ICICI Credit Card Cash Withdrawal Charges - How To Withdraw Cash From ICICI Credit Card?

With a cash withdrawal facility, you can withdraw money using your credit card to meet urgent funds requirements. ICICI Bank also allows its credit cardholders to use this cash withdrawal feature. 

If you are an ICICI credit cardholder and wish to know more about ICICI Credit card cash withdrawal, this article is for you. Read along for a comprehensive knowledge of ICICI credit card cash withdrawal charges, calculator, advantages and disadvantages. 

ICICI Bank Credit Card Cash Withdrawal Charges and Fees

The table below lists the ICICI credit card cash withdrawal charges and fees: 

ICICI Credit Card Cash Withdrawal Charges

You can use your ICICI credit cards to withdraw cash from ATMs up to a specific limit. However, customers must pay ICICI credit card cash withdrawal charges for using this feature. 

The bank will charge a 2.5%-3% cash withdrawal fee on the withdrawn amount with a minimum charge of Rs.250 to Rs.500. Customers must pay this amount while repaying the withdrawn amount. ICICI Bank will also charge customers a monthly interest rate, which they will levy from the date of cash withdrawal until the debt is cleared. 

ICICI Credit Card Cash Withdrawal Charges Calculator

As stated earlier, ICICI bank charges 2.5%-3% or Rs.250-Rs.500, whichever is higher, as ICICI credit card cash withdrawal charges. 

Let's consider a simple example to understand how this charge affects your withdrawal amount and repayment. 

For instance, if you withdraw Rs.30,000 using an ICICI credit card cash advance, the bank will levy a cash advance fee on this amount. 

The bank will also levy a monthly interest rate on this amount from the day of withdrawal until you complete the repayment. ICICI Bank charges a monthly interest rate of 3.40% and 40.8% yearly. This means your payable amount after accumulating monthly interest rate and cash advance charges will become approximately Rs.31,770. 

ICICI Credit Card Cash Withdrawal Limit

Like every bank, ICICI Bank also sets a credit card cash withdrawal limit depending on your credit limit. This bank offers a cash limit ranging from 20% to 40% of your credit limit. 

This means if your credit limit is Rs.1,00,000, you can withdraw between the range of Rs.20,000 to Rs.40,000 as cash advances. You can use the remaining amount only for card transactions. 

It is also important to note that the cash limit for your credit card and another person’s credit card might vary. Cash limits differ from person to person depending on several factors like spending patterns, credit reports and repayment history. 

How to Withdraw Cash from an ATM Using an ICICI Bank Credit Card?

To withdraw cash using your ICICI Bank credit card, follow the steps below: 

• Step 1: Visit any ICICI Bank ATM nearest to your location. 
• Step 2: Insert your credit card in the ATM kiosk’s card slot and follow the cash withdrawal instructions. 
• Step 3: Enter your PIN and the amount you wish to receive as cash. 
• Step 4: Finally, collect your cash and ICICI Bank credit card. 

How to Pay Cash Withdrawal from ICICI Credit Card?

After withdrawing money with your credit card, you must repay the amount along with ICICI credit card cash withdrawal charges and interests. You can repay this amount as EMI to avoid burdening your finances. In this way, you can repay the amount in small parts by the end of the tenure without defaulting. 

Advantages and Disadvantages of ICICI Bank Credit Card Cash Withdrawal

The points below will take you through some of the advantages and disadvantages of ICICI credit card cash withdrawal. This will provide you with a clear idea of how this feature is beneficial for your finances and how it is not. 

Advantages

• Helps you finance your emergency requirements urgently. 
• You do not need to undergo a new documentation process.
• This is a pre-approved feature. Therefore, you can get the cash directly from the nearest ATM without waiting for approval from the bank. 
• You can get instant cash without worrying much about your account balance. 
• With an ICICI credit card, you can withdraw cash from any bank’s ATM.
• Even if unused, you can use this balance for regular card transactions. 

Disadvantages 

• You will not receive any reward points for using this feature. 
• There is no interest-free period for using the ICICI credit card cash withdrawal facility. 
• The bank will charge you ICICI credit card cash withdrawal charges for using this feature. This can increase your monthly payable and make clearing of your debt tough. 

Credit card cash advances help you to get funds during an emergency. However, check the ICICI credit card cash withdrawal charges and interest rates before accessing this feature. You must also understand the terms and conditions associated with this feature before exercising it. This will help you withdraw only the required amount and avoid higher additional interest rates on your outstanding amount.

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