The Axis Bank My Zone Credit Card is a popular choice among users looking for benefits in shopping, dining, and entertainment. It also offers cash withdrawal facilities when you need urgent cash. However, the Axis Bank My Zone Credit Card cash withdrawal limits and charges must be considered.
This guide will walk you through the Axis Bank My Zone Credit Card cash withdrawal limit, applicable charges, terms & conditions, and alternative solutions. If you’re considering using your Axis My Zone Credit Card limit for cash withdrawal, here’s everything you need to know!
Table of contents
- What is the Axis Bank My Zone Credit Card Cash Withdrawal Limit?
- Axis Bank My Zone Credit Card Cash Withdrawal Charges
- Charges for Exceeding Axis Bank My Zone Credit Card Cash Withdrawal Limit
- How to Increase Axis Bank Credit Card Cash Withdrawal Limits?
- How to Withdraw Cash Using Axis Bank My Zone Credit Card?
- Alternatives to Cash Withdrawal Using a Credit Card
- Axis My Zone Credit Card Benefits Beyond Cash Withdrawals
- FAQs
What is the Axis Bank My Zone Credit Card Cash Withdrawal Limit?
The Axis Bank My Zone Credit Card cash withdrawal limit refers to the maximum amount of cash you can withdraw from an ATM using this credit card. Unlike regular transactions where you swipe the card for purchases, a cash withdrawal (also known as a cash advance) comes with separate conditions and fees.
- The Axis Bank ATM cash withdrawal limit for My Zone Credit Card is generally 40% to 50% of the total credit limit assigned to your card.
- This limit varies based on your creditworthiness and Axis Bank’s policies.
- For example, if your Axis My Zone Credit Card limit is INR 1,00,000, your cash withdrawal limit could be around INR 40,000 to INR 50,000.
- You can check your exact Axis Bank My Zone Credit Card Cash Withdrawal Limit India by logging into your Axis Bank net banking account or mobile app.
Important: Unlike regular transactions, a cash advance attracts immediate interest charges from the day of withdrawal, so it should be used only in emergencies.
Axis Bank My Zone Credit Card Cash Withdrawal Charges
Withdrawing cash using your Axis Bank My Zone Credit Card might seem like a quick solution during emergencies, but it comes with several costs. Understanding these charges will help you make informed financial decisions and avoid unnecessary expenses.
Cash Advance Fee
A cash advance fee is a charge levied by Axis Bank every time you withdraw cash using your credit card.
- Axis Bank charges 2.5% of the withdrawn amount (minimum INR 500 per transaction).
- Example: If you withdraw INR 10,000, you’ll be charged INR 500 as a cash advance fee.
Finance Charges (Interest Rates)
Finance charges are interest fees that apply to the withdrawn amount from the date of withdrawal until full repayment.
- Interest rates on cash advances are 3.40% per month (up to 49.36% annually).
- Unlike regular purchases, cash withdrawals do not have an interest-free period.
- Interest starts accumulating from the day of withdrawal.
Late Payment Fees (if applicable)
A late payment fee is charged if you fail to pay your credit card bill, including the withdrawn amount, by the due date.
If you fail to pay the withdrawn amount in time, additional late payment charges apply based on your outstanding balance.
GST and Other Charges
Goods and Services Tax (GST) is applied to all fees and interest charges associated with your credit card cash withdrawal.
- A GST of 18% is applicable on all fees and interest charges.
Charges for Exceeding Axis Bank My Zone Credit Card Cash Withdrawal Limit
Exceeding your Axis Bank My Zone Credit Card cash withdrawal limit or Flipkart Axis Bank Credit Card cash withdrawal limits comes with additional costs, specifically an over-limit penalty. This fee is charged when you withdraw an amount that surpasses your assigned cash withdrawal limit.
What is the Over-Limit Penalty?
The over-limit penalty is a charge imposed when the withdrawal amount exceeds your pre-approved credit card limit. This fee ensures that users stay within their assigned credit boundaries to maintain financial discipline.
- Axis Bank charges an over-limit penalty of 2% of the exceeded amount or a minimum of INR 500, whichever is higher.
- Example: If your cash withdrawal limit is INR 50,000 but you withdraw INR 55,000, you exceed the limit by INR 5,000. The over-limit penalty will be 2% of INR 5,000 (INR 100), but since the minimum penalty is INR 500, you will be charged INR 500.
How to Manage These Costs
To avoid over-limit penalties and other excessive charges on Axis Bank My Zone Credit Card withdrawal limits, consider the following strategies:
- Monitor Your Cash Withdrawal Limit: Regularly check your available limit through net banking or the Axis Bank mobile app.
- Use Digital Payment Methods: Instead of cash withdrawals, opt for online transactions via UPI, debit cards, or NEFT transfers.
- Increase Your Credit Limit: If you frequently reach your limit, consider requesting an increase in your Axis My Zone Credit Card limit.
- Repay Your Dues on Time: Clearing outstanding amounts before making additional withdrawals can prevent exceeding the limit.
Tip: If you’re unsure about your withdrawal limit, use the Axis Bank My Zone Credit Card cash withdrawal limit calculator available on the Axis Bank website.
Also Read: Check out this blog on Axis Bank Credit Cards with International Lounge Access to enjoy a stress-free travel experience.
How to Increase Axis Bank Credit Card Cash Withdrawal Limits?
If you frequently need access to higher cash withdrawal amounts, increasing your Axis Bank My Zone Credit Card Cash Withdrawal Limit can be a good option. Here’s how you can request a higher limit:
- Maintain a Good Credit Score: A high credit score increases your chances of getting a higher withdrawal limit.
- Request a Limit Increase: Contact Axis Bank via net banking, mobile banking, or customer service to apply for a limit enhancement.
- Use Your Card Responsibly: Regular usage with timely repayments signals financial discipline, making banks more likely to increase your limit.
- Increase Your Overall Credit Limit: A higher total credit limit may lead to a proportional increase in your Axis Bank My Zone Credit Card minimum limit.
- Submit Income Proof: If your income has increased since you got the card, provide updated income documents to support your request.
- Upgrade to a Higher Variant: If your current card doesn’t allow a higher cash withdrawal limit, consider upgrading to another Axis Bank credit card with better benefits.
How to Withdraw Cash Using Axis Bank My Zone Credit Card?
If you need to withdraw cash using your Axis Bank My Zone Credit Card, follow these simple steps:
- Locate an Axis Bank ATM or any bank ATM that supports credit card withdrawals.
- Insert your Axis My Zone Credit Card and enter your PIN.
- Select ‘Credit’ as the account type.
- Enter the withdrawal amount (within your Axis Bank My Zone Credit Card minimum limit).
- Confirm the transaction and collect your cash.
- You will receive an SMS notification with transaction details.
Please be sure to keep the following terms and conditions in mind-
- The cash withdrawal limit is dynamic and may change based on your credit usage and bank policies.
- Cash withdrawals are subject to finance charges from the date of the transaction.
- If you frequently withdraw cash using your Axis Bank My Zone Credit Card, it may negatively impact your credit score.
- The withdrawn amount reduces your available credit limit until repayment.
Alternatives to Cash Withdrawal Using a Credit Card
Withdrawing cash using your Axis Bank My Zone Credit Card might seem like a convenient option during financial emergencies, but it comes with significant charges and high interest rates. Instead of opting for a cash advance, consider these cost-effective and smarter alternatives that can help you manage your finances without incurring unnecessary fees:
Digital Transactions
- Use UPI, NEFT, IMPS, or a debit card to transfer money.
- Avoid unnecessary fees by using digital payment methods.
Personal Loan or Insta Loan
If you need urgent cash, Axis Bank offers instant personal loans at lower interest rates compared to credit card cash advances.
Increase Your Credit Limit
If you frequently need cash, request an increase in your Axis My Zone Credit Card limit.
Also Read: Here is everything you need to know about Axis Bank Forex cards for students including eligibility, card charges, and more.
Axis My Zone Credit Card Benefits Beyond Cash Withdrawals
While cash withdrawals come with hefty charges, your Axis My Zone Credit Card lifetime free option offers several benefits that can help you save money and maximize rewards.
Instead of focusing solely on cash advances, users can take advantage of numerous perks, such as cashback, entertainment discounts, and fee waivers, making this card a valuable financial tool beyond just cash withdrawal options.
- 4 complimentary movie tickets per month on BookMyShow.
- 5% cashback on shopping and dining.
- Fuel surcharge waiver at all petrol pumps.
- EMI conversion option on high-value transactions.
Tip: Instead of withdrawing cash, maximize these benefits to get the most value from your Axis My Zone Credit Card.
To sum up, the Axis Bank My Zone Credit Card cash withdrawal limit is an essential factor to consider before using your credit card for cash needs. While the card allows ATM withdrawals, high interest rates and fees make it an expensive option. If you find yourself in need of cash, consider alternatives like digital payments or a personal loan.
Before making a withdrawal, check your Axis Bank My Zone Credit Card cash withdrawal limit in India and abroad using net banking or the Axis Bank app. Also, be mindful of the charges and how cash advances impact your credit score.
Use your Axis Bank My Zone Credit Card wisely and enjoy its benefits without unnecessary financial burdens!
FAQs
Typically, you can withdraw up to 40% of your total credit limit with your Axis Bank My Zone Credit Card. For example, if your credit limit is INR 1,00,000, you can withdraw up to INR 40,000 as cash.
You can withdraw cash up to 40 to 50% of your credit limit on your Axis Bank My Zone Credit Card, but you’ll incur a fee of 2.5% of the withdrawal amount, with a minimum of INR 500.
Yes, Axis Bank charges a cash withdrawal fee of 2.5% of the transaction amount, with a minimum fee of INR 500.
The interest rate for cash withdrawals on Axis Bank Credit Cards is between 3.40% per month. This translates to approximately 49.36% annually. Interest is charged from the withdrawal date until the amount is fully repaid.
Yes, you can withdraw cash using your Axis Bank My Zone Credit Card from an ATM. No bank approval is needed for cash withdrawals.
The Axis Bank My Zone Credit Card offers benefits across shopping, dining, and entertainment, including discounts on movie tickets, complimentary SonyLIV annual membership, and rewards points on purchases.
The Axis Bank My Zone Credit Card has a joining fee of INR 500. The annual fee is INR 500 from the second year onwards but may be waived if you spend over INR 5,000 in the first 45 days.
To be eligible for the Axis Bank My Zone Credit Card, you must be between 18 and 70 years old and be an Indian resident or a Non-Resident Indian. Axis Bank may also consider your credit score and credit history.
The foreign currency transaction fee for the Axis Bank My Zone Credit Card is 3.5% of the transaction value at international merchants and ATMs.
To increase your Axis Bank credit card cash withdrawal limit, you can raise a request through the Axis Mobile App or by sending an SMS to 567678256. A higher income and good credit history can help.
To learn more about education loans, the best bank accounts for students, forex, banking experience for global students, or international money transfers, reach out to our experts at 1800572126 to help ease your experience with studying abroad.
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