Hey, guys, let me tell you the story of my friend Anshul. He never saves money every month. He’s like, Bro. I’m broke, okay, but one day, suddenly, he wanted to withdraw cash, and he had no money in his account.
So, Anshul did the next best thing: we went to the ATM and withdrew cash from his credit card now, and Anshula was very happy He considered himself super smart, right? but that one thing you should never do with your credit card, and I mean never do with your credit card is to go withdraw cash from it because he took 10,000 from his ATM through his credit card first, he was
charged 3% on that 10,000 fears of cash advance fee, but Wait, there’s a twist in Anshul’s story.
Right, suddenly Anshul didn’t realize. that he was charged a massive 42% annual interest rate on the sum of 10,300 starting today, and he did not even get a grace period now Anshul is not aware of this, and he was enjoying his peaceful life sitting in Goa, and at the end of the month when his credit card bill arrived, Anshul looked at his credit card bill, and he was like, Dude, what the fk is happening with me? So try to avoid this kind of mistake, and in case you do not pay your bill, then your credit score will go down, and you will face problems in the future while taking a loan or anything else.
Cost Fees: A cash advance fee, typically ranging from 3 to 5% of the amount you withdraw, will be charged to you.
Interest: Unlike purchases, which have a grace period, interest is paid on the day you withdraw the funds.
ATM fees: Depending on the method you choose, you will be charged an ATM fee.