The National Bank of Ras Al-Khaimah, officially known as RAKBANK, is named among the most dynamic and fastest-growing banks in the United Arab Emirates. It provides Islamic and conventional retail, and commercial banking services with a broad network of branches, ATMs, mobile banking, and telephone channels.
RAKBANK credit card cash withdrawal is one of the most sought-after features of the bank. With this facility, customers can withdraw cash using their RAKBANK credit card up to their assigned limit. This feature is very helpful in a financial crisis as it provides the RAKBANK credit card holders with immediate cash. However, this feature is slightly more expensive than other credit options. Hence, should be used mindfully.
As discussed above, you can withdraw cash using the RAKBANK credit card cash withdrawal procedure within a specific limit. This credit limit is assigned to you by RAKBANK after taking into account multiple factors like your card type, account type, financial status, age, region, and so on. This is known as the RAKBANK credit card cash withdrawal limit and can be increased or decreased by the bank under certain terms and conditions.
RAKBANK credit card cash withdrawal charges are the fees levied by the bank for the credit cash advance facility. These charges include a cash advance fee for RAKBANK and certain finance charges. While a cash advance fee is an amount levied on you each time you make a credit card cash withdrawal, finance charges include an interest rate that is applied to you from the day you withdraw credit card cash till the day it is settled completely.
Note that the cash advance fee levied by RAKBANK is 3% or AED 99 (whichever is higher). Moreover, the finance charges are 3.45% every month.
RAKBANK's credit card cash withdrawal facility has its own set of advantages and disadvantages. It is important to understand both to use the facility responsibly. While it allows you to have immediate access to emergency cash, it is costly looking at the charges it comes with. Here are some other pros and cons of using the RAKBANK credit card cash withdrawal feature:
The process of withdrawing cash using a RAKBANK credit card is very simple and easy. You can proceed with the credit card just like your debit card. Following are the steps involved in withdrawing cash using a RAKBANK credit card:
RAKBANK credit card cash withdrawal feature allows you to withdraw cash in liquid form during times of financial emergency. However, when used frequently over a short period, it may result in hefty finance charges and also impact your credit score. Therefore, it is strongly advised to use the RAKBANK credit card cash advance option as the last option to access emergency cash.