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Credit Card Basics:
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CREDIT CARD CASH ADVANCES
Did you know that you can get a cash advance in the amount of your credit card's available credit line? In fact you can utilize a credit card cash advance from anywhere in the world. Please note that you will likely pay higher interest rates when requesting a cash advance while in a foreign country.

What is a credit card cash advance?
A cash advance is a loan. Companies like American Express, Discover and any type of travel or entertainment credit card issuer can not grant credit card cash loans. Why? Because they are not bank. A money advance can only be obtained from bank issued credit cards like Chase, Citibank, Bank of American, Bank One, etc..

What are the main differences of charging cash with your credit card and getting a loan?
Credit cards offer a grace period from the time a charge is made to when you will be charged interest fees. Typically a grace period is for twenty or twenty-five days. So, if you pay off your credit card within the grace period time frame, you will have avoided paying interest. Whereas with a credit card cash advance, you will pay start incurring interest fees the instant your loan is received.

What kind of interest rates are associates with advanced credit card cash?
As with regular credit card interest rates, cash advance fees are going to vary for each card offer. You will need check out the terms and conditions of the card you are interested in to learn what its cash advance fees are.

**Please note that it is not uncommon for grace period to be eliminated when a cash advance is being utilized. This is one sneaky way credit card issuers make money.

Additional fees associated with credit card cash advances:
Most card issuers will charge a fee as much as 4-5% of the amount of money you receive from your cash advance. Its like a clothing store charging you a purchasing fee in addition to the cost of the new jacket you are buying.  This can be very costly. In essence, you can be paying an APR of 100% or more when you total this extra fee to the the 17-21% interest you are being charged for cash advance!

When should a cash advance be utilized?
Credit card cash advances should only be used for emergencies or when traveling. Combined with the high interest rates and no grace period, you will end up paying a great deal of money for credit card loan. Writing a check or getting cash from your savings account is going to cost you nothing in interest, and is a much wiser idea.



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