Why You Should Avoid Using a Credit Card for Cash Withdrawal?
Credit cards help us live a hassle-free life by offering much-needed financial independence. The plastic money comes in handy at the time of making a booking while planning a vacation or in case of medical emergencies. Among all the features, credit cards also allow you to withdraw money from the ATM. However, you should avoid credit card cash withdrawals as you will end up paying more money in the form of charges and fees. Here are some of the reasons why it does not make any sense to withdraw money using a credit card: Heavy cash advance fees Is simple term, cash advance fees are similar to transaction fees. When you withdraw cash from an ATM using a credit card, you are charged with a fee. Generally, the fee ranges from Rs.300 to Rs.500 or 2.5% to 3.5% of the withdrawn amount. For example, if you are withdrawing Rs.10,000 using a credit card, you will have to pay Rs.250 or Rs.350 as the cash advance fee. The cash advanc...