How long it takes to withdraw cash from a credit card depends on the relationship between the cardholder’s overdraft withdrawal date and the bill. If the bill date is used, the bill is usually issued on the 10th of each month. The repayment time will be different on the 20th day of the future. Different banks may have different dates. You can check the details on the statement date. If you withdraw cash on the last day of the statement date, you can enjoy the longest repayment period.
It should be noted that:
1. There is no requirement that bank credit card cash withdrawals must be returned in the same month. However, generally bank overdraft cash withdrawals charge handling fees, and they are collected at the time of withdrawal, so return them The earlier you pay, the less interest you will pay. It is recommended that you pay it back in the same month.
2. How to calculate the interest on credit card cash withdrawal
Credit card cash withdrawal does not enjoy the interest-free period. The bank will charge a one-time handling fee of 0.5 to 3 for the withdrawal amount, and a daily fee of 0.05 Interest is equivalent to an annual interest rate of 18.25.
3. Bank regulations. Currently, under normal circumstances, when using a credit card to withdraw cash overdraft, the daily limit of cash withdrawals from ATM machines is 2,000 yuan. The handling fee is 1% of the cash withdrawal amount, with a minimum charge of 10 yuan, except In addition to the formalities, interest of 0.5% of the cash withdrawal amount will be charged every day.
Four. In addition, the order in which credit card repayments are credited is that interest is deducted first and then the principal. Many people originally planned to pay off the principal first and then the interest, but they did not expect that the interest was deducted first. , the remaining money will definitely not be enough to repay the principal. If the principal is not paid off, interest will continue to accrue, and interest is compounded on a monthly basis, which is obviously not cost-effective.
Therefore, it is best to withdraw cash from a credit card on the statement date, and repay according to the displayed amount of debt, and do not have to postpone it until the repayment date. Of course, you can also withdraw cash on the same day and pay it back on the same day, but you will also be charged one day's interest and a cash withdrawal fee. In short, when withdrawing cash from a credit card, don’t delay repayment for too long, otherwise you will accrue a lot of interest.
5. There is no minimum repayment for credit card cash withdrawals. You need to repay the principal fee and the interest accrued all at once on the repayment date. If you don’t know how much you have to repay, just pay according to the bill. Just pay the amount owed as shown above. If you pay the total amount owed, there won’t be much of a problem.
6. Don’t withdraw cash from your credit card too frequently. It doesn’t matter if you withdraw cash once every 2 to 3 months. Don’t withdraw cash every month. This will make the bank question whether your funds are tight or your repayment ability is insufficient, which is not conducive to credit card withdrawals. Um, and apply for a new credit card.