What Is a Credit Card Cash Advance
Author: Cindy
Posted: Mon Jul 05, 2004 7:14 pm
Post subject: What Is a Credit Card Cash Advance
4/3/2002 7:15 am CDT
I'm sorry, I'm only 18 and I'm new to the credit card thing. I know a good amount about credit and such, but I have a question about cash advances (sparked by another users question). What is it exactly? Is it like using your credit card as an ATM card to simply get cash for your wallet? If so, do you use an ATM to extract such cash or can you just go intoa store and ask for a cash advance and they charge it to your credit card? If only an ATM can give you a cash advance can it be any ATM around? Thanks so mcuh for everyone's help!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: nobody
Posted: Mon Jul 05, 2004 7:15 pm
Post subject: What Is a Credit Card Cash Advance
4/3/2002 12:39 am CDT
You can use your credit card like an ATM card at any machine that your credit card belongs to the same network of--for example, at a PLUS machine (the easiest way to tell is to look on the back of your credit card for the symbol of the network they belong to). It will not work at just ANY ATM, just like your ATM card will not work at just any ATM. In addition, You must have a PIN, just like when you use your ATM card, and there is usually a fee for the transaction (usually about 2% of the advance amount). Your cash advance is also limited by any limits set by the machine itself (many machines will only let you take out $300 or $400 per day).
The other way to get cash on your credit card is to go to a bank. Banks will give you a cash advance on your credit card, and usually they do not impose a dollar limit. However, your credit card will usually have a cash advance limit, somewhat lower than your whole credit limit on the card--And your credit card will usually charge you a fee, similar to the one they charge if you use an ATM. In addition, some banks also charge a fee when you take out the cash, but many do not.
Stores will not give you cash; you must go to a bank or other financial institution to get cash. What you do with the cash after you get it is completely up to you.
Also, with most credit cards, interest starts to acrue from the day you take out the cash, unlike purchases which usually have some sort of grace period. For example, if you took out a cash advance today, paid it back tomorrow, you would have to pay the interest for that one day in between.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Posted: Mon Jul 05, 2004 7:14 pm
Post subject: What Is a Credit Card Cash Advance
4/3/2002 7:15 am CDT
I'm sorry, I'm only 18 and I'm new to the credit card thing. I know a good amount about credit and such, but I have a question about cash advances (sparked by another users question). What is it exactly? Is it like using your credit card as an ATM card to simply get cash for your wallet? If so, do you use an ATM to extract such cash or can you just go intoa store and ask for a cash advance and they charge it to your credit card? If only an ATM can give you a cash advance can it be any ATM around? Thanks so mcuh for everyone's help!
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: nobody
Posted: Mon Jul 05, 2004 7:15 pm
Post subject: What Is a Credit Card Cash Advance
4/3/2002 12:39 am CDT
You can use your credit card like an ATM card at any machine that your credit card belongs to the same network of--for example, at a PLUS machine (the easiest way to tell is to look on the back of your credit card for the symbol of the network they belong to). It will not work at just ANY ATM, just like your ATM card will not work at just any ATM. In addition, You must have a PIN, just like when you use your ATM card, and there is usually a fee for the transaction (usually about 2% of the advance amount). Your cash advance is also limited by any limits set by the machine itself (many machines will only let you take out $300 or $400 per day).
The other way to get cash on your credit card is to go to a bank. Banks will give you a cash advance on your credit card, and usually they do not impose a dollar limit. However, your credit card will usually have a cash advance limit, somewhat lower than your whole credit limit on the card--And your credit card will usually charge you a fee, similar to the one they charge if you use an ATM. In addition, some banks also charge a fee when you take out the cash, but many do not.
Stores will not give you cash; you must go to a bank or other financial institution to get cash. What you do with the cash after you get it is completely up to you.
Also, with most credit cards, interest starts to acrue from the day you take out the cash, unlike purchases which usually have some sort of grace period. For example, if you took out a cash advance today, paid it back tomorrow, you would have to pay the interest for that one day in between.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
posted by CardRatings.com at 1:28 PM
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