Credit card cash withdrawal is a cash advance service provided by banks to cardholders. Cardholders can borrow part of the funds with their credit cards and repay them later. So, when cardholders use credit cards to withdraw cash, how often can they withdraw cash? Let’s take a look at the China Merchants Bank credit card as an example.
How often can you withdraw cash with a China Merchants Bank credit card?
There is no time limit for withdrawing cash with a China Merchants Bank credit card. If the conditions are met, the cardholder can withdraw once and again. For example, China Merchants Bank stipulates that when withdrawing cash from domestic UnionPay line ATMs and other self-service machines, the cumulative amount per card per day shall not exceed RMB 10,000. When the cardholder withdraws cash for the first time that day for RMB 5,000, he or she can withdraw another RMB 5,000. As long as the conditions are met.
In addition, when cardholders use China Merchants Credit Card to withdraw cash, the amount that can be applied for is included in the fixed limit, and the cumulative amount that can be applied for cash withdrawals does not exceed 50% of the fixed limit.
Other knowledge points:
1 Cash withdrawal fee standards: Cash withdrawals will be charged handling fees and interest, but no inter-bank handling fees will be charged.
1. Handling fee: 1% for each transaction within the country, with a minimum of ￥10/transaction; 3% for each transaction for overseas (including Hong Kong, Macao and Taiwan), with a minimum of ￥30/transaction or $3/transaction (100 The minimum charge for Long Black Gold Card, Centurion Black Gold Card (2012 version), and Centurion Platinum Card is ￥30/transaction or $5/transaction). The upper limit of cash advance fee per transaction is adjusted to ￥300/$50.
2. Interest: Cash withdrawals do not enjoy interest-free repayment. From the transaction date, interest will be charged at a daily interest rate of 0.035%-0.05%, and compound interest will be charged monthly until the repayment date. The annual interest rate is 12.775%-18.25%. Calculation formula: annual interest rate = daily interest rate * 365.
2 Reasons for credit card cash withdrawal failure
1. Whether the cardholder has just repaid the card. Generally, it will take 2 days for the repayment to be credited to the account, and the cash withdrawal limit will not be restored until the credit card is credited.
2. Equipment failure or network failure. For example, credit cards with the VISA logo cannot withdraw cash from ATMs with only the JCB logo, and foreign currency single-label cards cannot withdraw cash within the country.
3. The cash withdrawal function has not been activated. If you need to activate it, you can log in to the Palm Life APP, click "My - Card Manager", select the card and click "Payment Function Settings" to activate the "Cash Advance" function.
The above is some information about China Merchants Bank’s credit card cash withdrawal. I hope it can help everyone.