Getting Cash from ATM Machine using a Credit Card
Very Bad Idea. It’s very expensive to directly withdraw cash from an ATM machine from your Credit Card. It’s like burning a hole in your pocket right away because you are paying a high amount of interest from the very NEXT day! That’s not all, you are paying a small ‘Cash Advance Fee’ for using the ATM machine with your credit card which very from INR 300-1000.
What MoneyControl says about withdrawing cash from ATM machine: “When you withdraw cash from credit card, right from the first day you have to pay interest and this interest is also not very low; it ranges between 24 to 48 percent per annum on that advance amount that you have withdrawn. Your have two choices to pay this amount, either minimum balance amount or full amount.”
Cheap and Smart Way
Still need to cash out your credit card? Without any interest for upto next payment cycle? Here’s how you can do it. You can withdraw cash to your Bank account and withdraw from that bank’s Debit card. All you need to get the money transferred into your bank account. Can’t do it? Read on…
Get an account on PayTM.com for free. It’s simple and instant to get an live account with a PayTM Wallet. you can download the app on your mobile to register as well. Look into the app store.
Use your credit card to add money you want to withdraw + 4% of the amount as PayTM will charge a fee of 4% when transferring the amount to bank. You can add upto Rs 3000 in a single transaction. You need to add a minimum of Rs 1040 as you cannot transfer less than Rs 1000 to your bank account.
Download the app ‘PayTM Wallet’ on your Android phone and login with your PayTM details. Now go to ‘Send Money’ option and enter your bank details. Click ‘Send’ and get the money in your bank account within seconds. It’s instant so you will get the money in your bank account really fast.
Note: PayTM will limit your transactions to Rs 10,000 per month unless you upgrade your wallet. Once upgraded, you can transact up to Rs 1,00,000. That’s a lot of money in case of an emergency!!
Easy? Isn’t it? If that worked for you, let me know 🙂