To do a Citibank cash advance, you can either withdraw funds from an ATM or visit a local Citibank branch and ask the teller for a cash advance. For ATM transactions, you will need to request a 4-digit PIN from Citi customer service if you did not receive one after being approved for an account. Lastly, you can use convenience checks (checks that access your card’s credit line) to make a cash withdrawal. Depending on your credit standing, you may be able to withdraw up to 50 percent of your credit limit.
Cash advances are expensive, so it’s best to avoid them whenever possible. That’s true with all credit card companies, and Citibank is no exception. Citi’s cash advance fee is 5% of the amount withdrawn, and it can’t be lower than $10. There may be additional bank fees if you withdraw cash from an ATM.There’s also a separate APR for cash advances. It’s typically higher than the card’s regular APR.
The Citibank cash advance APR can be as high as 27.49% (V), depending on the card and your creditworthiness. Cash advances accumulate daily interest from the time you make the transaction, with no grace period. New interest is added on top of any existing interest charges each day. So it’s best to pay off your Citibank cash advance as soon as you can, or better yet, just stay away from cash advances altogether.
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