In this all-practical era, of course everyone is familiar with credit cards. As already known, credit cards are usually used to make it easier for us to carry out various financial transactions. The reason for using a credit card is to get many benefits such as discounts on certain products, cash back, and other benefits.
Along with the development of the times, credit cards are not only used as a means of payment, but can also be used for cash withdrawals at Cash Self-service Platform machine (ATM) display a Visa or MasterCard. Please note that before planning to do credit card cash withdrawal, it will be good you follow some important information regarding credit card cash withdrawal:
1. The provisions of the credit card cash withdrawals at the ATM
Before you intend to withdraw cash credit cards, you need to know about any provisions in force. Some of the important provisions that you know of, among others, about the costs imposed in one transaction, the interest rate that has been established, and limits cash withdrawals or credit card limit.
Fees will be charged in a single credit card cash withdrawal transaction is quite varied with the policy of adjusting bank respectively, but in general the average local bank have set fees in a single transaction amounted to $3-$4 or 4% of the amount of the transaction, whichever is greater.
Not only is the transaction fee large enough, the interest rate that will be charged to credit card users will be a serious consideration. At present, the Bank has set a maximum interest rate on credit cards of 29.5% per month. If accumulated, the interest rate per year will reach 35.4%.
Usually the bank will provide a limit for cash withdrawals using the credit cards by 40%-60% of credit card limit you.
2. Tips and tricks credit card cash withdrawals at the ATM
After understanding what are the provisions applicable and you already feel getting ready to withdraw cash credit card, we’ve got some tips and tricks that you can do to minimize the incidents that are not desirable in the future.
Here are some tips and tricks to credit card cash withdrawals at ATM:
- You should understand in advance the procedures and provisions of any given party bank, as has been mentioned above.
- You have to know where the location to credit card cash withdrawal. Be sure also to close the number keys on the cash machine when you enter your PIN.
- Make it a habit to pay bills on time to avoid a full-blown credit card interest charges would further surged.
- Use the pull of cash credit card while in urgent circumstances, for example when you forget to bring a wallet. If you always use the pull of cash credit cards in our daily lives, imagine how many bills you have to pay along with transaction costs and interest expenses. This would be very detrimental to you, isn’t it?
3. Step or how credit card cash withdrawals at the ATM
In fact, the step that you should do when want to withdraw cash with a credit card almost as much as you pull it using a debit card. However, there are some notes that you should pay attention to avoid missteps.
Here are the steps to withdraw cash with a credit card at an ATM:
- Went to a cash machine at a location famous for safely.
- Enter you credit card to ATM machines, namely ATM card into the hole provided.
- Enter you credit card PIN number. Remember; always keep your security while typing the PIN number.
- Select the nominal money will you pull. Usually, on the screen of the ATM machine has already provided several options a nominal withdrawal of money. However, if the nominal amount you want does not exist, you can choose the menu “More” after that select “Withdrawal”.
- If you have a nominal vote, the next step is to select the “credit card” of different options available such as Checking, savings and more.
- If you want to print a stroke, select “Yes” on the menu. A stroke this would be proof of the cash withdrawal transaction. If you don’t want to print a stroke, select “no”.
- Take the money out of the ATM machine, and make sure the credit card along with a stroke of the transaction you already save before exit from ATM location.
Are you interested in doing cash withdrawal with credit cards? Whatever your choice is, always make sure your choice is not going to harm yourself. Use wisely is very necessary if you want to meet up with things that are not desired at a later date.