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Many people who have access to a credit card will probably be aware of the fact that they have the ability to use some of their line of credit to obtain cash advances. But before you jump in headfirst and see this as a way of solving your short term money problems, you will need to be aware of some of the hidden costs of a cash advance card.
When people are faced with cash emergencies that cannot be charged to their credit card in the conventional manner, it is often tempting to take advantage of the cash facility that most credit cards offer. But, before you use you credit card as a cash advance card you will need to be aware of some of the hidden costs associated with credit card cash advances.
When you use your existing card as a cash advance card there is an almost certain chance that you will be charged a fee on these transactions. These fees can range from 5% to 10% depending on the type of card you have, and in addition to these fees you will also be charged interest on the amount you withdraw from your cash advance card.
Most credit card companies offer an interest free period on credit card transactions, but in the majority of cases when your card is used as a cash advance card, the interest free period does not apply and so you will be required to pay interest on your cash withdrawal from the moment you make this transaction. Not only that, most credit card companies will actually charge a higher interest rate on an advance and you could end up paying up to 23% interest on withdrawals.
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