Citibank offers cash withdrawal facility on its credit cards. Cardholders can withdraw cash using their credit card from supported ATMs in India and abroad. The process of withdrawal is the same as using a debit card. However, credit card cash withdrawal attracts charges for usage and finance charges are also applicable on the amount. Read on to know more about Citibank credit card cash withdrawal charges and its terms and conditions.
Citibank Credit Card Cash Withdrawal Limit
All cardholders are assigned a credit limit and a cash limit. Cash limit refers to the maximum amount that the user can withdraw using his credit card. The cash limit is included in the overall credit limit made available to the cardholder. Citibank credit card cash limit is typically 30-40% of the total credit limit. This means if a person has a total credit limit of Rs. 2 Lakh, his cash limit may be anywhere between Rs. 60,000 to Rs. 80,000.
Citibank Credit Card Cash Withdrawal Charges
There are certain fees and charges applicable to Citibank Credit Card Cash Withdrawal as given below:
|Citibank Credit Card Cash Withdrawal Charges||Amount or Rate|
|Cash Withdrawal (Advance) Fee||2.5% of the amount withdrawn (minimum Rs. 500)|
|Finance Charges (Interest Rate)||3.10% to 3.40% per month|
|Free Credit Period||Nil|
|Cash Limit||Communicated at the time of sourcing|
Citibank Credit Card Cash Withdrawal Fee
Like all other banks, Citibank also charges a one-time fee for credit card cash withdrawal. Also known as cash advance fee, it is charged as a percentage of the amount withdrawn.
Citibank Credit Card Cash Withdrawal Fee= 2.5% of the amount withdrawn (minimum Rs. 500)
This amount is charged every time you withdraw cash using your credit card. No matter how many times in a day you withdraw, the fee will be charged every time. This fee will be added to your bills and shown as a debit in your statement.
Finance Charges on Citibank Credit Card Cash Withdrawal
On Citibank Credit Card Cash Withdrawal, users will also have to pay finance charges from the very first day. This means that the cash withdrawal does not qualify for the interest-free period. Interest is applicable on daily basis until the amount is paid in full.
The finance charges on Citibank credit card vary on card to card basis. It may range between 3.10% to 3.40% per month which means 37.20% to 40.80% annually. In case of default, the rate can increase up to 3.5% per month which is 42% annualized.
How to withdraw cash using Citibank Credit Card?
It is very simple to withdraw cash using Citibank Credit Card. Follow the steps given below:
- Swipe or dip your card in an ATM Machine
- Enter your Citibank Credit Card PIN
- Enter the amount and submit
The cash will be dispensed.
Can I withdraw money using my Citibank credit card from an ATM in a foreign country?
Yes. You can withdraw money from an international ATM if it supports Visa and Mastercard credit cards.
What are Citibank credit card cash withdrawal charges?
Every time you withdraw cash using your Citibank credit card, you will have to pay cash advance fee of 2.5% of the amount withdrawn or Rs. 500, whichever is higher. You will also have to pay finance charges as applicable on your credit card.
Do I earn any rewards on Citibank credit card cash withdrawal?
No. Citibank does not offer any rewards on credit card cash withdrawal.
Is the interest-free period applicable on Citibank Credit Card cash withdrawal?
No. You cannot enjoy free credit period on cash withdrawals. You will have to pay interest from the very first day, until you pay off the dues in full.