I have a credit card but I need cash to pay for a Christmas tree and various holiday staff. Can I get a cash advance on my credit card? Where and how can I do it? It it expensive?
What is a cash advance on a credit card?
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Answers: 1
COMPACOM TEAM
Expert answer
Peter, in your case of urgent purchases credit card cash advance is a perfect solution. It will let you get the cash very quick and easy. Cash advance on a credit card works like any other loan - imagine that you buy cash and pay for it with your credit card like you pay for any other item. Naturally, you'll have to pay the money back plus interest and fees.
The process of getting a cash advance on your credit card is very easy.
- If your credit card has a PIN, you can get cash advances directly from an ATM.
- Another way is to go to a bank that offers advances through your card’s payment network and get the necessary cash. You’ll need an ID.
The cost of the cash advance is usually either a fixed fee of $5 - $10 or a certain percentage of the advance - 5% on average.
Though credit card cash advance doesn't affect your credit score, make sure to repay it on time as the finance charges may pile up and lead to a higher debt.
Read more: What is cash advance?
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