YES Bank credit card allows the cardholder to withdraw cash for various purposes. Cash withdrawal is also known as the cash advance. Because of this service, you can go to any atm and withdraw cash easily. But before doing so you should know about the fees and charges attached to the cash withdrawal and use your credit card carefully.
YES Bank sets a cash withdrawal limit on its credit cards. This fee varies based on the card you choose and your credit limit. Usually, it is around 20%-40% of your total credit limit. To know the cash withdrawal limit for your credit card you can check its terms and conditions or alternatively, you can also contact customer service.
Withdrawing cash using your YES Bank credit card incurs a cash advance fee. This fee is a percentage of the amount withdrawn, subject to a minimum amount. YES Bank charges a cash advance fee of 2.5% of the transaction amount or ₹300, whichever is higher. Please note that these charges are subject to change, and it's advisable to verify the current rates before proceeding with a cash withdrawal.
In addition to the cash advance fee, finance charges apply to the withdrawn amount from the date of the transaction until it's fully repaid. These interest rates can be higher than those for regular purchases. The finance charges for YES Bank credit cards can go up to 3.60% per month (43.20% per annum). Interest accrues daily, making it crucial to repay the withdrawn amount as quickly as possible to minimize these charges.
Frequent cash withdrawals using your credit card can signal financial distress to credit bureaus, potentially affecting your credit score negatively. It's advisable to use this facility sparingly and only in emergencies.
Before opting for a cash advance, consider alternatives such as personal loans or borrowing from a trusted friend or family member, as these options may come with lower interest rates and fees.
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