Can I get cash using my credit card(citi bank mastercard) from an atm machine in the states?
ok I got credit card from citibank in newyork. i’m us citizen.
I have never used a credit card. so please understand my trivial questions.
1. continuing from the above question, will my credit card work on any atm machines in the states? as long as the machine says mastercard?
2. Can I use any mastercard atm machine in south korea? will I be able to take out their cash currency which is Won? meaning, will I be able to take out cash using atm machine in korea?
3. If I buy clothes, or other goods in south korea, will they charge me in dollars? of course the price will be in Won, korean currency, but would they automatically convert it to dollars and charge me in dollars?
Please answer me in details! thanks! it’s so exciting to have a credit card!
You can use it at any atm in the states as long as it has your mastercard logo on it
As for korea i dont know..in africa you can use there atm..but for larger amounts you have to find a bank that will accept your card, and exchange american money for that countrys curriency..ask your bank they can tell you..good luck
You can use your card to withdraw cash from any ATM (as long as it says mastercard which most do) and pay for things anywhere in the world. The transaction will take place in the local currency, and will then be converted to US dollars on your account. You will see this conversion on your statement.
1) Yes, the Citibank card is usable at ATM’s with the Mastercard logo. My Citicard actually has a Cirrus logo, which is an interbank ATM network many banks use. Yours may have that too. In that case, you can probably use it at those ATM’s as well.
Just be sure you have the PIN for the card. Citibank allows you to set it online through
2) Yes, your Citicard will function like a normal ATM card. You should have no problem taking out cash. Just be sure to call Citibank first and tell them that you will be out of the country so they don’t shut your card down in suspicion of fraud.
3) Yes, when you use the MasterCard in Korea, it will be charged in Korea in Won. Then it is converted into dollars per the current interbank exchange rate. My cardholder agreement, probably similar to yours in fees dictates that you are also subject to a 3% fee on foreign currency transactions.
So if you buy something for 96,000 Won, it will be first converted into $99.53 (assuming an exchange rate of 964.498 Won/Dollar) and then 3% is added to that for a final charge of $102.52.
I would watch out when withdrawing cash with credit cards though. You are subject to pretty steep interest rates. Use your ATM card instead and the credit card for cash emergencies if you can.
Good luck!
Using a credit card for cash withdrawals from bank machines is the worst thing you can do with a credit card. First of all, the bank machine owner will charge you a fee, from $1.50 to $2.50 per transaction. Second, MasterCard will start your interest clock immediately. There’s no grace period unlike when you buy things at stores. The best way to use the card is to buy things at stores or online and pay them off 100% within your grace period (usually 20 to 28 days from the moment of purchase). Also, remember that if you use more than 75% of the credit available on your MasterCard your credit score will suffer. So, if you have $500 available, try to stay under $375. In this way, you can avoid getting into financial trouble and keep your credit score high.