Known for having a lower interest rate, the payroll card that is released to HHTW Beneficiaries, Public Servants and CLT Workers also offers other facilities. Among them are the withdrawal options. Check out the top 3 payroll credit card withdrawal types:
- ATM withdrawal;
- Tele-sacking; and
- Web withdrawal.
If you already have an active card, know in detail how to benefit when you need fast cash and no paperwork.
Payroll Credit Card Withdrawal Types
Paying off a payroll-deductible credit card is an operation that allows cardholders to access the credit limit in cash and repay the debt in installments each month.
Although widely used, there are some types of payroll credit card withdrawals available at some banks which are more common. Check-out!
ATM withdrawal, usually done through the Bank’s 24-hour network, is a quick and easy option for those who need money but can’t wait long.
As the limit is already available on the card, the cardholder only has to go to an ATM with his card and provided with the password to request the withdrawal. The transaction is carried out automatically, without bureaucracy. Unlike other payroll credit card withdrawal methods, cash withdrawal is immediately released. You need to be aware only of the daily limits set for this operation.
Tele withdraw is the option where the payroll credit card limit available on the card is released via telephone. This service is performed exclusively at the relationship centers of the contracted banks. Tipping is available 24/7 at some banks. For security reasons, the cardholder must confirm financial and personal information for credit release. In order to know the telephone of the bank’s Relationship Center or the tele withdrawal channel, the user must inquire at the bank where he is a customer. Remember, however, that not all financial institutions have this type of active service.
In web withdrawal, payroll credit card withdrawal is requested over the internet. As the process takes place online, you must have the access to make the transaction through the contracted bank’s website.
In this transaction, the money is credited to the account and can then be withdrawn normally. The use of money is at the discretion of the user. Understand now what is required to make withdrawals from the payroll card.
What is required to withdraw from Payroll Credit Card
To perform this transaction, the cardholder must abide by some rules and perform some processes. Know what they are and how to make money more easily.
Have the withdrawal option enabled
By hiring the card, the user can choose between options with or without withdrawal. It is very important to validate if the chosen bank has the withdrawal available and to select this option when hiring the payroll credit card.
In addition, the conditions of use and values must be provided in contract.
Have credit limit available
One of the prerequisites is to have credit limit available. As the payroll credit card can be used for installment purchases, if the limit is compromised there will be no balance available. Therefore, before requesting the withdrawal you must check the available limit. The payroll credit card withdrawal limit may range from 80 to 95% of the available limit.
Have the password to withdraw
The card will be forwarded to the address indicated next to a password that is personal and non-transferable. In order to withdraw money you must therefore have this password. In case of password loss it is necessary to contact the bank directly.
Take the opportunity to learn the advantages and disadvantages of payroll card withdrawal.
Advantages and Disadvantages of Payroll Card Withdrawal
Like every credit option, payroll card withdrawal has some advantages and disadvantages. Check-out!
The eased serves
Withdrawal of the payroll card is made directly by the cardholder. No need to go to a bank branch, can be done in banks 24 hours, over the phone or internet.
Please note that no payroll credit card withdrawals can be authorized without the consent of the cardholder. Thus, this alternative is optional and may not be required by the bank.
Lower interest rates
Compared to payroll credit card options, payroll card interest is lower. The difference can be up to 5 times less. In practice, this means money at a lower cost, ie savings in your pocket. Remember that by financial recommendations, spending on credit should not exceed 30% of monthly income.
Compromised Credit Limit
If the limit is fully used for withdrawal, the payroll card cannot be used for installment purchases. You must pay the invoice to release the available amount again. Once settled, the balance can be used again for both installation purchases and withdrawals.
Higher Monthly Payment
If the installment amount exceeds the payable margin, you will need to make two payments in the month. One will be automatic (limited to the amount of payable margin), directly discounted from the payroll. The other must be done via payment of the additional invoice.
If the amount is not settled within the month, it will go into revolving credit. As you have seen, paycheck deductible credit card withdrawal can be a quicker and easier alternative to having the required cash. Simulate it and discover other benefits of payroll cards. With Bento Company, you choose the best option for your pocket!
Want to make a payroll credit card?
Bento Company can help you contract the payroll credit card you need! Compare payroll credit card offers from different banks and choose the best one for you. Simulate your payroll credit card