May 10, 2010
Cash Advances are when a credit card user withdraws cash from their credit card account. Many of these cash advances have cash advance fees attached to them.
Cash advances can be quite complex and different from the way a credit card is used in when an item is bought with a credit card. read more…
January 3, 2010
Many credit cards give an option to get cash advances through ATMs. This can sometimes be a bad option.
Credit card cash advances do not work in the same way as other credit card transactions. As there is no merchant fee then the charges tend to be more transparent. There is rarely an interest free period for cash advances, which means that interest on the credit card rate will be charged from the first day that it is withdrawn. In practice this can make the credit card interest far higher than the other transactions as many people pay off the balance as soon as they receive a statement. They tend to believe that the credit card is not charging any interest, but this will not be the case if there are any cash advances. read more…