What is Cash Advance APR?Does APR also depends on credit score?Soft Loan using a 0% APR credit CardIf I take out a cash advance, how exactly do I get charged and does it hurt my credit?What does APR mean I'm paying?Cash Advance causes recurring interest fee after paid in fullSigning up for a credit card to pay tax debt - pitfalls of 0% APR for the first year?Cash advance on a credit card with a credit balanceIs it possible for me to keep my credit card APR at 0% permanently?Why do card processing companies discourage “cash advance” activitiesBalance transfer fee
How do I fix the group tension caused by my character stealing and possibly killing without provocation?
When were female captains banned from Starfleet?
What is the difference between lands and mana?
Why does the Sun have different day lengths, but not the gas giants?
Delete multiple columns using awk or sed
Can I cause damage to electrical appliances by unplugging them when they are turned on?
How to make money from a browser who sees 5 seconds into the future of any web page?
Does "he squandered his car on drink" sound natural?
Does an advisor owe his/her student anything? Will an advisor keep a PhD student only out of pity?
Is it necessary to use pronouns with the verb "essere"?
The Digit Triangles
Creating two special characters
How could a planet have erratic days?
How would you translate "more" for use as an interface button?
How much theory knowledge is actually used while playing?
Is there a RAID 0 Equivalent for RAM?
Were Persian-Median kings illiterate?
What kind of floor tile is this?
Why is the Sun approximated as a black body at ~ 5800 K?
Why should universal income be universal?
Do we have to expect a queue for the shuttle from Watford Junction to Harry Potter Studio?
Is there any evidence that Cleopatra and Caesarion considered fleeing to India to escape the Romans?
Why can't the Brexit deadlock in the UK parliament be solved with a plurality vote?
How to preserve electronics (computers, iPads and phones) for hundreds of years
What is Cash Advance APR?
Does APR also depends on credit score?Soft Loan using a 0% APR credit CardIf I take out a cash advance, how exactly do I get charged and does it hurt my credit?What does APR mean I'm paying?Cash Advance causes recurring interest fee after paid in fullSigning up for a credit card to pay tax debt - pitfalls of 0% APR for the first year?Cash advance on a credit card with a credit balanceIs it possible for me to keep my credit card APR at 0% permanently?Why do card processing companies discourage “cash advance” activitiesBalance transfer fee
I just got my first credit card. I haven't spent anything on it but I see that the Cash Advance APR is 27.5%.
Can someone tell me in layman terms what this means?
credit-card apr
asked 8 hours ago
RajRaj
413
add a comment |
I just got my first credit card. I haven't spent anything on it but I see that the Cash Advance APR is 27.5%.
Can someone tell me in layman terms what this means?
credit-card apr
asked 8 hours ago
RajRaj
413
add a comment |
I just got my first credit card. I haven't spent anything on it but I see that the Cash Advance APR is 27.5%.
Can someone tell me in layman terms what this means?
credit-card apr
asked 8 hours ago
RajRaj
413
I just got my first credit card. I haven't spent anything on it but I see that the Cash Advance APR is 27.5%.
Can someone tell me in layman terms what this means?
credit-card apr
credit-card apr
asked 8 hours ago
RajRaj
413
asked 8 hours ago
RajRaj
413
asked 8 hours ago
RajRaj
413
asked 8 hours ago
RajRaj
413
asked 8 hours ago
RajRaj
413
413
add a comment |
add a comment |
2 Answers
2
active
oldest
votes
A "cash advance" is when you use your credit card in such a way that you receive cash. For example, if you use your credit card in an ATM machine and receive cash.
You should never ever use your credit card for a cash advance.
answered 8 hours ago
quidquid
37.9k872124
Thanks for the answer! I had no idea! Also, that means that I shouldn't even take Cashback from retail stores either, right?
– Raj
8 hours ago
6
Right, never take cash. The interest rate as you can see is awful, there is no grace period, so interest begins accruing immediately. MAYBE if you were being robbed and literally had a gun to your head, it would be worth it, otherwise don't even think about it.
– quid
8 hours ago
@Raj oh! You've had debit cards in the past and noticed they have a cashback feature. Yeah, that's a debit card thing. Credit cards don't support that. But if they did, then yeah, that would count as a cash advance and pay that interest rate.
– Harper
7 hours ago
4
@Harper while that may be true for most credit cards, it is not the case for Discover. It even uses the purchase APR (discover.com/credit-cards/member-benefits/…)
– clcto
7 hours ago
1
It includes not only cash but "cash equivalents", which includes such things as casino chips.
– Acccumulation
6 hours ago
add a comment |
A cash advance from a credit card is either using the card to get cash from an ATM, or sometimes you get checks that you can use. Any outstanding balance on these transactions will accrue interest at 27.5% annually.
The big downsides with these cash advances they begin accruing interest immediately, not after balance due date like normal credit card purchases. So there's no avoiding interest with a cash advance.
Best to avoid cash advances. Also, ideally you always pay off your statement balance each month to avoid any interest payments.
Edit: Removed out-dated info regarding cash advance portion being paid after regular credit card purchases, Credit Card Accountability Responsibility and Disclosure Act of 2009 eliminated this practice in 2010, and now payment in excess of minimum gets applied to highest interest rate first.
answered 8 hours ago
Hart COHart CO
33.1k57793
@BenVoigt Thanks, removed that portion.
– Hart CO
3 hours ago
add a comment |
protected by JoeTaxpayer♦ 7 hours ago
Thank you for your interest in this question.
Because it has attracted low-quality or spam answers that had to be removed, posting an answer now requires 10 reputation on this site (the association bonus does not count).
Would you like to answer one of these unanswered questions instead?
2 Answers
2
active
oldest
votes
2 Answers
2
active
oldest
votes
active
oldest
votes
active
oldest
votes
A "cash advance" is when you use your credit card in such a way that you receive cash. For example, if you use your credit card in an ATM machine and receive cash.
You should never ever use your credit card for a cash advance.
answered 8 hours ago
quidquid
37.9k872124
Thanks for the answer! I had no idea! Also, that means that I shouldn't even take Cashback from retail stores either, right?
– Raj
8 hours ago
6
Right, never take cash. The interest rate as you can see is awful, there is no grace period, so interest begins accruing immediately. MAYBE if you were being robbed and literally had a gun to your head, it would be worth it, otherwise don't even think about it.
– quid
8 hours ago
@Raj oh! You've had debit cards in the past and noticed they have a cashback feature. Yeah, that's a debit card thing. Credit cards don't support that. But if they did, then yeah, that would count as a cash advance and pay that interest rate.
– Harper
7 hours ago
4
@Harper while that may be true for most credit cards, it is not the case for Discover. It even uses the purchase APR (discover.com/credit-cards/member-benefits/…)
– clcto
7 hours ago
1
It includes not only cash but "cash equivalents", which includes such things as casino chips.
– Acccumulation
6 hours ago
add a comment |
A "cash advance" is when you use your credit card in such a way that you receive cash. For example, if you use your credit card in an ATM machine and receive cash.
You should never ever use your credit card for a cash advance.
answered 8 hours ago
quidquid
37.9k872124
Thanks for the answer! I had no idea! Also, that means that I shouldn't even take Cashback from retail stores either, right?
– Raj
8 hours ago
6
Right, never take cash. The interest rate as you can see is awful, there is no grace period, so interest begins accruing immediately. MAYBE if you were being robbed and literally had a gun to your head, it would be worth it, otherwise don't even think about it.
– quid
8 hours ago
@Raj oh! You've had debit cards in the past and noticed they have a cashback feature. Yeah, that's a debit card thing. Credit cards don't support that. But if they did, then yeah, that would count as a cash advance and pay that interest rate.
– Harper
7 hours ago
4
@Harper while that may be true for most credit cards, it is not the case for Discover. It even uses the purchase APR (discover.com/credit-cards/member-benefits/…)
– clcto
7 hours ago
1
It includes not only cash but "cash equivalents", which includes such things as casino chips.
– Acccumulation
6 hours ago
add a comment |
A "cash advance" is when you use your credit card in such a way that you receive cash. For example, if you use your credit card in an ATM machine and receive cash.
You should never ever use your credit card for a cash advance.
answered 8 hours ago
quidquid
37.9k872124
A "cash advance" is when you use your credit card in such a way that you receive cash. For example, if you use your credit card in an ATM machine and receive cash.
You should never ever use your credit card for a cash advance.
answered 8 hours ago
quidquid
37.9k872124
answered 8 hours ago
quidquid
37.9k872124
answered 8 hours ago
quidquid
37.9k872124
answered 8 hours ago
quidquid
37.9k872124
37.9k872124
Thanks for the answer! I had no idea! Also, that means that I shouldn't even take Cashback from retail stores either, right?
– Raj
8 hours ago
6
Right, never take cash. The interest rate as you can see is awful, there is no grace period, so interest begins accruing immediately. MAYBE if you were being robbed and literally had a gun to your head, it would be worth it, otherwise don't even think about it.
– quid
8 hours ago
@Raj oh! You've had debit cards in the past and noticed they have a cashback feature. Yeah, that's a debit card thing. Credit cards don't support that. But if they did, then yeah, that would count as a cash advance and pay that interest rate.
– Harper
7 hours ago
4
@Harper while that may be true for most credit cards, it is not the case for Discover. It even uses the purchase APR (discover.com/credit-cards/member-benefits/…)
– clcto
7 hours ago
1
It includes not only cash but "cash equivalents", which includes such things as casino chips.
– Acccumulation
6 hours ago
add a comment |
Thanks for the answer! I had no idea! Also, that means that I shouldn't even take Cashback from retail stores either, right?
– Raj
8 hours ago
6
Right, never take cash. The interest rate as you can see is awful, there is no grace period, so interest begins accruing immediately. MAYBE if you were being robbed and literally had a gun to your head, it would be worth it, otherwise don't even think about it.
– quid
8 hours ago
@Raj oh! You've had debit cards in the past and noticed they have a cashback feature. Yeah, that's a debit card thing. Credit cards don't support that. But if they did, then yeah, that would count as a cash advance and pay that interest rate.
– Harper
7 hours ago
4
@Harper while that may be true for most credit cards, it is not the case for Discover. It even uses the purchase APR (discover.com/credit-cards/member-benefits/…)
– clcto
7 hours ago
1
It includes not only cash but "cash equivalents", which includes such things as casino chips.
– Acccumulation
6 hours ago
Thanks for the answer! I had no idea! Also, that means that I shouldn't even take Cashback from retail stores either, right?
– Raj
8 hours ago
Thanks for the answer! I had no idea! Also, that means that I shouldn't even take Cashback from retail stores either, right?
– Raj
8 hours ago
6
6
Right, never take cash. The interest rate as you can see is awful, there is no grace period, so interest begins accruing immediately. MAYBE if you were being robbed and literally had a gun to your head, it would be worth it, otherwise don't even think about it.
– quid
8 hours ago
Right, never take cash. The interest rate as you can see is awful, there is no grace period, so interest begins accruing immediately. MAYBE if you were being robbed and literally had a gun to your head, it would be worth it, otherwise don't even think about it.
– quid
8 hours ago
@Raj oh! You've had debit cards in the past and noticed they have a cashback feature. Yeah, that's a debit card thing. Credit cards don't support that. But if they did, then yeah, that would count as a cash advance and pay that interest rate.
– Harper
7 hours ago
@Raj oh! You've had debit cards in the past and noticed they have a cashback feature. Yeah, that's a debit card thing. Credit cards don't support that. But if they did, then yeah, that would count as a cash advance and pay that interest rate.
– Harper
7 hours ago
4
4
@Harper while that may be true for most credit cards, it is not the case for Discover. It even uses the purchase APR (discover.com/credit-cards/member-benefits/…)
– clcto
7 hours ago
@Harper while that may be true for most credit cards, it is not the case for Discover. It even uses the purchase APR (discover.com/credit-cards/member-benefits/…)
– clcto
7 hours ago
1
1
It includes not only cash but "cash equivalents", which includes such things as casino chips.
– Acccumulation
6 hours ago
It includes not only cash but "cash equivalents", which includes such things as casino chips.
– Acccumulation
6 hours ago
add a comment |
A cash advance from a credit card is either using the card to get cash from an ATM, or sometimes you get checks that you can use. Any outstanding balance on these transactions will accrue interest at 27.5% annually.
The big downsides with these cash advances they begin accruing interest immediately, not after balance due date like normal credit card purchases. So there's no avoiding interest with a cash advance.
Best to avoid cash advances. Also, ideally you always pay off your statement balance each month to avoid any interest payments.
Edit: Removed out-dated info regarding cash advance portion being paid after regular credit card purchases, Credit Card Accountability Responsibility and Disclosure Act of 2009 eliminated this practice in 2010, and now payment in excess of minimum gets applied to highest interest rate first.
answered 8 hours ago
Hart COHart CO
33.1k57793
@BenVoigt Thanks, removed that portion.
– Hart CO
3 hours ago
add a comment |
A cash advance from a credit card is either using the card to get cash from an ATM, or sometimes you get checks that you can use. Any outstanding balance on these transactions will accrue interest at 27.5% annually.
The big downsides with these cash advances they begin accruing interest immediately, not after balance due date like normal credit card purchases. So there's no avoiding interest with a cash advance.
Best to avoid cash advances. Also, ideally you always pay off your statement balance each month to avoid any interest payments.
Edit: Removed out-dated info regarding cash advance portion being paid after regular credit card purchases, Credit Card Accountability Responsibility and Disclosure Act of 2009 eliminated this practice in 2010, and now payment in excess of minimum gets applied to highest interest rate first.
answered 8 hours ago
Hart COHart CO
33.1k57793
@BenVoigt Thanks, removed that portion.
– Hart CO
3 hours ago
add a comment |
A cash advance from a credit card is either using the card to get cash from an ATM, or sometimes you get checks that you can use. Any outstanding balance on these transactions will accrue interest at 27.5% annually.
The big downsides with these cash advances they begin accruing interest immediately, not after balance due date like normal credit card purchases. So there's no avoiding interest with a cash advance.
Best to avoid cash advances. Also, ideally you always pay off your statement balance each month to avoid any interest payments.
Edit: Removed out-dated info regarding cash advance portion being paid after regular credit card purchases, Credit Card Accountability Responsibility and Disclosure Act of 2009 eliminated this practice in 2010, and now payment in excess of minimum gets applied to highest interest rate first.
answered 8 hours ago
Hart COHart CO
33.1k57793
A cash advance from a credit card is either using the card to get cash from an ATM, or sometimes you get checks that you can use. Any outstanding balance on these transactions will accrue interest at 27.5% annually.
The big downsides with these cash advances they begin accruing interest immediately, not after balance due date like normal credit card purchases. So there's no avoiding interest with a cash advance.
Best to avoid cash advances. Also, ideally you always pay off your statement balance each month to avoid any interest payments.
Edit: Removed out-dated info regarding cash advance portion being paid after regular credit card purchases, Credit Card Accountability Responsibility and Disclosure Act of 2009 eliminated this practice in 2010, and now payment in excess of minimum gets applied to highest interest rate first.
answered 8 hours ago
Hart COHart CO
33.1k57793
edited 3 hours ago
answered 8 hours ago
Hart COHart CO
33.1k57793
answered 8 hours ago
Hart COHart CO
33.1k57793
answered 8 hours ago
Hart COHart CO
33.1k57793
33.1k57793
@BenVoigt Thanks, removed that portion.
– Hart CO
3 hours ago
add a comment |
@BenVoigt Thanks, removed that portion.
– Hart CO
3 hours ago
@BenVoigt Thanks, removed that portion.
– Hart CO
3 hours ago
@BenVoigt Thanks, removed that portion.
– Hart CO
3 hours ago
add a comment |
protected by JoeTaxpayer♦ 7 hours ago
Thank you for your interest in this question.
Because it has attracted low-quality or spam answers that had to be removed, posting an answer now requires 10 reputation on this site (the association bonus does not count).
Would you like to answer one of these unanswered questions instead?
