BDO Unibank, one of the leading banks in the Philippines, offers a convenient solution through its credit card Cash Advance feature. In times of unexpected financial challenges or urgent cash needs, having access to a reliable source of funds can be a game-changer.
BDO Credit Card offers a seamless solution – the ability to withdraw cash against your Cash Advance limit in times of unforeseen financial needs.
This service allows BDO credit cardholders to withdraw cash from their credit limit, providing instant liquidity when needed. In this article, we will guide you through the process of obtaining a cash advance using your BDO credit card.
Understanding Cash Advance.
A cash advance is a financial service that allows credit cardholders to withdraw a certain amount of cash from their credit limit. This transaction is separate from regular purchases made with the credit card and typically comes with specific fees and interest rates. While it provides immediate access to funds, it’s crucial to be aware of the associated costs and terms.
This service is available through authorized ATMs, the expansive BDO ATM Network in the Philippines and abroad, and designated BDO branches equipped with Point of Sales (POS) terminals. Over-the-counter Cash Advance transactions can also be conveniently conducted at these specified BDO branches. Please note that Cash Advance transactions via ATM will necessitate using a unique Personal Identification Number (PIN).
Steps to Get a Cash Advance with a BDO Credit Card:
- Check Credit Limit: Verify your available credit limit before proceeding with a cash advance. Ensure you have sufficient credit available to cover the desired amount you intend to withdraw.
- Locate BDO ATMs or Partner ATMs: BDO credit cardholders can withdraw cash from BDO ATMs or partner ATMs displaying the Mastercard or Visa logo. Identify the nearest and most convenient ATM for your transaction.
- Insert Your Credit Card: Insert your BDO credit card into the ATM machine and enter your Personal Identification Number (PIN). This is the same PIN used for regular transactions. If you need to request or change your PIN for your BDO credit card, you can do so by visiting the BDO PIN Request Portal.
- Select Cash Advance Option: On the ATM screen, look for the option that says “Cash Advance”. Select this option to proceed with the cash advance transaction.
- Enter Desired Amount: Input the amount you wish to withdraw. Remember any transaction fees associated with cash advances, as they will be deducted from your credit card limit.
- Review and Confirm: The ATM will display your transaction summary, including the amount to be withdrawn and any associated fees. Review this information carefully before confirming the transaction.
- Collect Cash and Receipt: Once you confirm the transaction, the ATM will dispense the requested cash. Collect both the cash and the transaction receipt detailing the amount withdrawn, fees, and other relevant information.
Fees and Charges of BDO Credit Cards Cash Advance.
It’s important to be aware of the fees and charges associated with Cash Advance transactions to make informed financial decisions:
- Cash Advance Fee: Each approved Cash Advance transaction charges Php 200.00 or US$3.50. It’s worth noting that additional charges may be applied by other bank ATMs, both locally and internationally, for each transaction.
- Finance Charges: Finance charges will be imposed at the prevailing interest rate on the outstanding Cash Advance balance, which includes fees. These charges accrue from the acquisition date until the Cash Advance balance and related charges are fully settled. BDO determines the interest rates and are subject to change in accordance with prevailing market rates. For the latest information on fees and charges, please refer to the BDO Fees and Charges page.
Terms and Conditions of BDO Credit Cards Cash Advance.
All Cash Advance transactions are subject to specific terms and conditions that govern the process. For a comprehensive understanding of these terms, please refer to the following links:
- BDO Credit Card Cash Advance Terms and Conditions
- American Express (AMEX) Cash Advance Terms and Conditions
By familiarizing yourself with these details, you can make informed decisions regarding Cash Advance transactions with your BDO Credit Card.
Final Thoughts
While a cash advance can be a convenient option in emergencies, it’s essential to use this feature judiciously. The associated fees and interest rates can be higher than those for regular credit card transactions, so it’s advisable to repay the cash advance promptly to minimize costs. By following the steps outlined in this guide, BDO credit cardholders can confidently make the most of the cash advance feature and navigate unexpected financial situations.
