High interest rate – many credit cards carry a rate from 19% to as high as 29%. Which compared to a personal loan or mortgage is extremely expensive.
Cash advance fee – Some accounts will also charge you a fee for taking cash from your credit card account. This is in addition to charging interest immediately on the day of the advance.
Interest charges begin immediately – interest charges begin immediately on the day of the advance. This will also trigger interest on any unpaid balance on your statement even though you are still in the grace period.
Better to charge the item to your card – if you charge the item to your card instead of taking a cash advance, you at least have until the item appears on your statement to pay for it without interest being charged.
Credit card checks sometimes treated as cash advances – even those checks that credit card companies send out can be treated as cash advances and trigger immediate interest charges.
Read the fine print before taking advantage of any cash advance on any credit card so that you know what you are getting into and what it is going to cost you.
For many more posts about dealing with credit cards, click here.
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