Credit Card As a Source of Cash
Credit cards can be a good source of cash especially during emergency. There are several ways it can be used as a source of cash like below.
Counter cash advance
By presenting the credit card over the counter of a bank, you can draw cash up to the cash limit designated by the card issuer. Such transaction is called the counter cash advance transaction. In the process, the bank swipes your card on the Electronic Data Capture (EDC) terminal with would automatically dials up to seek an approval code from the bank for the transaction. The bank would also records your personal details from your identity card, make a copy of your identity card and obtain your signature on both the transaction and withdrawal slips. Upon approval of your transaction by the bank, the teller will dispense the cash to you. The whole process should takes less than 20 minutes depending on the bank procedures.
ATM cash advance
You can also perform cash advance with your credit card through a bank automatic teller machine (ATM). This transaction is much simpler than the earlier counter cash advance transaction.
To do this, insert your card into the card slot in the ATM, key in your pin number and key in the amount that you want to draw out. In the process, the ATM will automatically dial up to seek an approval code from the bank for the transaction. One the transaction is approved the ATM will dispense the cash equivalent to the amount that you keyed in earlier. The whole process usually takes less than 2 minutes.
