How to Withdraw Money from Credit Cards: AEON, CIMB, Maybank, and Others

Cash withdrawals from credit cards are often considered an option when you need cash urgently. Although it may seem easy and quick, withdrawing cash using a credit card comes with some financial risks that need to be understood. In this article, we will discuss how to withdraw cash from major credit cards such as AEON credit card, CIMB credit card, and Maybank credit card, along with the costs and benefits involved. You will gain an understanding of how to make the correct cash withdrawal and smarter alternatives.

Cash Withdrawal Process Using a Credit Card

Withdrawing cash using a credit card is a process that can be done through an ATM or bank counter. However, cash withdrawals differ from using a credit card to purchase goods or services. When you withdraw cash from a credit card, you are essentially using your credit limit to get cash, which will then be charged interest and additional fees.

Preparation Before Withdrawing Cash

Before making a cash withdrawal, there are a few things you need to ensure:

1. Check Your Credit Limit: Ensure that your credit card has enough limit for cash withdrawal. Typically, cash withdrawals are allowed up to 70-80% of the available credit limit.
2. Know the Costs and Interest: Cash withdrawals from credit cards usually come with a withdrawal fee and higher interest rates compared to regular purchases. Therefore, make sure you know the costs involved before making a withdrawal.
3. Use the Correct ATM or Bank Counter: Make sure the ATM or bank counter you are using accepts your credit card, especially if you are using AEON, CIMB, or Maybank credit cards.

Credit Card System Requirements for Cash Withdrawal

The credit cards issued by most banks, such as AEON, CIMB, and Maybank credit cards, support cash withdrawals. However, you need to ensure that your credit card is activated for cash withdrawal. Additionally, make sure the ATM you use supports cash withdrawals with the Visa or Mastercard logo.

Cash Withdrawal via ATM

Withdrawing cash via ATM is the easiest way to access cash from a credit card. However, it is important to understand the steps to be taken and the costs involved.

General Steps for Cash Withdrawal at an ATM

Here are the general steps to follow for making a cash withdrawal using a credit card:

1. Insert Your Credit Card: Insert your credit card into the ATM.
2. Select Language and Enter PIN: Choose the desired language and enter your credit card PIN.
3. Select "Cash Advance": From the main menu, select the "Cash Advance" or "Credit Card" option.
4. Enter the Cash Amount: Specify the amount of cash you want to withdraw.
5. Withdrawal: After confirmation, the cash will be dispensed and charged to your credit card account.

Practical Tip: Before making a cash withdrawal, make sure you know the cash withdrawal fee for Maybank credit cards or any other bank you use. Each transaction is usually charged a fee of 5% of the withdrawn amount or RM20, whichever is higher.

Common Mistakes to Avoid During Withdrawal

1. Not Understanding Fees and Interest: Cash withdrawals are usually subject to high interest rates and are expected immediately, so make sure you fully understand the costs involved.
2. Withdrawal Without Planning: Before making a withdrawal, make sure you plan well to avoid getting stuck with a larger financial burden due to an unplanned cash withdrawal.

Cash Withdrawal at Bank Counters

In addition to cash withdrawals through ATMs, cash withdrawals can also be done at bank counters. Although this may be easier for some people, cash withdrawal at counters comes with certain limitations.

Cash Withdrawal at Bank Counter

To withdraw cash at a counter, you need to visit the bank branch and discuss your needs with the bank officer. Each bank has different rules regarding cash withdrawals at the counter.

Steps for Withdrawal at the Counter:

1. Go to the bank branch that issued your credit card.
2. Inform the bank officer that you wish to withdraw cash using a CIMB, Maybank, or other credit card.
3. Complete the cash withdrawal form and submit it along with your credit card.
4. The withdrawal amount is usually limited to 80% of your credit limit.

Popular Credit Cards in Malaysia and Cash Withdrawal Methods

Several banks in Malaysia offer cash withdrawal facilities with varying interest rates and fees. Let's look at some popular credit cards in Malaysia and their cash withdrawal methods.

AEON Credit Card

The AEON credit card allows cash withdrawals through ATMs or AEON Credit Service counters. However, these cash withdrawals come with a cash advance fee and higher interest rates.

How to withdraw cash from AEON credit card:

1. Go to an ATM that accepts AEON cards or an AEON Credit Service counter.
2. Select "Cash Advance" and enter the desired amount.
3. The cash will be dispensed and your credit card account will be charged the withdrawn amount.

CIMB Credit Card

The CIMB credit card allows cash withdrawals at CIMB ATMs and bank counters. You can also use your CIMB credit card to withdraw cash at ATMs that support the Visa or Mastercard logo.

How to withdraw cash without a CIMB card: If your CIMB card is lost, you can use online banking or the CIMB Clicks app to transfer cash to your bank account.

Maybank Credit Card

The Maybank credit card offers a cash withdrawal program via EzyCash, which allows you to withdraw a certain amount of cash with lower interest rates compared to regular cash withdrawals.

How to withdraw cash from Maybank credit card:

1. Go to Maybank2u and select "Get EzyCash".
2. Specify the withdrawal amount and select a payment plan.
3. Follow the steps to complete the application.

Cash Withdrawal Fees and Interest Rates

Every cash withdrawal through a credit card will incur a withdrawal fee and high interest. For example, for Maybank credit cards, the cash withdrawal fee is around 5% of the withdrawn amount or a minimum of RM20. Interest is also charged from the day of withdrawal.

These additional charges can lead to a heavy financial burden if not paid off immediately. Therefore, it is important to know these charges before deciding to withdraw cash from your credit card.

Cash Withdrawal Alternatives: Transferring Money to a Bank Account

Besides withdrawing cash using a credit card, you can also consider transferring money from your credit card to your bank account via online banking or a mobile app. This process allows you to avoid high cash withdrawal fees and makes it easier to manage your finances.

How to transfer money from a credit card to a bank account:

1. Log in to your online banking.
2. Select "Transfer" and choose your credit card as the source account.
3. Specify the bank account as the destination and enter the desired amount.
4. Confirm the transaction using the TAC sent to your mobile phone.

Instant loans can also be an alternative if you need cash with lower interest rates and more flexible repayment periods.

Conclusion

Withdrawing cash from a credit card, such as AEON, CIMB, or Maybank credit cards, is an easy option when you need cash urgently. However, keep in mind that these cash withdrawals come with high fees and immediate interest. Therefore, make sure you fully understand the costs involved before making a withdrawal. If necessary, instant loans or transferring money to a bank account can be smarter alternatives to avoid heavy financial burdens.

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