SBI Credit Card Cash Withdrawal Process and Charges

SBI Credit Card Cash Withdrawal
SBI Credit Card Cash Withdrawal

SBI credit cards are some of the best in the Indian market. The second-largest player in the credit card industry, the State Bank of India offers credit cards across several pin codes in the country. One of the several use cases of a credit card is cash withdrawal. Did you know that you can withdraw cash using your credit card, directly from an ATM? We have prepared this guide on SBI credit card cash withdrawal wherein we help you with the detailed process, limits, fees, and interest charges. Read on to know how you can perform a seamless credit card cash withdrawal using your SBI credit card.

SBI credit Card Cash Advance Process

Here is a detailed step-by-step guide on how to withdraw cash using an SBI credit card.

  • Visit your nearest bank ATM
  • Insert your SBI credit card into the slot
  • Select the preferred language and enter your card PIN
  • From the menu, choose “Cash Withdrawal”
  • Enter the amount you wish to withdraw. Note that this should not exceed your cash advance limit
  • The cash is dispensed immediately

SBI Credit Card Cash Withdrawal Charges

Cash withdrawal charges on an SBI credit card are an important factor to consider before going for it. Like all other banks, SBI Bank also charges a cash advance fee. This is charged to your credit card statement after you withdraw cash from an ATM.

This cash advance fee for SBI cards on domestic transactions is 2.5% of the withdrawn amount or Rs 300, whichever is higher. For international transactions, SBI charges you 3% of the total amount of Rs 300, whichever is higher. This fee is thus dynamic depending on the amount you choose to withdraw. Also, this is not all that is charged. There are finance or interest charges as well. Here You Can Also Check track SBI credit card application status & update address in SBI credit card

SBI Credit Card Cash Withdrawal Interest Rate

Apart from SBI credit card cash withdrawal charges, you also need to start paying an interest amount on all cash advances starting the day of withdrawal and ending the day it is repaid in full.

Interest charges for SBI credit card cash withdrawal: 3.5% per month or 42% per annum.

Annually, this interest rate can range from 30-50%, again depending on cards and profile. These charges can be verified at the time of applying for the credit card, whether it be SBI Prime, SBI Elite, SBI SimplyClick, or any other credit card from SBI Bank’s kitty.

SBI Credit Card Cash Cithdrawal limits

In terms of limits, SBI credit card withdrawals are in line with the general market. There is a hard limit of 80% of your total monthly credit limit, which can be lower on a case-to-case basis. You will have a cash advance limit of 20% to 80% from SBI Bank. For example, if you have a monthly credit limit of Rs 1 lakh, the bank will allow you to withdraw Rs 20,000-80,000 from the ATM in a month. The exact limit depends upon your credit score, history with the bank, and several other factors. Also, check Close SBI credit card

Benefits of SBI Credit Card Cash Withdrawal

  • You get access to cash instantly, which helps during emergencies and other similar situations
  • You don’t need to apply for loans with documentation for urgent needs
  • Prior approval from SBI Bank is not needed to withdraw cash from credit card upto the monthly limit
  • You can withdraw cash from an SBI credit card at international ATMs as well.

Disadvantages of SBI Credit Card Cash withdrawal

  • The fixed credit card cash withdrawal charges are quite steep, especially for those withdrawing large amounts.
  • Interest rates are almost 2-3 times higher than regular personal loans.
  • You cannot enjoy the interest-free period offered with the credit card
  • You don’t earn any reward points or cashback on cash withdrawal transactions.

FAQs

How to withdraw cash using an SBI Credit Card?

To withdraw cash using an SBI credit card, follow these steps:
1. Visit your nearest bank ATM
2. Insert your SBI credit card into the slot
3. Select the preferred language and enter your card PIN
4. From the menu, choose “Cash Withdrawal”Enter the amount you wish to withdraw. Note that this should not exceed your cash advance limit
5. The cash is dispensed immediately

What are the cash withdrawal charges on SBI credit cards?

Cash withdrawal charges on SBI credit card are 2.5% of the withdrawn amount or Rs 300, whichever is higher, for domestic transactions. And 3% of the total amount or Rs 300, whichever is higher, for international transactions.

Can we transfer money from SBI credit card to a bank account?

Yes, you can transfer money from SBI credit card to bank account. Read our blog to find out how.

Is it possible to withdraw cash using an SBI credit card from an ATM of any other bank?

Yes, it is possible to withdraw cash using an SBI credit card from an ATM of any other bank. This allows you to withdraw cash from international banks too.

Is there a limit on the amount of money I can withdraw using an SBI credit card?

Yes, there is a limit on the amount of money you can withdraw using an SBI credit card. Usually, this ranges from 20% to 80% of your monthly credit limit.

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