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Like most other banks in India, Axis bank also charges a cash advance fee on credit card cash withdrawals. This is a transaction charge that the cardholder has to pay every time they withdraw cash using their credit card. This fee charge will be added to their credit card bill in the following statement.
Axis Bank charges a cash advance fee of 2.5% of the amount withdrawn or a minimum of Rs. 250 (whichever is higher). For instance, if the cardholder withdraws Rs.1,000 using their Axis Bank credit card, they will have to pay Rs.250 as the cash advance fee in the next billing cycle. However, if they withdraw Rs.15,000 using their Axis Bank credit card through an ATM, they will have to pay Rs.375 as the cash advance fee in the next billing cycle. However, Axis Bank holds the right to change the cash advance fee any time.
Additional Reading: Credit Card Cash Withdrawal
In addition to this, cash advances also attract interests from the date the amount is withdrawn using the credit card till it is repaid in full.
Interest Charged on Axis Bank Cash Advance
When cardholders avail the facility of cash advance, banks usually levies interest on it. This is also known as finance charges. Generally, this is the interest that the cardholder will have to pay on a monthly rate from the date of withdrawal till the amount is paid back fully. Axis Bank finance charges vary from card to card. The range of interest varies from 2.50% to 3.35% per month. You can look up the finance charges of a card before applying for it.
Axis Bank Cash Advance Fees and Charges
|
Description of charges |
Percentage of the charge |
|
Interest-free period |
Nil |
|
Cash advance fee |
2.5% of the amount withdrawn or Rs.250 (whichever is higher) |
|
Minimum repayment amount |
5% of the minimum outstanding balance |
|
Cash advance limit |
Depends on the type of credit card that the applicant has opted for |
|
Finance charges on revolving credit |
|
Additional Reading: How do I repay cash withdrawn on my credit card?