HDFC Credit Card Cash Withdrawal Charges – How To Withdraw Cash With HDFC Credit Card?

Sometimes, you may have to use your credit card to withdraw cash from an ATM to address certain financial emergencies. If you are a customer of HDFC Bank and hold its credit cards, it would be beneficial to know of HDFC credit card charges for cash withdrawals. This article covers the important charges associated with credit card cash withdrawals. 

HDFC Credit Card Cash Limit

The credit card cash limit for HDFC Bank’s credit card is the total amount of cash you can withdraw using the card. An important factor you need to keep in mind is that the cash limit is simply a portion of the total available credit limit. However, it is not an addition to the limit. Generally, it is denoted in percentage. 

Suppose the total credit limit of a credit card is Rs.1 lakh. So, the credit card cash limit would either be 20% or 40% of it. Suppose the cash limit is 20%, then you can withdraw Rs.20,000 only as liquid cash. The remaining amount will have to be used for transactions. 

Generally, HDFC Bank provides a credit card cash limit of 40% on most of its credit cards. 

HDFC Credit Card Cash Withdrawal Fees and Charges

Remember that the cash withdrawal feature for HDFC Bank’s credit cards will not be available to you for free. The bank will charge a cash advance fee for every transaction done through the credit card, which gets added to the credit card statement of the following month. 

HDFC Bank levies a 2.5% fee on the withdrawn amount or Rs.500, whichever is higher for credit card cash withdrawals. For example, if you withdraw Rs.50,000 from an ATM with your HDFC Bank credit card, you’ll have to pay Rs.1,250, which is 2.5% of the withdrawn amount. But, if you withdraw Rs.6,000, you’ll have to pay Rs.500 because 2.5% of Rs.6,000 is lower than Rs.500. 

Do not forget that credit card cash withdrawal charges will be applicable from the date of withdrawal till the date of settlement. These above charges can be change anytime.  

HDFC Credit Card Cash Withdrawal Interest Rate 

You also need to pay an interest rate for HDFC Bank’s credit card cash withdrawals. The interest rate should be paid in addition to the credit card cash withdrawal fees. 

The following table depicts interest rates applicable for HDFC Bank’s credit card cash withdrawals:

How is the HDFC Credit Card Interest Rate Calculated?

Interest rates would be applicable for credit card cash withdrawals, and the process is almost similar to the monthly interest rates that credit cards accrue. Generally, it is calculated at a monthly percentage rate on the total cash withdrawn. 

The timeframe for calculating interest is from the date of cash withdrawal until the withdrawn amount is settled. The interest rates can range from 1.99% to 3.6%. But, in case of default, the applicable interest rate is 3.50%. 

How to Withdraw Cash Using an HDFC Credit Card?

It is simple and easy to withdraw cash using HDFC Bank’s credit cards. The process is similar to how you withdraw cash using your debit card. All you have to do is visit the nearest ATM, insert the credit card in the designated space in the machine and follow the instructions. 

Remember these points while withdrawing cash using an HDFC credit card: 

• You can withdraw cash from any ATM using your credit card. While using one of your credit card issuing bank’s network ATMs will be quite helpful, it is not mandatory. 
• Banks may levy additional charges if you withdraw cash from another bank’s ATM. 
• Before you withdraw cash using your credit card, you must be aware of the cash withdrawal limit on that card. This will help you to prevent over-usage of credit for cash withdrawals. 
• If you end up withdrawing cash above your credit card cash limit, you may have to pay additional charges than what is already levied. 
• If you do not repay the withdrawn amount within time, late payment charges will be levied on the outstanding balance, ranging anywhere from 15% to 30%.

HDFC Credit Card Cash Withdrawal Limit From ATM

The HDFC Bank allows a credit card user five free ATM transactions per month, depending on the location. When you withdraw the amount from ATMs beyond this limit, you need to pay an ATM maintenance or interchange fee of Rs.17 per cash withdrawal. In the case of non-cash transactions, you will have to pay a fee of Rs.6. This amount is exclusive of taxes. The fee will be charged to your credit card and will appear in your statement.

Pros and Cons of HDFC Cash Advance Facility

It's time to look at the benefits and limitations of HDFC Bank’s cash advance facility: 

Benefits 

• HDFC Bank credit cardholders can withdraw liquid cash during their financial emergencies. They can also opt for cash withdrawals when credit card payments are not allowed for a particular transaction. 
• There is no need to pay any charges if you have not used the cash advance facility. 
• No approval from the bank is required. 
• No documents are required. 
• You don’t have to wait long as you can access funds instantly 24x7. 
• You can withdraw cash from any ATM at your convenience. The ATM can be located either inside or outside the country. 

Limitations 

• You’ll have to pay a cash advance fee for every cash withdrawal. 
• Interest rates will be applicable from the withdrawal date itself, increasing the amount payable. 
• The cash advance facility is not applicable for reward points. 
• There is a higher applicable interest rate in this case than regular card transactions. 

Conclusion

Knowing HDFC credit card charges for cash withdrawals will help you plan your finances in a better way. Generally, people do not use their credit cards for cash withdrawals. But, you might not be left with any choice during financial emergencies. In such situations, knowing clearly about these charges would help you deal with your situation effectively. 
What’s more! Instant access to funds would also help you pay the required amount to deal with the emergency. 

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