how much money can you take out a cash advance?
Sean asked:
im basically asking if i get a premium credit card that offers cash advance how much can i take out a day a month
3 Responses to “how much money can you take out a cash advance?”
im basically asking if i get a premium credit card that offers cash advance how much can i take out a day a month
That is limited by your credit worthiness. Cash advance costs you a 3% transfer fee plus a repayment interest rate of 29%. You can only get 1 cash advance at a time.
Cash advances – extremely bad idea.
You will instantly be paying interest on your balance – no grace period whatsoever.
You will pay a cash advance fee – some as high as 5%.
The interest on cash advances sometimes is double as the regular interest on your credit card purchases.
Please note: This is not the way to use credit cards to develop good credit.
In an ideal world (to keep good credit), you would use your card for things you need like food or gas and pay in full when you get the bill in the mail.
This avoids any interest charges and it's a good way to keep out of debt.
If you ever use more than 30% of your available credit limits you will be reducing your credit rating.
Remember that employers check, so do landlords and car insurance companies (you'll pay more).
Don't foul up your life by using credit unwisely.
/
A credit card is not income. A cash advance is very expensive (cash advance fee plus immediate interest at a usually much higher rate than purchases). Your available cash advance does not increase monthly, it is only restored as you pay down your cash advance balance. So you should avoid using it except for emergencies.