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Frequently asked questions: Using credit cards at an ATM

ATM stands for automated teller machine, from which cash can be withdrawn using a personal identification number (PIN) seven days a week, 24 hours a day and 365 days a year.

Apnaloan.com Research Bureau

10 Aug 2007

What is an ATM?

ATM stands for automated teller machine, from which cash can be withdrawn using a personal identification number (PIN) seven days a week, 24 hours a day and 365 days a year.


How much cash can be withdrawn with a credit card from an ATM and what does it cost?

Normally, you may withdraw an amount varying from 20% to 60% of your credit limit as a cash advance. The cash withdrawn can never exceed the fixed limit and you are charged a transaction cost for the amount withdrawn as well as an interest cost.


What are the safety requirements while using an ATM?

Be careful while using isolated ATMs especially at night. If the lights at the ATM facility do not work, avoid using that ATM. Make sure no one can see you when you punch in your PIN. Do not count your money immediately. Put it in your pocket and walk away. Count it later. Always take your receipts with you.


Can I use a credit card in any ATM or in any bank's branches?

Some credit cards permit the withdrawal of cash only from their own respective branches or ATMs. Otherwise, if the credit card issuing company/bank is associated with either MasterCard or Visa then you could withdraw cash from any of the ATMs within their network.