Cash Advance Là Gì

LaToya Irby is an expert on credit cards, credit scores and monitoring, budgeting, and banking products & services. She holds a degree in business from the University of Alabama.quý khách đã xem: Cash advance là gìEric Estevez is financial professional for a large multinational corporation. His experience is relevant khổng lồ both business & personal finance topics.

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In addition to allowing you lớn make purchases or transfer a balance from another credit thẻ, your credit card may come with the ability to lớn get cash. You might consider taking a cash advance from your card if you"re shopping with a business that only takes cash or you"re in a pinch and don"t have sầu enough money in your bank tài khoản. Before you go this route, know that it"s one of the most expensive credit card transactions you can make.

What Is a Cash Advance?

A cash advance on your credit card is an amount of cash borrowed against your credit limit. It"s lượt thích withdrawing money from the ATM with your debit card, except the cash comes from your credit limit rather than your ngân hàng trương mục balance. That means you have sầu to pay it back with interest. Cash advance transactions can be performed by using your PIN at an ATM or by using a convenience kiểm tra mailed by your credit card issuer.

Though the names are similar, credit thẻ cash advance is a little different from a payday cash advance loan taken with a payday loan lender. The payday cash advance generally doesn"t require a traditional credit check và must be repaid directly to lớn the payday lender, usually by your next payday.

Your credit thẻ cash advance is tied lớn your credit thẻ (which required a credit kiểm tra lớn be approved) và comes with the option lớn pay over a period of time as long as you make minimum payments.

How Much Cash Can You Withdraw?

Cheông chồng a recent copy of your credit thẻ statement or log in to lớn your online account to lớn check your cash advance limit và the amount of credit you have sầu available for a cash advance.

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Your available cash advance limit may be lower than your total limit if you already have sầu a balance on the credit thẻ.

Cost of a Cash Advance

Cash advances have a higher cost than regular transactions. You"ll be charged a cash advance fee and, usually, a higher interest rate than you"d pay for purchases. The cash advance fee can be charged as a percentage of the cash advance or a flat rate. For example, your credit card issuer may charge a fee of 5% of the advance or $10, whichever is greater. Cheông chồng your credit thẻ terms lớn confirm the exact fee you"ll pay for cash advances.

Cash advances don"t have sầu a grace period, meaning interest begins accruing on the balance as soon as the transaction is completed. This is true even when you pay your balance in full and start the billing cycle with a zero balance.You"ll always pay a finance charge on a cash advance even if you pay it in full when your billing statement comes. To reduce the amount of interest you pay on a cash advance, pay it off as soon as possible, even if that means paying before your billing statement comes.

In addition lớn the cash advance fee, you"ll also be charged an ATM fee when you use an ATM for a credit card cash advance.

There are some creative ways to lớn get cash from a credit card without doing a cash advance. Consider reselling gift cards or shifting some bills around.

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Paying Off a Cash Advance Balance

When your card"s cash advances carry a different interest rate from purchases or balance transfers, your monthlypayment may be split up amuốn the balances, depending on how much you pay. If you only make the minimum payment, it will likely be applied to lớn the balance with the lowest interest rate—that"s up to your credit card issuer.

When a Cash Advance Isn't Cash

Some transactions are treated as a cash advance even though you never physically withdrew cash on your credit thẻ. For example, if your credit thẻ is set up for overdraft protection, the overdraft amount will be treated as a cash advance. Wire transfers,money orders, và cryptocurrency purchased with your credit card may also be considered cash advances.  Refer lớn your credit thẻ agreement khổng lồ figure out which transactions may be treated as cash advances.