Can I withdraw money by credit card? What should I be aware of?

World Health:With a credit card, you can withdraw cash. Mainly divided into credit card cash advance, and cash advance. Specifically:1. Credit card overpayment and cash with...

Mar 10,2022 | Cassandra

China unionpay credit card

With a credit card, you can withdraw cash. Mainly divided into credit card cash advance, and cash advance. Specifically:

1. Credit card overpayment and cash withdrawal

Previously, an overpayment occurred on a credit card if the China unionpay credit card amount deposited to pay off the credit card bill exceeded the billed amount. This part of the funds is not loaned by the bank to the cardholder, but the cardholder's own money.

Overpayment can be withdrawn and consumption can also be increased. If the cardholder withdraws the overpayment, he can go to the bank counter to transfer the funds by studying manual management methods, or he can also use the mobile online banking APP for analysis and operation at the same time.

If you transfer money out through the mobile banking APP, take Bank of China mobile banking as an example: enter the "Credit Card" interface, click "Balance Transfer Out",

Enter the "Account Transfer" transaction, enter the transfer amount, select the payee name, account number and other information, and follow the prompts to proceed to the next step.

2. Credit card overdraft withdrawal

In addition to its spending function, the credit card can also be used to withdraw cash. That said, cardholders can use a cash advance to relieve stress when money is tight.

This kind of cash withdrawal is a credit card overdraft, that is, the cardholder borrows money from the bank, which is equivalent to a loan, and needs to pay a cash withdrawal fee to the bank, which is equivalent to the loan interest.

The main ways to withdraw cash from credit cards are as follows: First, you can withdraw cash through online banking counters or self-service machines such as ATM machines;

Second, through the mobile banking APP. Different banks have different details when it comes to handling it via mobile banking.

For example, some banks support direct withdrawals and cash installments. Some banks only pay cash in instalments. Cash installments, at least in three stages.

Repayment methods are also varied. Some banks pay principal and interest on a monthly basis, while others may choose to pay interest first and repay the principal in one lump sum at the end of the installment.

3. Matters needing attention

When the credit card overpayment is withdrawn, it should not exceed the available balance, but should be withdrawn within the available balance. Banks do not charge fees for such withdrawals.

Credit card for overdraft cash withdrawal, the bank charges a certain fee, and there is no interest-free period. The specific fee rate, different banks can implement different standards.

If the overdraft type is cash withdrawal, for a one-time repayment, the earlier the repayment, the more appropriate, because the bank calculates the interest based on the actual number of days;

Where the payment management method is carried out in installments, you do not need to repay in advance, and you can use it for normal work, and you can repay according to the agreement. Because the enterprise fee has been deducted, there is no need for an early repayment.

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