Cash Advance

Using your credit card to get cash either across the counter at bank branches or through cash machines. Be wary that cash advances are often subject to a handling fee of around 2%. Cash advances usually also start to accrue interest from the date of the transaction, rather than the statement date as for normal purchases. Some lenders also charge higher interest rates for cash advances than they do for ordinary card purchases.

Another typical trick banks use is to allocate any payments you make to lower rate purchases first and continue to charge for cash advances until the total balance on the credit card is paid in full. Check the small print of your credit card terms and conditions to see if your bank belongs to this group. The term ‘cash advance’ can also be used to describe a payday loan – a small short term loan of several weeks designed to tide individuals over until their next payday. These loans typically carry an extremely high APR.

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Accident Sickness And Unemployment Insurance (ASU)
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