ICICI Bank Credit Cards - Cash Withdrawal Charges

Using your ICICI Bank credit card for cash withdrawals can come in handy during an emergency but it comes with certain additional costs. Unlike normal credit card transactions, these usually incur a higher interest rate. This fee is applied from the time the transaction is made until it is repaid in full. 

For this reason, it is important to know the ICICI Bank credit card cash withdrawal charges. These charges could significantly impact your finances if not managed wisely. 

Here are some of the applicable fees on the ICICI Bank Credit Card cash withdrawal facility:

If you need quick access to cash, you can use your ICICI Bank credit card to withdraw cash. Known as the cash advance facility, this allows you to withdraw funds up to a predetermined limit, depending on your credit card’s terms. 

It is important to note that a cash advance comes with a fee, known as the cash advance fee. Interest also accrues on the amount you withdraw. It typically starts accumulating immediately after you make the withdrawal.

The process of making cash withdrawals using a credit card is similar to withdrawing cash from an ATM using a debit card. Use this feature only in financial emergencies since the interest rate and other charges for cash withdrawal from an ICICI Bank credit card are steep. This can make the repayment challenging.

ICICI Bank sets both credit and cash advance limits for cardholders, which are provided during card delivery and outlined in monthly statements. These limits are based on factors such as the type of card you select, your overall credit limit, and your financial and credit profile.

Typically, the limit ranges between 20% to 40% of your credit card limit. For example, if your ICICI Bank credit card’s limit is ₹1 Lakh, you may be able to withdraw between ₹20,000 and ₹40,000 as a cash advance.

You can make cash advances from credit cards through an ATM. Here are some simple steps you may have to follow to withdraw cash using your ICICI Bank credit card: 

1. Visit a nearby ICICI Bank ATM or that of any other bank

2. Enter or swipe your credit card and provide your 4-digit PIN

3. Select the ‘Cash Withdrawal’ option

4. Select the account type and enter the amount you wish to withdraw

5. Collect the cash along with your credit card

When using the credit card cash advance feature, the amount withdrawn is added to your monthly credit card bill. This means that the cash advance will appear alongside your regular purchases and any outstanding balances. 

You can pay the credit card bill through both online and offline modes. Keep in mind that the ICICI Bank credit cards’ cash withdrawal charges and interest will also get added to the total bill.

Check out interest charges for the cash advance facility on different ICICI Bank credit cards:

Disclaimer: The above-mentioned interest charges may change at the issuer’s discretion. Only some cards listed above are available for applying through Bajaj Markets.

While a cash advance may be a tempting facility, you need to be aware of the associated costs. Check out the charges for cash withdrawals on ICICI Bank credit cards below:

It is essential to weigh the pros and cons before deciding whether to utilise the cash advance facility. Check out the advantages of this facility below: 

• It provides quick access to funds, enabling you to respond quickly to emergencies

• The withdrawal limit depends on your credit limit, allowing you to access a portion of your credit line

• It does not require approval from the bank or extensive paperwork

Here are a few cons of withdrawing cash from an ATM using your ICICI Bank credit card: 

• The bank charges a transaction fee for a cash advance on most of the credit card variants it offers

• Unlike regular credit card transactions, you cannot enjoy an interest-free period on cash withdrawals

• Interest is applied immediately on such transactions from the date of withdrawal

• These transactions do not earn you any reward points like regular credit card transactions

• You need to be eligible for this facility and all cardholders do not have access to it

Reference of all T&C necessarily refers to the terms of the Partners as regards to pre-approved offers and loan processing time amongst other conditions.