and confirm the cash withdrawal.
  7. Collect your cash and receipt:
    The ATM will dispense the requested cash amount. Remember to collect your cash and take the printed receipt for your records.

Typically, when you withdraw cash from an SBI credit card, the following charges may apply:

  1. Cash Advance Fee:
    A certain percentage of the withdrawn amount or a fixed fee, whichever is higher, is charged as a cash advance fee. This fee is usually around 2.5% to 3% of the withdrawn amount, subject to a minimum amount.
  2. Finance Charges:
    If you withdraw cash using your SBI credit card, interest is charged from the day of the transaction until the amount is fully repaid. The interest rates can be higher compared to regular credit card purchases and vary depending on the card and your repayment behavior.
Related to IPO Articles
Face Value in IPO – How to Calculate Face ValueLot Size in IPO
Book Built IssuePrice Band
Undersubscribed IPOListing Gains in IPO
When Can I Sell IPO SharesTypes of Investors in IPO
How Many Lots Can We Buy in IPOOversubscribed IPO
SEBI NEW Rules for IPO ApplicationIPO Blocked Amount not Refunded
Grey Market & Grey Market PremiumApply for SME IPO Online
IPO Applying TimeNFO in Zerodha – NFO vs IPO
Face ValueLot Size
How Many Lots Can We Buy in IPOCut Off Price
When Can I Sell IPO SharesIPO vs Shares(Listed)
GreenShoe Option (GSO) in an IPOBenefits of IPO for Investors
Listing Gains in IPOFPO – IPO vs FPO
Applying IPO Online using SBI YONOIPO or FPO via HDFC Bank
IPO via ICICI Bank IPO via UPI

Approach with Minimum Charges

To send your money using an SBI credit card, you generally have the following options:

  1. Online Payment Platforms:
    Some online payment platforms or mobile wallets allow you to pay your rent using a credit card. These platforms may include Paytm, PhonePe, Google Pay, or the SBI Card website or app.
    You would typically need to sign in or create an account, link your SBI credit card as a payment method, and follow the instructions provided to initiate the rent payment.
  2. Rent Payment Services:
    There are dedicated rent payment services available that facilitate paying rent using a credit card. These services often charge a convenience fee for processing the transaction.
  3. Withdraw
    Now you can withdraw cash from the receiver’s debit card.

Charges

For all Rent Payment transactions with SBI Credit Card, Processing Fee per transaction will be revised to Rs.199 + applicable taxes from Rs.99 + applicable taxes

Best Stocks in 2023
Best Defence Sector Stocks in IndiaTop Ethanol Stocks in India
Best Green Hydrogen StocksBest Speciality Chemical Stocks
Highest Promoter Holding Penny StocksIndian Penny Stocks with Good Fundamentals
Best Sector to Invest in Indian Stock MarketBest Low Price Pharma Stocks
Railway Stocks in 2023

Terms of withdrawing cash from an SBI credit card

Advertisement
TermDescription
Annual FeeFee charged annually for card membership
Interest RatesRates charged on outstanding balances
Billing CycleDates of the billing cycle, statement, and payment due date
Minimum PaymentMinimum amount to be paid by the payment due date
Credit LimitMaximum amount available for credit card spending
Rewards ProgramProgram that offers rewards points for eligible transactions
Cash AdvancesOption to withdraw cash from the credit card
Dispute ResolutionProcess for resolving disputes with unauthorized transactions

Please note that the table above provides a general overview of common credit card terms and conditions, and the specific terms and conditions may vary depending on the credit card issuer, the type of credit card, and the country of issuance.
It is important to carefully review the terms and conditions provided by your credit card issuer for accurate and detailed information specific to your credit card.

FAQs

Advertisement
  1. Q1: Can I withdraw cash from my SBI credit card?

    A: Yes, you can withdraw cash from your SBI credit card through ATMs that accept SBI credit cards.

  2. Q2: Is there a limit on cash withdrawals from an SBI credit card?

    A: Yes, there is typically a cash withdrawal limit imposed on SBI credit cards. The specific limit depends on your credit card type and can be found in your credit card terms and conditions.

  3. Q3: Are there any charges for cash withdrawals from an SBI credit card?

    A: Yes, cash withdrawals from an SBI credit card usually attract charges. These charges can include a cash advance fee and finance charges, which are subject to the terms and conditions of your credit card.

  4. Q4: Can I withdraw cash using my SBI credit card at any ATM?

    A: You can withdraw cash using your SBI credit card at ATMs that accept SBI credit cards. You can also use ATMs affiliated with payment networks such as Visa or Mastercard.

  5. Q5: How do I withdraw cash from my SBI credit card?

    A: To withdraw cash, simply insert your SBI credit card into an ATM, enter your PIN, select the cash withdrawal option, specify the desired withdrawal amount, and complete the transaction.

  6. Q6: What is the interest rate for cash withdrawals from an SBI credit card?

    A: Cash withdrawals from a credit card usually attract higher interest rates compared to regular purchases. The specific interest rate for cash advances can be found in your credit card terms and conditions.

  7. Q7: Is the cash withdrawal limit the same as the credit limit on my SBI credit card?

    A: No, the cash withdrawal limit is usually a percentage of the credit limit on your SBI credit card. The actual cash withdrawal limit may vary based on your credit card type and can be found in your credit card terms and conditions.

  8. Q8: Can I repay the cash withdrawal amount in installments?

    A: Depending on your SBI credit card, you may have the option to convert the cash withdrawal amount into easy monthly installments. This option is subject to the terms and conditions of your credit card.

Advertisement
Advertisement
error: Content is protected !!