A credit card is one of the most popular “instruments” for making non-cash payments that allow you to use cash that you do not have on your account.
The maximum amount of cash we can “borrow” is limited by the bank. The payment deadline depends on the bank and ranges from 20 to 54 days without interest. We can track your transaction by receiving statements of account with the payment operations we performed in the previous period.
The receipt of such a card does not have to be linked to the establishment of a bank account. The credit card limit is often interest rate much higher than other forms of short-term “loans”. Therefore, we should limit ourselves to using it only for non-cash purposes. When we use it often in an appropriate manner, we can count on ignoring additional costs such as fees for its use.
Can we withdraw money from an ATM by credit card?
Yes. Unfortunately, however, it is associated with high costs, which are associated, among others, with:
- tax commission related to withdrawals at an ATM, which regardless of the amount of money is from PLN 7, e.g. at mBank or Getin Bank up to PLN 10 at Alior Bank – each time. This commission occurs because the purpose of the credit card produced by banks is to carry out cashless transactions, and not to withdraw physical cash. In some cases, it can be much higher, because the final value of the commission depends largely on the amount of money paid out. The commission can therefore be from 3-5% of the amount paid from an ATM. In Getin Bank or Alior Bank it amounts to 3.5%, while in BGŻ Bank one of the offers is based on a 5% commission. For example, when the amount collected will be PLN 2,000, the commission will not be PLN 7, but PLN 100.
- with interest on withdrawn money at an ATM. We should know that in this case we do not have a grace period, i.e. interest-free period, and interest will accrue from the day of the visit to the ATM until the day of paying off the whole amount.
What are the types of credit cards?
- credit card for students, it usually provides a limit of up to PLN 1,000
- cards designed for working people, where the limit is set according to earnings
- platinum, silver, gold and black – they offer higher credit limits and lower commissions, they also have extras in the form of travel insurance, longer guarantees when shopping.
- when the income exceeds 5 thousand We can apply for a platinum credit card.
- black credit cards, also called premium, for VIPs, i.e. the richest customers, where the limit can amount to even one million zlotys. Customers often entrust the entire property of their lives to the bank with which they live in good co-operation. In return, banks offer them the opportunity to borrow such large amounts in the short term, but also discounts in exclusive hotels, spa and consierge services.
partner and co-brand cards
These cards contain not only the bank’s logo, but also the logo of other companies or charity institutions. Their advantages are discounts on shopping in specific stores, but also the fact that in this way we help those in need and support noble goals.
Credit card and cash withdrawal from an ATM
Withdrawing money from an ATM with a credit card may prove to be a very unreasonable move, which will certainly involve additional costs and loss of interest-free period.
Threats that may await us are, above all, an unexpectedly high debt or financial burden due to repayments or exceeding the limit. Credit cards are a good and convenient solution when we use them wisely. Their open access and full security induce many to use them.