Kotak Mahindra Bank Credit Card Cash Withdrawal

The Kotak Mahindra Bank credit card cash withdrawal facility, also called the "Cash Advance" feature. It allows cardholders to withdraw cash easily from domestic and international ATMs. You need No prior approval or document to use this feature. The maximum credit and cash limits are set by the bank and shared with you when your credit card is issued. You can also check your available cash and credit limits on your monthly credit card statements. It's important to note that the cash advance limit is a part of your overall credit limit.

Kotak Mahindra Bank reviews your credit card usage On a regular basis and may adjust your credit and cash limits without prior notice.

Kotak Mahindra Bank Credit Card Cash Withdrawal Fee

Kotak Mahindra Bank charges a cash advance fee each time you withdraw cash using your credit card. In addition to this fee, finance charges will also apply if you don’t pay the total outstanding balance on your credit card in full by the due date. Currently, most Kotak Mahindra Bank credit cards have a flat cash advance fee of ₹300 for every ₹10,000 withdrawn.

Kotak Mahindra Bank Credit Card Cash Withdrawal Limit

The cash withdrawal limit on your Kotak Mahindra Bank credit card is a part of your overall credit limit and will be disclosed to you when your card is issued. You can also find your available cash and credit limits in your monthly credit card statement.

Most banks, including Kotak Mahindra Bank, generally allow up to 40% of the total credit limit for cash withdrawals. However, this percentage can vary based on the bank’s policies and may differ from one customer to another. The bank also reserves the right to change your cash and credit limits at any time without prior notice.

To check your current cash withdrawal limit, look into your monthly credit card statement or contact Kotak Mahindra Bank via phone banking.

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Reward Points on Kotak Mahindra Bank Credit Card Cash Withdrawals

Kotak Mahindra Bank offers a loyalty program for credit cardholders, but reward points are not provided for cash advance. It doesnot matter how many cash withdrawals you make, no points will be credited for these transactions.

How to Withdraw Cash Using a Kotak Mahindra Bank Credit Card?

Withdrawing cash using your Kotak Bank credit card is simple:

  1. Visit an authorized ATM.
  2. Insert your Kotak credit card.
  3. Enter your PIN.
  4. Select the "Cash Withdrawal" option.
  5. Enter the amount and confirm the transaction.

Kotak Mahindra Bank Cash Withdrawal Fees and Charges

Here are the key fees and charges for cash withdrawals on Kotak Mahindra Bank credit cards:

  • Interest-Free Period or Grace Period:
    • Up to 48 days from the start of the billing cycle.
    • Applicable only if the total outstanding dues from the previous billing cycle are fully cleared by the due date.
    • Not applicable for cash advance transactions.
  • Cash Advance Fee:
    • ₹300 or ₹199 for every ₹10,000 withdrawn.
    • For League Platinum, Royale Signature, PVR Gold, and PVR Platinum cards: ₹300 per ₹10,000 withdrawn.
  • Cash Advance Limit:
    • Your cash advance limit is mentioned in your monthly credit card statement it varies for different credit cards.
  • Overlimit Fee:
    • ₹500 per month if you exceed your credit limit.

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Pros and Cons of Kotak Mahindra Bank Credit Card Cash Withdrawal Facility

Understanding the advantages and disadvantages of the cash advance facility on your Kotak Mahindra Bank credit card is crucial. Since cash withdrawals come with fees and finance charges from the date of the transaction. Thats why you should only use this facility during financial emergencies. Carefully evaluate the pros and cons before making a cash withdrawal.

Pros:

  • Provides quick access to cash during financial emergencies.
  • Offers instant liquidity, similar to having cash in hand.
  • No prior approval from the bank is required to use the facility.
  • Cash can be used from both domestic and international ATMs.

Cons:

  • A cash advance fee is charged for every withdrawal.
  • The interest-free period does not apply to cash withdrawals.
  • Cash withdrawals attract a higher interest rate compared to regular credit card transactions.
  • Overusing this feature can lead to a debt spiral due to accumulating fees and interest charges.
Kotak Credit Cards

FAQs

Kotak Mahindra Bank charges a cash advance fee of ₹300 plus GST for every ₹10,000 or part thereof withdrawn using a credit card.

You can withdraw a maximum of ₹25,000 per day, which includes ATM withdrawals, cash withdrawals at branches, and funds transfers combined.

No, cash withdrawals do not have an interest-free period. Interest accrues immediately from the date of the transaction until the amount is fully repaid.

No, reward points are not awarded for cash withdrawal transactions on Kotak Mahindra Bank credit cards.

You can withdraw cash by visiting an ATM, inserting your Kotak credit card, entering your PIN, selecting the "Cash Withdrawal" option, and entering the desired amount.

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Here are some of the links that will help you manage your Kotak Credit Card, you can click on them as per your requirements:

Kotak Mahindra Bank Credit Cards

Credit Card by Banks

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