The credit card cash advance is a sometimes necessary but always ugly transaction.  First, the credit card APR or interest rate is always significantly higher on a cash advance.  Second, on most credit cards your credit card payment goes to pay off lower interest rate items like purchases first.  If you haven’t paid off your entire current credit card balance of purchase you are never going to make a payment on the cash advance at all.  It’s not pretty but that’s the way it is.  Pay that balance down to zero if you can.  Most consumers assume the credit card cash advance is handled the same as normal purchases and don’t pay attention to the credit card statement.  Anytime you use additional credit card services such as the credit card cash advance, read the terms and conditions before taking the money.  Since these transactions can be a necessity for some people, prepare in advance and find a new credit card that has the best credit card rate and terms for this transaction.

Tags: , , , , , , , , ,

No user commented in " I got a credit card cash advance and the credit card interest rate and finance charges really jumped in the last couple of months. Why? "

Follow-up comment rss or Leave a Trackback

Leave A Reply

 Username (*required)

 Email Address (*private)

 Website (*optional)