Cash Advance Là Gì

     
A cash advance is a short-term cash loan — an expensive one — taken against the credit line on your credit card.

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A cash advance allows you khổng lồ use your credit card to get a short-term cash loan at a bank or ATM. Unlike a cash withdrawal from a bank account, a cash advance has khổng lồ be paid back — just like anything else you put on your credit card. Think of it as using your credit card to "buy" cash rather than goods or services.


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If you carry only credit cards for day-to-day spending, you could find yourself in a pinch when confronted with a cash-only situation, such as buying lunch from a street vendor, veggies at a farmers market or a sandwich at a mom-and-pop deli. In that case, a cash advance might be tempting. Some people also turn to lớn credit thẻ cash advances when they need paper money but don't have enough in their ngân hàng account.


If your credit card has a PIN, you can get cash advances directly from an ATM. Otherwise, you can take your thẻ to a ngân hàng that offers advances through your card's payment network, such as Mastercard or Visa. You'll have to show ID.


Be aware that most credit thẻ companies won’t allow you to take your entire credit line in the form of a cash advance. For most people, cash advances are capped at a few hundred dollars. This means that you can’t rely on your credit thẻ to provide you with very much cash in the event of an emergency.

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Getting a cash advance is easy, but it's one the costliest ways khổng lồ get your hands on some cash. This is because cash advances can come with a variety of expenses:


Cash advance fees. These are imposed by your card issuer. Some cards charge a flat fee per cash advance, say $5 or $10. Others charge a percentage of the amount advanced — often as much as 5%. Sometimes it's a percentage with a minimum dollar amount — such as 3% or $10, whichever is greater.


ATM or ngân hàng fees. These are imposed by the financial institution that handles the transaction — the owner of the ATM or the bank where you get your advance.


Given the costs associated with taking a cash advance, you may be in dire financial straits if you’re considering one because there aren't enough funds in your ngân hàng account. Cash advances should be used only in extreme emergencies. If you find yourself relying on them, it may be time to make some changes or seek help, say, through a credit counseling agency or expert.


If you do find yourself facing a cash crisis và you’re not sure where to turn, consider the options below. None may be exactly ideal, but they could kết thúc up costing less than a cash advance in the long run:


Overdrawing your checking account. Instead of taking a cash advance at an ATM, consider overdrawing your checking trương mục with your debit card. You’ll face a fee, but you won’t have to lớn worry about paying interest.


In summary, taking a cash advance on your credit thẻ means taking on a very expensive short-term loan. This is almost never a good idea, so consider all other options before using a cash advance.

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About the author: Lindsay Konsko is a former staff writer covering credit cards và consumer credit for goutcare-gbc.com. Read more


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