What is Cash Advance APR?Does APR also depends on credit score?Soft Loan using a 0% APR credit CardIf I take out a cash advance, how exactly do I get charged and does it hurt my credit?What does APR mean I'm paying?Cash Advance causes recurring interest fee after paid in fullSigning up for a credit card to pay tax debt - pitfalls of 0% APR for the first year?Cash advance on a credit card with a credit balanceIs it possible for me to keep my credit card APR at 0% permanently?Why do card processing companies discourage “cash advance” activitiesBalance transfer fee
What is the highest possible scrabble score for placing a single tile
How to make money from a browser who sees 5 seconds into the future of any web page?
How much theory knowledge is actually used while playing?
Shouldn’t conservatives embrace universal basic income?
How could a planet have erratic days?
Why can't the Brexit deadlock in the UK parliament be solved with a plurality vote?
How much of a Devil Fruit must be consumed to gain the power?
Stack Interview Code methods made from class Node and Smart Pointers
How do I tell my boss that I'm quitting soon, especially given that a colleague just left this week
Does Doodling or Improvising on the Piano Have Any Benefits?
Taxes on Dividends in a Roth IRA
Doesn't the system of the Supreme Court oppose justice?
How to draw a matrix with arrows in limited space
What to do when eye contact makes your coworker uncomfortable?
Is this toilet slogan correct usage of the English language?
Which Article Helped Get Rid of Technobabble in RPGs?
What is the English pronunciation of "pain au chocolat"?
I found an audio circuit and I built it just fine, but I find it a bit too quiet. How do I amplify the output so that it is a bit louder?
Does the reader need to like the PoV character?
Why do ¬, ∀ and ∃ have the same precedence?
What's the name of the logical fallacy where a debater extends a statement far beyond the original statement to make it true?
Mimic lecturing on blackboard, facing audience
Change the color of a single dot in `ddot` symbol
Biological Blimps: Propulsion
What is Cash Advance APR?
Does APR also depends on credit score?Soft Loan using a 0% APR credit CardIf I take out a cash advance, how exactly do I get charged and does it hurt my credit?What does APR mean I'm paying?Cash Advance causes recurring interest fee after paid in fullSigning up for a credit card to pay tax debt - pitfalls of 0% APR for the first year?Cash advance on a credit card with a credit balanceIs it possible for me to keep my credit card APR at 0% permanently?Why do card processing companies discourage “cash advance” activitiesBalance transfer fee
I just got my first credit card. I haven't spent anything on it but I see that the Cash Advance APR is 27.5%.
Can someone tell me in layman terms what this means?
credit-card apr
asked 5 hours ago
RajRaj
313
add a comment |
I just got my first credit card. I haven't spent anything on it but I see that the Cash Advance APR is 27.5%.
Can someone tell me in layman terms what this means?
credit-card apr
asked 5 hours ago
RajRaj
313
add a comment |
I just got my first credit card. I haven't spent anything on it but I see that the Cash Advance APR is 27.5%.
Can someone tell me in layman terms what this means?
credit-card apr
asked 5 hours ago
RajRaj
313
I just got my first credit card. I haven't spent anything on it but I see that the Cash Advance APR is 27.5%.
Can someone tell me in layman terms what this means?
credit-card apr
credit-card apr
asked 5 hours ago
RajRaj
313
asked 5 hours ago
RajRaj
313
asked 5 hours ago
RajRaj
313
asked 5 hours ago
RajRaj
313
asked 5 hours ago
RajRaj
313
313
add a comment |
add a comment |
2 Answers
2
active
oldest
votes
A "cash advance" is when you use your credit card in such a way that you receive cash. For example, if you use your credit card in an ATM machine and receive cash.
You should never ever use your credit card for a cash advance.
answered 5 hours ago
quidquid
37.9k872124
Thanks for the answer! I had no idea! Also, that means that I shouldn't even take Cashback from retail stores either, right?
– Raj
5 hours ago
5
Right, never take cash. The interest rate as you can see is awful, there is no grace period, so interest begins accruing immediately. MAYBE if you were being robbed and literally had a gun to your head, it would be worth it, otherwise don't even think about it.
– quid
5 hours ago
@Raj oh! You've had debit cards in the past and noticed they have a cashback feature. Yeah, that's a debit card thing. Credit cards don't support that. But if they did, then yeah, that would count as a cash advance and pay that interest rate.
– Harper
4 hours ago
3
@Harper while that may be true for most credit cards, it is not the case for Discover. It even uses the purchase APR (discover.com/credit-cards/member-benefits/…)
– clcto
4 hours ago
It includes not only cash but "cash equivalents", which includes such things as casino chips.
– Acccumulation
3 hours ago
add a comment |
A cash advance from a credit card is either using the card to get cash from an ATM, or sometimes you get checks that you can use. Any outstanding balance on these transactions will accrue interest at 27.5% annually.
The big downsides with these cash advances they begin accruing interest immediately, not after balance due date like normal credit card purchases. So there's no avoiding interest with a cash advance.
Best to avoid cash advances. Also, ideally you always pay off your statement balance each month to avoid any interest payments.
Edit: Removed out-dated info regarding cash advance portion being paid after regular credit card purchases, Credit Card Accountability Responsibility and Disclosure Act of 2009 eliminated this practice in 2010, and now payment in excess of minimum gets applied to highest interest rate first.
answered 5 hours ago
Hart COHart CO
33k57793
1
This answer (specifically the part about payments above minimum) might have been true a decade ago, certainly not since the CARD Act took effect.
– Ben Voigt
49 mins ago
@BenVoigt Thanks, removed that portion.
– Hart CO
13 mins ago
add a comment |
protected by JoeTaxpayer♦ 4 hours ago
Thank you for your interest in this question.
Because it has attracted low-quality or spam answers that had to be removed, posting an answer now requires 10 reputation on this site (the association bonus does not count).
Would you like to answer one of these unanswered questions instead?
2 Answers
2
active
oldest
votes
2 Answers
2
active
oldest
votes
active
oldest
votes
active
oldest
votes
A "cash advance" is when you use your credit card in such a way that you receive cash. For example, if you use your credit card in an ATM machine and receive cash.
You should never ever use your credit card for a cash advance.
answered 5 hours ago
quidquid
37.9k872124
Thanks for the answer! I had no idea! Also, that means that I shouldn't even take Cashback from retail stores either, right?
– Raj
5 hours ago
5
Right, never take cash. The interest rate as you can see is awful, there is no grace period, so interest begins accruing immediately. MAYBE if you were being robbed and literally had a gun to your head, it would be worth it, otherwise don't even think about it.
– quid
5 hours ago
@Raj oh! You've had debit cards in the past and noticed they have a cashback feature. Yeah, that's a debit card thing. Credit cards don't support that. But if they did, then yeah, that would count as a cash advance and pay that interest rate.
– Harper
4 hours ago
3
@Harper while that may be true for most credit cards, it is not the case for Discover. It even uses the purchase APR (discover.com/credit-cards/member-benefits/…)
– clcto
4 hours ago
It includes not only cash but "cash equivalents", which includes such things as casino chips.
– Acccumulation
3 hours ago
add a comment |
A "cash advance" is when you use your credit card in such a way that you receive cash. For example, if you use your credit card in an ATM machine and receive cash.
You should never ever use your credit card for a cash advance.
answered 5 hours ago
quidquid
37.9k872124
Thanks for the answer! I had no idea! Also, that means that I shouldn't even take Cashback from retail stores either, right?
– Raj
5 hours ago
5
Right, never take cash. The interest rate as you can see is awful, there is no grace period, so interest begins accruing immediately. MAYBE if you were being robbed and literally had a gun to your head, it would be worth it, otherwise don't even think about it.
– quid
5 hours ago
@Raj oh! You've had debit cards in the past and noticed they have a cashback feature. Yeah, that's a debit card thing. Credit cards don't support that. But if they did, then yeah, that would count as a cash advance and pay that interest rate.
– Harper
4 hours ago
3
@Harper while that may be true for most credit cards, it is not the case for Discover. It even uses the purchase APR (discover.com/credit-cards/member-benefits/…)
– clcto
4 hours ago
It includes not only cash but "cash equivalents", which includes such things as casino chips.
– Acccumulation
3 hours ago
add a comment |
A "cash advance" is when you use your credit card in such a way that you receive cash. For example, if you use your credit card in an ATM machine and receive cash.
You should never ever use your credit card for a cash advance.
answered 5 hours ago
quidquid
37.9k872124
A "cash advance" is when you use your credit card in such a way that you receive cash. For example, if you use your credit card in an ATM machine and receive cash.
You should never ever use your credit card for a cash advance.
answered 5 hours ago
quidquid
37.9k872124
answered 5 hours ago
quidquid
37.9k872124
answered 5 hours ago
quidquid
37.9k872124
answered 5 hours ago
quidquid
37.9k872124
37.9k872124
Thanks for the answer! I had no idea! Also, that means that I shouldn't even take Cashback from retail stores either, right?
– Raj
5 hours ago
5
Right, never take cash. The interest rate as you can see is awful, there is no grace period, so interest begins accruing immediately. MAYBE if you were being robbed and literally had a gun to your head, it would be worth it, otherwise don't even think about it.
– quid
5 hours ago
@Raj oh! You've had debit cards in the past and noticed they have a cashback feature. Yeah, that's a debit card thing. Credit cards don't support that. But if they did, then yeah, that would count as a cash advance and pay that interest rate.
– Harper
4 hours ago
3
@Harper while that may be true for most credit cards, it is not the case for Discover. It even uses the purchase APR (discover.com/credit-cards/member-benefits/…)
– clcto
4 hours ago
It includes not only cash but "cash equivalents", which includes such things as casino chips.
– Acccumulation
3 hours ago
add a comment |
Thanks for the answer! I had no idea! Also, that means that I shouldn't even take Cashback from retail stores either, right?
– Raj
5 hours ago
5
Right, never take cash. The interest rate as you can see is awful, there is no grace period, so interest begins accruing immediately. MAYBE if you were being robbed and literally had a gun to your head, it would be worth it, otherwise don't even think about it.
– quid
5 hours ago
@Raj oh! You've had debit cards in the past and noticed they have a cashback feature. Yeah, that's a debit card thing. Credit cards don't support that. But if they did, then yeah, that would count as a cash advance and pay that interest rate.
– Harper
4 hours ago
3
@Harper while that may be true for most credit cards, it is not the case for Discover. It even uses the purchase APR (discover.com/credit-cards/member-benefits/…)
– clcto
4 hours ago
It includes not only cash but "cash equivalents", which includes such things as casino chips.
– Acccumulation
3 hours ago
Thanks for the answer! I had no idea! Also, that means that I shouldn't even take Cashback from retail stores either, right?
– Raj
5 hours ago
Thanks for the answer! I had no idea! Also, that means that I shouldn't even take Cashback from retail stores either, right?
– Raj
5 hours ago
5
5
Right, never take cash. The interest rate as you can see is awful, there is no grace period, so interest begins accruing immediately. MAYBE if you were being robbed and literally had a gun to your head, it would be worth it, otherwise don't even think about it.
– quid
5 hours ago
Right, never take cash. The interest rate as you can see is awful, there is no grace period, so interest begins accruing immediately. MAYBE if you were being robbed and literally had a gun to your head, it would be worth it, otherwise don't even think about it.
– quid
5 hours ago
@Raj oh! You've had debit cards in the past and noticed they have a cashback feature. Yeah, that's a debit card thing. Credit cards don't support that. But if they did, then yeah, that would count as a cash advance and pay that interest rate.
– Harper
4 hours ago
@Raj oh! You've had debit cards in the past and noticed they have a cashback feature. Yeah, that's a debit card thing. Credit cards don't support that. But if they did, then yeah, that would count as a cash advance and pay that interest rate.
– Harper
4 hours ago
3
3
@Harper while that may be true for most credit cards, it is not the case for Discover. It even uses the purchase APR (discover.com/credit-cards/member-benefits/…)
– clcto
4 hours ago
@Harper while that may be true for most credit cards, it is not the case for Discover. It even uses the purchase APR (discover.com/credit-cards/member-benefits/…)
– clcto
4 hours ago
It includes not only cash but "cash equivalents", which includes such things as casino chips.
– Acccumulation
3 hours ago
It includes not only cash but "cash equivalents", which includes such things as casino chips.
– Acccumulation
3 hours ago
add a comment |
A cash advance from a credit card is either using the card to get cash from an ATM, or sometimes you get checks that you can use. Any outstanding balance on these transactions will accrue interest at 27.5% annually.
The big downsides with these cash advances they begin accruing interest immediately, not after balance due date like normal credit card purchases. So there's no avoiding interest with a cash advance.
Best to avoid cash advances. Also, ideally you always pay off your statement balance each month to avoid any interest payments.
Edit: Removed out-dated info regarding cash advance portion being paid after regular credit card purchases, Credit Card Accountability Responsibility and Disclosure Act of 2009 eliminated this practice in 2010, and now payment in excess of minimum gets applied to highest interest rate first.
answered 5 hours ago
Hart COHart CO
33k57793
1
This answer (specifically the part about payments above minimum) might have been true a decade ago, certainly not since the CARD Act took effect.
– Ben Voigt
49 mins ago
@BenVoigt Thanks, removed that portion.
– Hart CO
13 mins ago
add a comment |
A cash advance from a credit card is either using the card to get cash from an ATM, or sometimes you get checks that you can use. Any outstanding balance on these transactions will accrue interest at 27.5% annually.
The big downsides with these cash advances they begin accruing interest immediately, not after balance due date like normal credit card purchases. So there's no avoiding interest with a cash advance.
Best to avoid cash advances. Also, ideally you always pay off your statement balance each month to avoid any interest payments.
Edit: Removed out-dated info regarding cash advance portion being paid after regular credit card purchases, Credit Card Accountability Responsibility and Disclosure Act of 2009 eliminated this practice in 2010, and now payment in excess of minimum gets applied to highest interest rate first.
answered 5 hours ago
Hart COHart CO
33k57793
1
This answer (specifically the part about payments above minimum) might have been true a decade ago, certainly not since the CARD Act took effect.
– Ben Voigt
49 mins ago
@BenVoigt Thanks, removed that portion.
– Hart CO
13 mins ago
add a comment |
A cash advance from a credit card is either using the card to get cash from an ATM, or sometimes you get checks that you can use. Any outstanding balance on these transactions will accrue interest at 27.5% annually.
The big downsides with these cash advances they begin accruing interest immediately, not after balance due date like normal credit card purchases. So there's no avoiding interest with a cash advance.
Best to avoid cash advances. Also, ideally you always pay off your statement balance each month to avoid any interest payments.
Edit: Removed out-dated info regarding cash advance portion being paid after regular credit card purchases, Credit Card Accountability Responsibility and Disclosure Act of 2009 eliminated this practice in 2010, and now payment in excess of minimum gets applied to highest interest rate first.
answered 5 hours ago
Hart COHart CO
33k57793
A cash advance from a credit card is either using the card to get cash from an ATM, or sometimes you get checks that you can use. Any outstanding balance on these transactions will accrue interest at 27.5% annually.
The big downsides with these cash advances they begin accruing interest immediately, not after balance due date like normal credit card purchases. So there's no avoiding interest with a cash advance.
Best to avoid cash advances. Also, ideally you always pay off your statement balance each month to avoid any interest payments.
Edit: Removed out-dated info regarding cash advance portion being paid after regular credit card purchases, Credit Card Accountability Responsibility and Disclosure Act of 2009 eliminated this practice in 2010, and now payment in excess of minimum gets applied to highest interest rate first.
answered 5 hours ago
Hart COHart CO
33k57793
edited 15 mins ago
answered 5 hours ago
Hart COHart CO
33k57793
answered 5 hours ago
Hart COHart CO
33k57793
answered 5 hours ago
Hart COHart CO
33k57793
33k57793
1
This answer (specifically the part about payments above minimum) might have been true a decade ago, certainly not since the CARD Act took effect.
– Ben Voigt
49 mins ago
@BenVoigt Thanks, removed that portion.
– Hart CO
13 mins ago
add a comment |
1
This answer (specifically the part about payments above minimum) might have been true a decade ago, certainly not since the CARD Act took effect.
– Ben Voigt
49 mins ago
@BenVoigt Thanks, removed that portion.
– Hart CO
13 mins ago
1
1
This answer (specifically the part about payments above minimum) might have been true a decade ago, certainly not since the CARD Act took effect.
– Ben Voigt
49 mins ago
This answer (specifically the part about payments above minimum) might have been true a decade ago, certainly not since the CARD Act took effect.
– Ben Voigt
49 mins ago
@BenVoigt Thanks, removed that portion.
– Hart CO
13 mins ago
@BenVoigt Thanks, removed that portion.
– Hart CO
13 mins ago
add a comment |
protected by JoeTaxpayer♦ 4 hours ago
Thank you for your interest in this question.
Because it has attracted low-quality or spam answers that had to be removed, posting an answer now requires 10 reputation on this site (the association bonus does not count).
Would you like to answer one of these unanswered questions instead?
