November 10, 2007

SBI Card's 0% Cash Offer

If you are in need of money urgently this festive season to celebrate the festivals or any other emergencies, SBI card holders, has come up with an offer that is 0% cash withdrawal offer wherein you can withdraw cash of till your cash credit limit in your SBI Card. There is only one time fees of Rs. 99/- per withdrawal and no interest for 30 days. It is valid till November 25th.

You can withdraw cash and remember the date you took the cash and don't forget to pay before the same date the next month, else you might be charged with regular interest rate for cash withdrawal on credit cards on a daily basis. This is very important to repay before the 30 days.

I am not a fan of withdrawing cash using the credit card because the interest rate for withdrawal using credit cards is really very high in almost all the cards. There is a one time charge per withdrawal of around Rs. 250/- and around depending on which card you hold and other than that you will be charged interest rate calculated daily (rather than monthly), hence one should try to avoid cash withdrawal on credit cards.

But the above offer is a better one if someone needs cash urgently and can pay it within 30 days. This could be very useful for higher amounts plus Rs. 10,000/- and the interest rate for one is only Rs. 99/- which is reasonable considering the personal loans and other modes of credits charge higher interest rate. Although they claim it as 0%, actually it is not since they charge this service charge.

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