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Credit Card Cash Advance

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A credit card cash advance is a reliable way to get fast cash.  It certainly has its risks, but if you have a credit card it’s always available.  When used responsibly, there is no reason why a cash advance on a credit card should be avoided.  This article will look at how they work and how to make sure they aren’t abused.

The main benefit of a cash advance on credit cards is that money can be had “on demand.”  All you need is an ATM that accepts your type of card (Visa, Mastercard, etc.) or call the phone number on the back of the card to get your money.  If you call the number on the back of the card, your money will usually be transferred directly into your bank account.

Credit card cash advance fees are very high.  There will usually be a fee that you pay when the money is received, and a monthly fee may also be charged for using it, and the fee is usually the same no matter how much you’re advanced.  Some credit cards offer awesome deals on cash advances, but unfortunately most don’t.  The credit card companies that charge higher rates will usually charge higher interest than your APR on purchases, so you’re getting the double whammy.  To make things worse, when interest rates are tiered like this your monthly payment will go toward paying the lower APR first, and let the higher interest part keep building up.

In order to make sure that you don’t abuse cash advance credit cards and put yourself into worse debt, do your best to not use that card again until the cash advance is paid back.  This will help keep your balance lower and allow your next monthly payment to pay towards the advance rather than the purchases that you would’ve made.

I’ve read stories of people taking a cash advance from credit cards to pay their credit card bill!  I don’t think I need to tell you how bad of an idea this is, but when it comes to money people can do some dumb things.  Another place where cash advances are seriously abused is at the casino.  With the hundreds of ATM’s on the floor and the slight chance of being able to make more money, people easily fall into this trap.  I did it once, and regretted it after the hangover wore off!  Please don’t become a funny story like this and use your cash advance responsibly!

When used responsibly, credit card cash advances are another great way to get fast cash when you need it.

Thanks for reading,

Lydia

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