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Can Your Credit Card Help You When You Need Cash
People who are always planned and prepared to face financial crises possess a quality that is truly commendable. But unfortunately it is not always possible to foresee the future. A sudden illness; accident; need to loan cash to someone or some other such unplanned situation can make you need cash at very short notice.
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If this need exceeds the amount of cash that you have kept aside in your savings account, then you obviously will have to look for alternate arrangements. One such alternate but very convenient arrangement when you need cash is taking a cash advance against your credit card.
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Will Any Credit Card Work When I Need Cash?
The facility to take a cash advance does not accompany every credit card by default. Even for those credit cards that offer this facility, there are certain facts that need paying attention to. The most important of these facts that need your attention is the difference in interest rates.
Do not jump to any preconceived notions that the interest applied on such a cash advance will be same as the rate that is applied when you use the card for purchases. On the contrary, the rates charged on cash advances are always much higher.Should I Use Cash Advance Whenever I Need Cash?
While there is no doubt that taking a cash advance is by far the most convenient way to arrange some cash quickly, you should use this arrangement only in times of dire need and when you have no other cheaper option remaining.
The rates of interest are high and if you cannot repay the loan soon, you will have to pay quite a lot of money by way of interest. So use this arrangement with lot of caution and only after thorough evaluation of the financial implications that it may give rise to.
How Do I Get A Cash Advance On My Credit Card?
There are different ways by which you can get a cash advance on your credit card. Some credit card companies prefer giving you a limited number of checks for a pre-determined amount. This amount obviously is limited and corresponds to the upper limit of your credit. These checks can be used just like you use the regular checks.
Another method of getting a cash advance from your credit card when you need cash is by using it like a debit card. You will be provided with a PIN number when the credit card is allotted to you. You simply have to use this card in a regular ATM and punch in the amount to be withdrawn and the PIN number. The list of ATMs which are compatible with the credit card will also be given to you.
Synopsis
It is not quite easy to get a loan when you desperately need cash to handle a financial crisis. Credit cards that offer cash advance are your best friends in such a situation. If you are a responsible spender then there should be no problems for you in making use of this facility.
(See Best Credit Cards Online Low Rate Credit Card Offer Credit Cards that Earn Cash Back Apply for a Credit Card Comparing Credit Card Offers)
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