Can you get money from a credit card? How much will the bank charge you for that withdrawal? Is it really a good alternative? We tell you how to get 신용카드현금화.
Can you get money from a credit card? How long after I get my plastic can I withdraw cash? How much and how will the bank charge me? These are just a few questions that our readers ask us.
For this reason, in the following post, we will analyze everything that surrounds this alternative offered by credit cards so that you can identify if they are a convenient option to get out of your debts or better “look for” it on the other hand.
Can You Get Money from A Credit Card?
If possible! The official name is Cash Disposal and consists of withdrawing a certain percentage of the credit line from your card in cash; this operation can be carried out at ATMs or a window.
But you should know that, unlike a plastic debit card, withdrawing 신용카드현금화 is “borrowing” from the bank, so in addition to the “normal” interest for the use of money, they will charge you a commission just for withdrawal cash.
Can You Withdraw Cash with All the Cards?
With practically all credit cards, cash withdrawals can be made; the only ones that do not allow it are basic cards, which “sacrifice” the benefits by not charging an annual fee.
Although there are plastics that allow immediate dispositions if yours does not have this benefit, you must demonstrate at least six months of good credit performance to withdraw cash.
So How Much Will the Bank Charge You to Withdraw Money?
Although we already clarified the exact commission, thinking about our example, let’s summarize that they will charge you 5% of what you withdrew on average. This means that if you have 1,000 pesos, the bank will charge you 50 pesos just for giving you the money.
Also, many users do not know that they will be charged daily interest for its use because they have cash. If we assume that average interest rates are at 50%, this will imply that the applicable daily rate would be 0.14%.
Using this example, you will pay 1.37 pesos for interest until you pay the 1,000 pesos; assuming you pay the amount owed in a month, the cost of money (commission for disposal + interest) would equal 9.1% of the total withdrawn.
To give you a much clearer idea, a personal bank loan (with not so reasonable rates) would have charged you 2.24% for the same amount and the same period.