YES Bank Credit Card Cash Withdrawal

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 Credit Card Cash Withdrawal Limit

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.

YES Bank Credit Card Cash Advance Fee

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 This fee is a percentage of the amount withdrawn, subject to a minimum amount.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.

YES Bank Credit Card Cash Finance Charges

In addition to the cash advance fee, finance charges apply to the withdrawn amount from the date of the transaction until it's fully repaid.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 Interest accrues daily, making it crucial to repay the withdrawn amount as quickly as possible to minimize these charges.

YES Bank Credit Card Impact on Credit Score

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.

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Alternatives to Credit Card Cash Withdrawal

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.

Advantages and Disadvantages of YES Bank Credit Card Cash Withdrawal

Advantages:

  • Instant access to cash anytime, anywhere, with no waiting period.
  • No approval or documentation is required for withdrawals.
  • Can be used at any bank ATM, both in India and abroad.
  • No charges if the cash withdrawal facility is not used.
  • Helpful in emergencies when digital payments are not an option.

Disadvantages:

  • A cash advance fee is charged on every withdrawal.
  • Interest accrues from the date of withdrawal until full repayment.
  • No interest-free period like regular credit card transactions.
  • Withdrawals do not earn reward points.
  • Higher interest rates compared to regular card purchases.
  • Limited withdrawal amount based on the card’s cash advance limit.

Key Takeaways

  • Use Rarely: Due to high fees and interest rates, use the cash withdrawal feature only in emergencies.
  • Repay Promptly: To reduce finance charges, repay the withdrawn amount as soon as possible.
  • Stay Informed: Regularly review your credit card's terms and conditions to stay updated on any changes in fees or interest rates.
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FAQs

The cash withdrawal limit, or cash advance limit, is a portion of your total credit limit that you can withdraw as cash. This limit varies depending on your specific credit card type and your credit profile. To find your exact cash withdrawal limit, refer to your credit card's terms and conditions or contact YES Bank customer service.

YES Bank charges a cash advance fee for each withdrawal, typically a percentage of the amount withdrawn, subject to a minimum amount. Additionally, finance charges accrue daily on the withdrawn amount from the transaction date until full repayment. For detailed information on current fees, refer to YES Bank's official documentation or contact customer support

Finance charges on cash withdrawals are calculated daily from the transaction date until the amount is fully repaid. The interest rate may vary based on your specific credit card. For precise rates and calculations, consult your credit card's terms or reach out to YES Bank customer service.

No, cash withdrawals do not have an interest-free period. Finance charges begin accruing immediately from the transaction date until the amount is paid in full.

To minimize finance charges, repay the withdrawn amount as soon as possible. You can make payments through YES Bank's Net Banking, mobile banking, or by visiting a YES Bank branch.

Frequent cash withdrawals can signal financial stress to credit bureaus, potentially lowering your credit score. It's advisable to use this feature sparingly and only in emergencies.

Yes, alternatives include personal loans, which may offer lower interest rates, or borrowing from friends or family. Assess all options and consider the associated costs before deciding.

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