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How to Get Cash from Your Credit Card
Getting cash from your credit card
How to get cash from your credit card has a very obvious answer, go to the ATM and pull out cash by giving the pin number like you would with a debit card. Other ways of getting cash from the credit card is over the phone or over the internet.Getting cash over the phone
How to get cash from your credit card over the phone is quite simple as mostly banks require that the card holder’s checking account should be with their bank before they do the cash transfer over the phone. While some financial institutions may put cash in the checking account regardless of what bank the account is from..Choose the best credit card at DontSpendMore.com
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Getting cash over the internet
The card holder can get cash over the internet in a similar manner like the phone advances. Typically, the requirement for such an online transfer is that the checking account should be with the same bank as the credit card.
* This online application is subject to the terms and conditions as described in the Important Information Section of the application. |
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Promo checks
Mostly banks send their customers promo checks. A lot of times they are at much lower rates for a certain time period. It’s a type of a roundabout way to pull cash from your credit card at a promo rate. These checks usually have a fee that can range from 3 to 5%. Going to any bank branch for getting cash advance on the credit card can cost you money and the branch will also charge a fee.
Discussing with the financial institutions before cash advances is very important
Cash advances seem to be very convenient but discussing the terms and conditions with the financial institutions is very important. The institutions give the complete picture of the fees involved and how high interest rates will be applied. Cash advances are high risk areas for banks therefore they keep them at a very high rate. Whenever the card holder goes for a cash advance the APR is between the low to high twenties.
Interest is charged daily from the day the cash is drawn
Cash advances accumulate interest daily. Even if the card holder plans to pay off the cash advance by the due date, still the interest will be charged from the day the cash is taken to the day they pay off. Credit cards mostly have two APRs, one is for cash advances and the other is for purchases. The APRs for the cash advances are very high as compared to the one for purchases. Cash advances have no grace period and they start charging interest right away. In cases of cash advance when the balance is not paid off at the end of the month, the interest rates which are higher than the regular purchase will get bigger.
Conclusion
How to get cash from your credit card is easy but to solve a financial crisis getting into another one is not the right choice. Cash advances should be used in times emergencies rather than for buying unnecessary things. Mostly people opt for a cash advance when in need of money not knowing that the financial status will get even worse at the end of the month.
See our tips on making money with cash back credit cards
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