What is the meaning of credit card cash advance limit? 1. Credit card cash advance limit, also known as cash advance, mainly means holding a card People use credit line overdrafts to withdraw cash. Overdraft interest will be charged on cash advances from the bank accounting date.
2. Credit card cash advance limit is the maximum limit for credit card users to withdraw cash through self-service terminals such as ATMs. At the same time, it should be clear that the cash withdrawal limit and credit limit of a credit card are different. The credit card cash withdrawal limit is the maximum cash withdrawal limit approved by the bank's credit card center for you to withdraw cash through your credit card. The cash withdrawal limit is included in the credit limit.
3. Although credit card cash withdrawals are allowed, please do not use the cash advance function in non-emergency situations, because the cost of using the credit card cash advance function is very high. First of all, there is no interest-free repayment period when using a credit card to advance cash, and interest starts to be calculated from the day you withdraw the cash. Second, the interest on cash advances is very high, with a daily interest rate of 0.05% and compound interest is calculated! Third, the handling fee is very high. , the handling fee is generally above 1 and is charged in one go. In addition, there are generally no bonus points for cash advances.
4. In addition to these, there are limits on the amount of cash advances. For most banks, the amount of cash advances is about 50% of the credit limit.
What does a credit card cash advance mean?
Credit card cash advance means that the cardholder uses the credit limit to overdraft to withdraw cash. Overdraft interest calculation begins on the day the credit card cash is withdrawn.
What does China Merchants Bank credit card cash advance mean?
In fact, it is a cash advance. In addition, China Merchants Bank stipulates that the credit card cash withdrawal limit is 2,000 yuan per day. The total cash advance limit may be between 30-40 yuan of the total credit card limit. It depends on each company. According to bank regulations, China Merchants Bank stipulates that the total withdrawal limit shall not exceed 30% of the total limit. In addition, if you withdraw money, you need to pay two fees, one is the withdrawal fee and the other is the withdrawal interest. Because there is a certain handling fee for cash withdrawals, the specific charging standards may vary from bank to card type. China Merchants Bank stipulates that the handling fee is calculated as 1% of the cash advance amount, and the minimum charge is RMB 10 per transaction. The interest is basically calculated at 50,000 per day, so the handling fee is still very high. It is not recommended to withdraw cash if it is not particularly necessary.
Why did China Merchants Bank’s credit card cash advance fail?
1. Not supported. Not every credit card has a cash advance function. You can contact customer service by phone for consultation;
2. The function is abnormal. You must make a cash advance before Make sure that the credit card has been opened, the transaction password has been successfully set, and the cash advance function is enabled;
3. It is not RMB, and China Merchants Bank credit card overdraft transfer only supports RMB transactions;
4 , If the documents are inconsistent, the account opening certificate of the receiving debit card must be consistent with the credit card account opening certificate.
When applying for a cash advance, if you choose the mobile life or mobile banking overdraft transfer service, you can transfer the money to your own CMB All-in-One Card or other bank debit cards (currently supported banks are: Debit card accounts of ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, Postal Savings Bank of China, China Everbright, CITIC, Industrial Bank, Shanghai Pudong Development Bank, Bank of Shanghai, and Ping An Bank, among which the debit cards of Bank of Communications, Shanghai Pudong Development, Bank of Shanghai, and Ping An Bank need to activate the UnionPay online function) .
The reasons for the failure of China Merchants Bank credit card cash advance are generally the above. If you cannot find the corresponding reason, you can call customer service to find out what the specific reason is.
After withdrawing cash, interest will be charged until it is paid off. If you have funds to repay after withdrawing cash, you can repay as early as possible.
Credit card cash advance will charge handling fees and interest (including ATMs of our bank or other banks, counters, online banking and telephone cash advances):
Handling fee: Domestic RMB is charged per For 1 transaction, the minimum charge is ￥10/transaction. Overseas (including Hong Kong, Macao, and Taiwan) are calculated as 3 transactions, and the minimum charge is ￥30/transaction or $3/transaction (the minimum charge for AE platinum and black gold overseas is $5 per transaction).
Interest: Cash advances do not enjoy interest-free repayment. Interest will be charged at a daily interest rate of 0.5% from the transaction date until the settlement date. Compound interest will be charged on a monthly basis, that is, the interest incurred last month will be charged. Interest must also be calculated.
That’s it for the introduction to what is a credit card cash advance.