You're Broke (Again)? How to Magically Move Money from Your CIMB Credit Card to Your Bank Account (But Seriously, Don't Do This All the Time)
Let's face it, we've all been there. You swipe that plastic fantastic a little too enthusiastically, and suddenly your bank account is resembling the Sahara Desert – vast and empty. But before you start selling your slightly-used beanie baby collection (because let's be real, who actually wants those things?), there's a little trick up your sleeve with your CIMB credit card. Now, this trick is like that emergency hidden compartment in your backpack – useful in a pinch, but not something you want to rely on all the time.
Hold on Now, Can You Really Do That?
Technically, no, you can't directly transfer money from your CIMB credit card to your bank account. Credit cards are for spending, bank accounts are for...well, not spending. But there is a way to kind of, sorta achieve the same result. It's like that friend who always "forgets" their wallet, so you end up paying for everything. (We see you, Steve)
Here's the thing: You can use a cash advance to get money from your credit card, and then transfer those funds to your bank account. But here's the not-so-fun part: Cash advances usually come with a higher interest rate and fees compared to regular credit card purchases. So, it's like that friend who forgets their wallet, but then also asks you to cover the ATM fees.
So, How Do I Do This Cash Advance Thingy?
There are two main ways to get a cash advance with CIMB:
- ATM: Head to your nearest CIMB ATM and follow the prompts for a cash advance. Just remember, there might be a fee for using an ATM that isn't CIMB's. That's like your friend asking you to cover not just the meal, but also the fancy sparkling water they had to have.
- CIMB Clicks/CIMB Octo App: You can also do a cash advance online through your CIMB Clicks account or the CIMB Octo app. It's convenient, but double-check those fees again.
Alright, I Got the Cash. Now What?
Once you have your cash advance, you can transfer it to your CIMB bank account using any of their online banking options or by visiting a branch. This transfer itself shouldn't have any fees, but remember, the cash advance itself might.
Important Note: While this can be a lifesaver in a pinch, paying off a cash advance with high-interest rates can quickly snowball into a debt monster. So, only use this as a last resort, and make a plan to pay back that cash advance ASAP.
Do Not Pass Go, Do Not Collect $200: Cash Advance FAQs
Here are some quick answers to frequently asked questions about cash advances with CIMB:
- How much can I withdraw with a cash advance? This depends on your credit limit and CIMB's policy.
- What are the fees for a cash advance? There's usually a cash advance fee and potentially additional ATM fees depending on the ATM you use. Check with CIMB for their current rates.
- How long do I have to repay a cash advance? Cash advances are typically treated like regular credit card purchases, so you'll have a grace period and then interest will start accruing.
- Are there other ways to get money besides a cash advance? Absolutely! Consider selling some unused items online, picking up a side hustle, or talking to a friend or family member about a loan (with clear terms and repayment plan, of course).
- Is there a way to avoid cash advances altogether? The best way to avoid cash advances is to budget carefully and only spend what you can afford to pay back each month.
Remember, using your credit card responsibly is key. So swipe wisely, and hopefully, you won't need to resort to this financial friend-who-forgets-their-wallet routine too often.
