Credit Card Cash Advance

It s like withdrawing money from the atm with your debit card except the cash comes from your credit limit rather than your bank account balance.

Credit card cash advance. Cash advances are charged a cash advance fee that s either a minimum flat rate or a percentage of the amount of the cash advance. That means you have to pay it back with interest. The first step in getting a cash advance from your credit card is to check your cardholder agreement to verify the amount of cash you can withdraw. A cash advance is when you use your credit card to withdraw cash whether you do that at an atm in a branch or at the checkout of the supermarket.

A cash advance is a way of obtaining immediate funds through your credit card. A credit card cash advance is a withdrawal of cash from your credit card account. Funds transfer to uob account performed after 10pm or on sunday and public holidays will be reflected as the next business day s transaction in your debiting account statement. For example the credit card terms may state the fee is 5 or 5 whichever is greater.

On the contrary you ll likely be limited to a small percentage of your limit with the exact amount dependent upon your personal creditworthiness. Few cards allow the cardholder to advance their full credit limit as cash. What is a cash advance using a credit card. A cash advance fee of 8 of the transaction amount or s 15 whichever is greater applies for each cash advance transaction and will be charged to your uob credit card.

Your credit card company compounds interest on cash advances daily. A credit card cash advance is similar to withdrawing cash from an atm with your debit card except the cash comes from your credit card instead of your checking account and you have to pay it. You have a 30 day billing cycle. The cash advance apr of your card is 24 99 this is a typical cash advance apr the cash advance fee part of your cardholder agreement says either 10 or 5 of the amount of each cash advance whichever is greater.

A cash advance is a feature offered by many credit cards. Under these terms the fee on a 150 cash advance would be 7 50 5 of the advance amount. What is a cash advance. Essentially you re borrowing against your credit card to put cash in your pocket.

Essentially a short term loan the borrower can receive cash or a cash equivalent usually up to 20 or 30 of the available credit limit. Cash advances usually incur a cash advance fee which may be a flat fee or a percentage fee based on the amount of cash you withdraw.