2:54 PM What Is a Credit Card Cash Advance? | ||||
#cash advance # What's a Credit Card Cash Advance?By LaToya Irby. Credit/Debt Management Expert Welcome to About.com s Credit/Debt Management site, led by your guide, LaToya Irby. LaToya has been the credit and debt management guide since 2007. Read more Your credit card may come with the ability to take out a cash advance. A cash advance is an amount of cash borrowed against your credit limit. You can take out a cash advance by using your PIN at an ATM or by using a convenience check your credit card issuer has sent you. How Much Cash Can You Withdraw?Check a recent copy of your credit card statement or login to your online account to check your cash advance limit and the amount of credit you have available for a cash advance. Cost of a Cash AdvanceCash advances come with fees and typically have higher interest rates than the interest rate for purchases. The cash advance fee can be charged as a percentage of the cash advance or a flat rate. For example, your credit card issuer may charge a fee of 5% of the advance or $10, whichever is greater. Cash advances don t have a grace period. meaning interest begins accruing on the balance as soon as you borrow it. You ll always pay a finance charge on a cash advance even if you pay it in full when your billing statement comes. To reduce the amount of interest you pay on a cash advance, pay it as soon as possible, even before you are billed for it. When a Cash Advance Isn t CashSome transactions are treated like a cash advance even though you never physically withdrew cash.
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