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| An image of Makro credit card |
Can I cash out Makro credit card online? How do I get money from my Makro credit card? If you are looking to withdraw money from Makro credit card online to your bank account, we got your back. Here, we will guide you on how to cash out Makro credit card.
Several customers have been looking for ways to get cash back from their Makro credit card. This is true especially for those who have lots of cash in their Makro credit card. It is for this reason many are looking for ways to withdraw from their Makro credit card to their bank accounts.
What is Makro Credit Card
Makro credit card is a credit card issued by the company to their customers. Makro offers products such as appliances, electronics, and groceries to customers in South Africa. The platform makes it easy to buy goods and services using the Makro credit card.
Customers can buy products online using their Makro credit card. There are several benefits of using Makro credit card. Customers usually get discounts hen they purchase products using the card. The company has many stores across the country. Keep reading to discover how to withdraw from your Makro credit card online to your bank account.
Makro Credit Cash Withdrawal
Credit Cash withdrawal from an ATM is otherwise called a Cash Advance. The Cash Advance feature of Credit Card enables its users to withdraw cash from the bank’s ATM.
Lots of banks offer Credit Card to process the transactions, thus those Credit Cards coming with the Cash Advance feature are known as an additional feature provided by the bank officials.
With the help of a Credit Card, any cardholder can withdraw the Cash and he/she will have to repay the withdrawal amount with some amount interest charges to the bank.
The Credit Card Withdrawal Charges/Fees based on the Bank under which the user has an account. On the other hand, few banks don’t offer Cash Advance Feature. So, someone needs to check with the bank before applying for Credit Card if they cover the Cash Advance feature or not.
Also See: Where Can I Use Makro Credit Card? Makro Credit Card Application
How to Withdraw Money from Makro Credit Card
The truth is that you cannot directly withdraw money from Makro credit card to bank account or at the ATM. There is currently no ATM in the country where you can withdraw your Makro credit card cash. However, you can indirectly get or withdraw through cash backs.
To get money back from your Makro credit card, locate a Makro till point or money center. When you get to the store, ask the cashier to add Rand amount to whatever you are buying.
For instance, let say the money in your credit card is worth R1000, you can purchase a product worth R100 and ask the cashier to give the remaining change of R900 to you.
The cash will be deducted from your Makro credit card when you ask for the cash back. The cashier will then give you the money. Cash back is the only way to indirectly withdraw from your Makro credit card. Locate a nearby Makro store agent and ask for cash back.
Makro Credit Card Cash Withdrawal Limit
Any Credit Cardholder is eligible to withdraw the cash based on the Credit Limit allocated by the Bank officials. Ocassionally, the Credit Card Cash limit for withdrawal would range from 20% down to 40% out of your total Credit limit. Note that Credit Limit and Credit Card Cash Limit is totally 2 different things.
- Credit Limit: Credit limit is the maximum amount which you can spend or make transactions through Credit Card.
- Cash Limit or Cash Advance Limit: The cash limit is the maximum cash you can withdraw from your Credit limit.
For instance, a user has a Credit Card, whose credit limit is 2 Lakhs. Then the cash advance limit of that same user will be around 40,000 to 80,000 (20% to 40%).You should know that Cash Limit and Credit Limit change from bank to bank.
Some Banks Credit Card With Withdrawal Charges
As said earlier every bank credit card has its own charges attached to it. Here are some top banks and thier credit card cash withdrawal:
| Bank Name | Credit Card Cash Advance Fee |
|---|---|
| Credit Card Cash Withdrawal Charges HDFC | 2.5% of the withdrawn amount subject to a minimum of Rs.500 |
| ICICI Credit Card Withdrawal Charges | 2.5% of withdrawn amount subject to a minimum of Rs.300 |
| Axis Bank Credit Card Withdrawal Charges | 2.5% of the withdrawn amount, subject to a minimum of Rs.250 |
| SBI Credit Card Withdrawal Charges | 2.5% of withdrawn amount subject to a minimum of Rs.300 |
| Citibank Credit Card Withdrawal Charges | 2.5% of the withdrawn amount, subject to a minimum of Rs.500 |
Frequently Asked Questions You Need to Know
Can I withdraw from my Makro credit card?
- He or she must be 18 years or more
- Applicant must have a valid government issued ID
- He or she should have a job and earn not less than R2000 per month
- Applicant must also have a working email address
- Documents such as source of income and bank statements may be asked to be submitted by the applicant
- Log into the Makro credit website
- Click on the “Sign Up” tab to start
- Click on the “Apply” located at the top of your homepage
- Enter your full name and other necessary details
- Click on the “Submit” tab once you have filled the form
