When you want to get some cash fast, you may think of doing a credit card cash advance. Cash advances are available through many credit cards and are technically a short-term loan. When you open a credit card, you have access to a line of credit. This credit line is considered revolving credit, which means you can spend up to your credit limit indefinitely, as long as you pay your balance down. Getting a cash advance is like withdrawing a portion of your credit limit in cash, instead of making a purchase on your card. Then, you can pay down that balance like you would pay down a loan.
Although getting a cash advance can be a quick way to get funds, it’s not always in your best interest. Credit card cash advances often have additional fees, as well as a high APR attached to them. If you’re considering a cash advance, you’ll want to weigh the choice among other options.
Credit Card Cash Advance Terms and Conditions
Before you take a cash advance, it’s important to understand all the terms you are agreeing to. Otherwise, you may be blindsided with fees and costs you weren’t expecting. For starters, a cash advance is a separate transaction from buying something with a credit card.
You’ll also want to consider the fact that when you take a cash advance, you are agreeing to pay a separate APR from your credit card. The APR for credit card cash advances is generally higher than your regular APR on purchases. Most credit cards also charge some sort of fee, which is either a percentage of your cash advance or a flat fee. And of course, you may incur fees from the ATM or bank that you use.
Before you take any cash advance, it’s worth rereading the terms of your credit card so that you understand exactly how much you might be paying on your cash advance.
How to Get a Credit Card Cash Advance
There are a few different ways to get a cash advance if you’re needing money quickly. For example, you can complete a cash advance transaction at most ATM’s. This works similarly to any withdrawal, as long as your credit card has a PIN. If so, you can access your account and withdraw what you need. If you’re doing a cash advance this way, understand that there may be some limits to what you can withdraw.
In case you’re seeking a larger cash advance, you may want to go to your bank teller. You can request a cash advance in-person at your bank if you have your credit card with you. All you need to know is how much you want, and your teller can assist you. The other option for a cash advance is to use a convenience check. Not all credit cards will come with these checks, though you may be able to request them. If you do have convenience checks, you can write a check to yourself and then cash it as you would any other check.
Alternatives to a
Credit Card Cash Advance
If you’re in need of some quick cash, carefully assess all of your options. You may not feel that you have many, however, a cash advance can overextend many people. For starters, your friends and family may be a good resource for you to go to. You don’t have to ask for the money outright; instead, see if they’ll agree to a loan with more favorable terms than a cash advance or personal loan. You may be surprised at the results. Just be crystal clear about how repayment will work so everyone stays happy. If this isn’t an option for you, a personal loan may also be an option. While a loan is still a loan, you can typically get better interest rates and loan terms when you seek a personal loan. This is especially true if you have a good credit score (which has no bearing on your cash advance rates). You may be able to save a lot of interest costs by going this route.
There are, of course, other routes to quick cash, too. If you get creative, you may be able to make some money on the side that can help you in a pinch and keep you from paying any interest. Overall, one of the best things you can do when you’re in need of quick cash is to take a breather, assess all of your options, and then make a decision. That way you give yourself the best chance of landing on your feet again when the need passes.
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