Apply Now

Frequently Asked Questions


How much cash can I withdraw using my credit card?

After you get the idea of “How can we withdraw cash from credit card.”

It is simple to understand the withdrawal limit, typically calculated as a percentage of your total available credit limit. For example, if a bank offers a cash advance limit of 40% and your credit card limit is Rs 1 lakh, you can withdraw up to Rs 40,000. It's important to note that the cash advance limit is separate from the overall credit limit and may have different terms and conditions, including potentially higher interest rates and fees.

How often will I receive my credit card statement?

Each month, credit card users receive a statement documenting their transactions from the previous month, and you should know how to see credit card statement.

The statement is delivered via courier to their correspondence address, sent as an email statement, or sometimes both, based on their chosen delivery preference.

How is a credit card interest rate determined?

The credit card interest rate is based on various factors such as the individual's creditworthiness, the prime rate, market conditions, and the types of credit card being offered.

Can I check my credit card balance without logging into my online account?

After you know your credit balance meaning, stay updated on your balance, and avoid exceeding credit limits, there are multiple ways to check it.

You can conveniently log in to your online or mobile app banking platform, contact the customer service number on your card's back, or refer to your paper statement. Being aware of your balance is crucial for responsible spending and financial management.

What information is included on a credit card statement?

The account credit statement provides a concise overview of the transactions on your account, encompassing payments, credits, purchases, balance transfers, cash advances, fees, interest charges, and any outstanding amounts due.

Is it safe to check my credit card balance online?

The most efficient and convenient method to credit card balance check number is by logging in to the online portal or mobile app provided by your card issuer.

Almost every bank or credit card company offers these platforms, ensuring easy access for cardholders through computers or mobile devices. Rest assured, these online services are secure and safeguard your personal information.

What fees are associated with credit card cash withdrawals?

A Credit card cash advance fee imposed by banks typically range from 2.5% to 3% of the withdrawn amount, with a minimum price of Rs. 300 to Rs. 500.

It's important to consider that the cash advance fee also incurs interest charges at a rate comparable to that applied to the withdrawn amount.

What is the average credit card interest rate?

The average credit card interest rate can vary depending on various factors such as the type of credit card, and the individual's creditworthiness. However, Kotak credit cards come with an interest rate of 2.49% per month or 29.88% per annum, this can be considered as a relatively nominal interest rate compared to some other credit cards in the market.

Is it a good idea to use my credit card for cash withdrawals?

While taking a cash advance may not directly impact your credit score, the substantial fees and credit card cash withdrawal interest associated with such withdrawals can result in higher monthly payments.

Failing to pay at least the minimum required amount can harm your credit score. Therefore, it is crucial to make timely payments to avoid any adverse consequences.

How often should I check my credit card balance?

If you frequently face a credit card balance you're unable to pay in full, it is advisable to develop a routine of checking your accounts regularly.

Consider making it a habit to review your online credit card balance check every week. When finances are particularly tight, consider checking your balances every few days or even daily.

What is the minimum payment due on a credit card statement?

The minimum amount due is the minimum payment required by the due date to keep your credit card account in good standing. Paying only the minimum amount may result in carrying a balance and incurring interest charges.

Pay more than the minimum to reduce your overall debt and save on interest expenses.

What is a variable interest rate?

A variable interest rate is an interest rate that can change over time based on certain factors, such as fluctuations in the market or changes in a reference rate.

It is different from a fixed interest rate, which remains constant throughout the credit period.

How can I lower my credit card interest rate?

To lower your credit card interest rate, consider transferring your balance to a card with a lower interest rate, improving your credit score, or exploring other credit card options with better credit card rates.

What should I do if I find an error on my credit card statement?

To address any issues with your online credit card statement, contact your credit card company through their customer service number, typically provided on the statement or the back of your card.

Alternatively, you can submit a dispute online, clearly explaining the problem. The credit card company will attentively review your concerns and investigate the matter accordingly.

What should I do if I notice an error or discrepancy in my credit card balance?

Both the credit bureau and the entity responsible for providing information to the credit bureau are obligated to rectify any incorrect or incomplete information in your credit report, and they are required to do so without charging you.

If you need help with your account, contact the credit bureau and the business that supplied the inaccurate information. By contacting them, you can initiate the steps on “how can I check my credit card balance” to correct the mistakes and ensure the accuracy of your credit report.

How do I know the cash limit on my credit card?

The credit card cash withdrawal limit assigned to your credit card can typically be found in the welcome kit or detailed within the terms and conditions provided with the card.

Another way to determine your total cash limit and available cash limit is by accessing your credit card net banking account. Within your account, you should be able to view the specific details about your cash limit.

How can I avoid paying credit card interest?

To avoid paying credit card interest, you can pay your credit card balance in full and on time each month. 

By doing so, you won't carry a balance and won't accrue any interest charges. Additionally, choosing a credit card with a 0% introductory APR can also help you avoid interest for a certain period of time.

How to Repay Cash Withdrawal From a Credit Card?

It’s pretty easy to understand how to repay cash withdrawal from credit card, Simply make a repayment on your credit card using cash or cheques, and you can visit the nearest branch of your credit card provider.

At the branch, you can pay in person by providing the necessary cash or issuing a cheque to cover the outstanding amount on your credit card. The bank staff will assist you in completing the payment process and provide a receipt as proof of payment.

How long should I keep my credit card statements?

Retain your credit card statement download for 60 days unless they involve tax-related expenses, in which case, keep them for a minimum of three years.

Pay stubs should be matched to your W-2 annually and then securely shredded. Utility bills can be held onto for up to one year before discarding.

Is there a fee for checking my credit card balance?

No, checking your credit card balance check number typically does not incur any fees.

It is a standard service provided by credit card issuers to allow cardholders to stay informed about their available credit and outstanding balance. You can check your balance through various methods such as online banking, mobile apps, ATMs, or by Email.

How can I avoid exceeding my credit card balance?

Here are some strategies to manage your and check credit card amount effectively:

● Regularly monitor your credit card balances by reviewing them consistently.

● Prioritize paying off your balances as soon as possible to minimize interest charges.

● Consider requesting a credit limit increase, which can provide more available credit and potentially lower your credit utilization ratio.

● Explore applying for a balance transfer credit card with favorable terms for transferring existing balances.

● Apply for a credit card with a higher credit limit, as this can increase your available credit and improve your credit utilization ratio.

Why is it important to know my credit card's interest rate?

Understanding your credit card's interest rate is helpful for making smart financial decisions, as it influences borrowing costs and overall debt management.

Awareness helps avoid unnecessary charges and promotes financial stability.

Can I negotiate my credit card interest rate?

Yes, negotiating your credit card interest rate is possible with a good credit score and a decent credit behaviour.

Contact your issuer, express your financial situation, and request a lower rate, potentially saving money.

What is a variable interest rate on a credit card?

A variable interest rate fluctuates with market conditions, often tied to a benchmark rate. Monitor changes to plan effectively for potential adjustments.

How can I avoid paying credit card interest?

To avoid credit card interest, pay the full statement balance by the due date, ensuring timely payments within the grace period.

What happens if I only make the minimum payment on my credit card?

Making only the minimum payment incurs interest on the remaining balance, potentially leading to long-term debt accumulation.

What should I do if I have a high-interest rate on my credit card?

If facing a high-interest rate, negotiate for a lower rate, explore balance transfer options, and focus on paying the principal to reduce overall costs.

How do I compare credit card interest rates between different cards?

Compare credit card interest rates by examining APR, considering introductory offers, and evaluating terms, fees, and rewards for cost-effective credit usage.

How often should I review my credit card's interest rate and terms?

Reviewing your credit card's interest rate and terms frequently, especially during financial changes, to stay updated and make necessary adjustments to your financial strategy.

Read Next

Flipkart No Cost EMI On Credit Cards: Guide To Avail The Deal


Benefits of Using Credit Card


Unlocking Savings: Exploring Discounts & Promo Codes with Yatra on Flights Bookings

Load More

Disclaimer: This Article is for information purposes only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. The Bank makes no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Article. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from the Bank. The Bank, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein. Tax laws are subject to amendment from time to time. The above information is for general understanding and reference. This is not legal advice or tax advice, and users are advised to consult their tax advisors before making any decision or taking any action.