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HOW TO WITHDRAW MONEY FROM CREDIT CARD INTEREST FREE
|USE CREDIT CARD FOR CASH WITHDRAWALS | NO WITHDRAWAL CHARGES |INTEREST FREE CASH UP TO CYCLE PERIOD |GET CASH FROM CREDIT CARD WITHOUT CASH ADVANCE CHARGES OR INTEREST
So i figured a way out of using my credit limit as for cash.
First of all you all be knowing withdrawing cash from a credit card is an expensive affair with bank charging fees on withdrawal which may range from ₹100 to 600 per withdrawal.
To add to agony interest is levied on the withdrawn amount from the first day itself which starts from 1.99% to 6%, p.a. Banks like icici charges 350 per cash withdrawal plus an interest of 4.99%
Suppose if you withdraw ₹50000 for 2 days you will be charged minimum ₹100 as withdrawal charges and interest of around 10.
And if you need it for a month interest will be around 100₹ @1.99 % which is minimum.
With my method you can enjoy cash withdrawal for interest-free period of up to 60 days.
Those of you using credit cards will be familiar with its cycle concept still i will explain.
Suppose your credit cycle is from 1st Jan to 1 Feb. And payment date is 28 Feb.
. Then whatever purchase you made on 2nd Jan will have to be paid on 28 Feb. Which is almost 2-month interest-free period.
TIP.: while purchasing from credit card always keep in mind your billing cycle. For e.g., in above example, if you purchase something on 1 Feb it will have to be paid by 28 Feb.
But in case you defer your purchase by one day that is 2nd Feb then your payment date is 28 March.
You all might be scolding me in your mind while reading above so without further ado I will start with the procedures.
1. You must be familiar with e-wallet apps like paytm, freecharge etc.
2.These apps also allow you to send the money.
3. Open any one of the apps and add funds using your credit card on the First day of your cycle like 1 Jan on, in above example.
4. Now either make a different paytm or freecharge account using the different mobile number. Or use account of your father mother brother etc which is attached to a bank account having debit card
5. Now send the money from your account to other account and withdraw that amount to the bank account.
6.Now withdraw that amount using the debit card.
7. Use the money for 60 days and save your salary in the bank.
8. By the payment time you would have earned 2 salaries.
So you will always have 1-month salary in the buffer.
Explaining all bove with example.
You will load the amount in your paytm wallet using credit card.
Then you will send the amount to your wife's paytm or freecharge account.
Your wife will have the option to withdraw money to the bank account.
She will withdraw the money to bank account.
And withdraw cash using her debit card.
Hope you will like and use this method
This article is penned by HIMANSHU PUROHIT, and this procedure is only intended to use within the ambit of law. Neither CA GYAN GURU nor author is responsible for any wrong doing