Many credit card lenders treat interest on cash advances differently than interest on regular purchases. For starters, the interest rate is often higher on a cash advance than on purchases made directly with the card. Also, any special interest promotions, such as no interest until a certain date, may not be applicable on cash advances, so you may be charged interest unexpectedly. Plus, interest on cash advances is charged from the very day that you withdraw the money, because there is not a grace period on this type of transaction.
Another consideration is that credit card lenders have the right to put any payments towards lower interest purchases first and higher interest purchases last, including cash advances. This means that the entire balance on the card must be paid off before your payments begin going toward the cash advance. So, if you have $5, 000 on a card with no interest for 15 months and you take out a $500 cash advance, you will still be charged interest on the $500 cash advance for the entire 15-month period unless you pay the other $5, 000 off before that date. Instead of taking a cash advance, try to use the credit card itself for anything that you can. If there is something that has to be paid and you absolutely cannot use a credit card to pay it, take out as little as possible to avoid interest on a higher amount, and be sure to try to pay your balance off as quickly as possible.
A credit card is a small plastic card issued to users as a system of payment. It allows its holder to buy goods and services based on the holder's promise to pay for these goods and services. The issuer of the card creates a revolving account and grants a line of credit to the consumer (or the user) from which the user can borrow money for...
The term payment card covers a range of different cards that can be presented by a cardholder to make a payment.
Typically a payment card is backed by an account holding funds belonging to the cardholder, or offering credit to the cardholder. Payment cards can be classified into types depending on how this account is managed. Different types of...
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