ATM Tips: Withdraw cash from an ATM without interest! A special facility is available on these credit cards..

Withdrawing cash from a credit card is usually a loss-making deal because heavy interest starts being charged on it immediately. However, there are some special credit cards in the market that do not charge you any interest on withdrawing cash till the due date of the billing cycle.

Some selected credit cards of IDFC First Bank and Axis Bank come with this facility. With these cards, you can withdraw cash from the ATM, and you will not be charged any interest until your payment due date arrives.

Which cards are getting this facility?

IDFC FIRST Power+ RuPay Select

Axis Bank Burgundy Private Credit Card

On IDFC First cards, you will have to pay a transaction charge of ₹199 + GST, but the interest will be zero. On the other hand, neither interest is charged on Axis Bank Burgundy Private Card nor any cash withdrawal charge, as long as you make the payment by the due date.

Who can get this card?

For IDFC FIRST cards:

Minimum age of 21 years.

Indian citizen.

Good credit score

Annual income should be at least ₹3 lakh.

For Axis Burgundy Private card:

This card is only for high-net-worth customers.

The customer has to maintain a relationship value of ₹5 crore in 12 months.

Or should have a monthly salary of ₹10 lakh or more.

Is it still right to withdraw cash?

Even though there is no interest, banks say that it is not right to withdraw cash from a credit card repeatedly without need. This can spoil your credit health. High cash withdrawal sends negative signals to banks about your financial condition, which may cause problems in getting loans or new credit cards in future.

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