Although withdrawing cash from your credit card can be expensive, since banks charge you higher fees on the value of the withdrawal, there are cases in which it could be a good alternative, but not always, since we tell you here what are the risks.
Do you need to withdraw money immediately? Cash withdrawal can be valid, for example, if your vehicle breaks down and you do not have any other payment method, it is necessary to use this method of payment.
However, you must make sure that you replace the money as soon as possible, so as not to accumulate interest for having the cash. In case the money is not really urgent, you can look for other ways to finance yourself.
What options do I have to finance myself?
- Request a personal loan from the bank.
- Borrow money from family and friends.
- From your Afore account withdraw money.
- Sell objects or assets.
It is necessary to remember that the mentioned alternatives have advantages and disadvantages, just like withdrawing cash from your credit card. For example: withdrawing money from your Afore harms your retirement savings basket, making your money spend less time invested, reducing your long-term returns. Asking friends and family for interest-free money can lead to relationship problems if you don’t pay back what they lent you.
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