Cash Advance Credit Cards |
Some credit cards let you borrow cash in addition to making
purchases on credit. Most credit card companies treat these
cash advances and your purchases differently. If you plan to
use your card for cash advances, look for information about :
- Access. Most credit
cards let you use an ATM to get a cash advance. Or
the credit card company may send you “checks” that
you can write to get the cash advance.
- APR. The APR for
cash advances may be higher than the APR for purchases.
- Fees. The credit
card company may charge a fee in addition to the interest
you will pay on the amount advanced.
- Limits. Some credit
cards limit cash advances to a dollar amount (for example,
$200 per cash advance or $500 per week) or a portion
of your credit limit (for example, 75% of your available
credit limit).
- How payments are credited. Many
credit card companies apply your payments to purchases
first and then to cash advances. Read your credit card
agreement to learn how your payments will be credited.
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