ICICI Bank's credit cards offer a convenient cash advance option for customers in emergencies. This function allows you to withdraw cash using your credit card, providing immediate funds without the need for paperwork or bank approval. While it works like a short-term loan, it's important to remember that cash advances come with interest charges and fees. Repayment is required within a specified period, making it a useful but potentially expensive feature if not managed properly.
The cash advance feature on ICICI Bank credit cards allows cardholders to withdraw cash from ATMs or through other means. This option essentially turns your credit card into a quick loan, enabling you to access cash in emergencies. While the service is available on most ICICI credit cards, the fees and finance charges may differ depending on the card variant. It’s important to note that these fees and charges are subject to change at the bank's discretion, so it's crucial to stay informed about the terms and conditions associated with cash advances.
The ICICI credit card cash withdrawal limit, also known as the card advance limit, is the maximum amount of cash a cardholder can withdraw using their credit card. This limit is typically a percentage of the overall credit limit assigned to the card. Different ICICI credit cards come with varying cash limits, which are disclosed when the card is issued. For some cards, the cash advance limit may be set to zero during the first 180 days after issuance. After this period, the bank activates the cash advance feature, allowing cardholders to access cash within the defined limit.
ICICI Bank charges a fee for every credit card cash withdrawal, known as the cash advance fee. Typically, this fee is 2.5% of the withdrawn amount or a minimum of Rs. 300, whichever is higher. Additionally, interest is charged on the withdrawn amount at a rate of 2.95% per month (41.7% annually), starting from the date of the withdrawal until the full amount is repaid. Withdrawals from non-ICICI ATMs may carry a higher fee, depending on the ATM used. The cash advance fee is reflected on the billing statement for the following month.
Like other credit card transactions, cash withdrawals also incur finance charges, which are applied from the date of withdrawal until the balance is fully repaid. ICICI typically charges interest rates between 2.49% and 3.5% per month, depending on the credit card type. These interest charges will continue to accrue until the cash advance is paid in full.
Here’s a breakdown of the interest rates for some ICICI credit card variants:
| ICICI Credit Card Variant | Finance Charge (Monthly) | Finance Charge (Annual) |
| Instant Platinum, Instant Gold, and Fixed Deposit Instant Credit Cards | 2.49% | 29.88% |
| All other ICICI credit cards (except the above) | 3.40% | 40.80% |
| Jet Airways ICICI Bank Credit Cards | 3.50% | 42% |
| In case of default | 3.5% (Max.) | 42% |
It's important to note that cash advances do not have an interest-free period. The interest will be charged immediately from the withdrawal date until the full repayment is made. ICICI reserves the right to change interest rates based on factors such as spending pattern, payback, and card utilization.
Withdrawing cash using an ICICI Credit Card is similar to using a debit card. You can do this at any ICICI Bank ATM. Follow these simple steps:
1. Visit ICICI ATM
2. Insert Your Credit Card and Enter PIN
3. Select 'Cash Withdrawal'
4. Enter the Amount and Press 'OK'
Once the cash is disbursed, you will receive an SMS on your registered phone number. The withdrawn amount will be deducted from your available cash limit and added to your remaining balance. Make sure to check your available cash limit before withdrawing to avoid overdrawing.
Here’s a summary of the charges applicable when using the ICICI Bank credit card cash advance facility:
You can avail of various offers in different ways. Some offers may require a coupon code, while others may be applicable simply by using your ICICI credit card. Make sure to check the steps along with the terms and conditions to avail an offer.
The offers are typically applicable to all ICICI credit cards and are available for a limited period only. Therefore, it's advisable to choose a card based on its features and benefits rather than solely relying on limited-period deals.
