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What Is a Credit Card Cash Advance

What Is a Credit Card Cash Advance

Looking for a way to access quick and convenient cash without having to dip into your savings might seem like an unrealistic hope, but with a cash advance, you can do just that.

While not advised due to the high charges associated with them, cash advances are an option for when all else has been exhausted.

A credit card cash advance is way to obtain money immediately by means of making a withdrawal through your credit card. Cash advances can be made at ATM’s as well as at bank branches and through online banking.

Cash advances also carry a limit and banks will mention the amount of money you can withdraw as a cash advance in your credit card statement. This amount is usually your credit limit or an amount lower than your credit limit.

A cash advance can be made through an ATM in a manner similar to a cash withdrawal using a debit card.

When visiting a bank branch for a cash advance, you will have to hand over your credit card and the teller will provide you with the amount of money you have asked for, subject to your cash advance limit.

Cash Advance Fees

As stated earlier, cash advances are chargeable transactions made on your credit card. Like all credit purchases, a cash advance also attracts interest. In the case of purchases charged to your credit card, your outstanding amount will attract interest only if the full amount has not been paid by the due date.