Credit Card Cash Advance - What you need to know
The interest rate charged in credit card cash advance is usually higher, credit card cash advance facility can be of great use when you are in need of urgent cash and you don’t know where to borrow; when you have no other option to meet your urgent financial needs
Imagine you are stuck in a situation where you simply cannot use swipe your credit card and you don't have sufficient cash to meet the expenses with you. You are travelling to your hometown and in your car breaks down halfway. The garage nearby does not accept credit card and your savings account is all empty! What do you do in such situations?
Don’t worry! You can still be safe, provided you have a credit card that offers cash advance.
Now, what is credit card cash advance?
Cash advance is usually considered as short term loans that can be taken against your credit card. You can get cash advance up to a particular limit. Unlike other short term loans, credit card cash advance does not involve any paper work and you get cash instantly.
How to get credit card cash advance.
How do you get cash advance with your credit card? Well, it’s very simple! You can use any of the following means to withdraw cash immediately:
Check the following:
General terms and conditions:
While opting for credit card cash advance, it’s important you are aware of the terms and conditions involved in Credit Card Cash Advance. Listed below are some of them:
TOP 5 Banks offering Credit Card Cash Advance in Singapore:
Listed below are some of the popular banks in Singapore that offer cash advance credit cards. Credit card holders of the following banks can get access to instant cash by using their credit cards:
OCBC: With OCBC Bank, you can withdraw cash by using your credit card PIN in any OCBC ATM, visiting any branch of OCBC and using the bank’s “Dial –A- Cash” facility. The bank charges a cash advance interest of 28.92% per year and a cash advance fee of S$15 or 6% of the amount withdrawn, whichever is higher.
DBS: You can withdraw instant cash from DBS provide you have a DBS Credit Card. Cash withdrawal can be done by using DBS ATMs and iBanking, visiting any branch of the bank and over the phone. There is no minimum cash advance withdrawal amount with DBS. The maximum withdrawal amount from an ATM is S$3,000 per day. DBS charges a transaction fee of 6 % or S$15, whichever is greater. The effective rate charged by the bank is 28%.
UOB: United Overseas Bank enable you to withdraw cash via ATM, Personal Internet Banking and Over the Counter with UOB Credit Card. The maximum cash withdrawal limit from an UOB ATM is S$3,000 in a single day. The bank charges a cash advance fee of 6% of the transaction amount or S$15, whichever is greater. Interest on the cash advance amount is charged on daily basis. UOB offers up to 75% of the credit limit as cash advance.
Citibank: With your Citibank Credit Card and PIN, you can withdraw cash at nearly from the Citibank ATMs located at various parts. You can also withdraw cash by visiting any branch of Citibank. The bank offers up to 100% of your credit limit as cash advance.
HSBC: HSBC Bank Credit Cards also offer the provision for instant cash withdrawal via credit cards. You can use your HSBC Bank Credit Card to withdraw cash at HSBC ATMs by using your credit card PIN. The bank also allows you to withdraw cash via phone banking.
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ABOUT THE AUTHOR
Sebastian Taylor is a financial advisor for banking products, he has years of experience in online marketing and content writing. Currently he is working with BankBazaar Singapore branch, it aims in providing right financial products and information in Singapore.