The maximum cash withdrawal from a credit card varies depending on your card's credit limit and the bank's policies.
Understanding Cash Advance Limits
- Credit Limit: Your credit card's credit limit is the maximum amount you can borrow.
- Cash Advance Limit: Your card may have a specific limit for cash advances, which is usually lower than your total credit limit.
- Bank Policies: Different banks have different policies regarding cash advance limits and fees.
How to Find Your Cash Advance Limit
- Check your credit card agreement: Your credit card agreement will outline your cash advance limit and any associated fees.
- Contact your bank: You can call your bank's customer service line to inquire about your cash advance limit.
- Review your online account: Most banks allow you to view your credit card details and limits online.
Fees Associated with Cash Advances
- Cash advance fee: This is a percentage of the amount withdrawn, typically ranging from 3% to 5%.
- Interest rate: Cash advances usually have a higher interest rate than purchases made with your credit card.
Note: While the maximum cash advance you can withdraw is typically determined by your cash advance limit, it's important to remember that your total credit utilization should be considered. Excessive cash advances can negatively impact your credit score.
