If you don’t have any other options and a cash advance is your last resort, it may be wise to consider a credit card that comes with a lower APR on cash advances. This can turn your cash advance into a dangerous kind of debt. If you don’t pay off the balance right away, the amount you owe can snowball quickly due to the high interest rate charged for these loans. The interest kicks in as soon as you complete a cash advance transaction. You also don’t get a grace period when you’re taking out a cash advance. This rate could change, though: Chase says that its cash advance APR might vary based on the prime rate. Currently, the cash advance APR on Chase credit cards ranges from 19.49% to 25.24%. The main reason cash advances are so costly, though, is their high APRs. If you’re borrowing $300, a 5% fee would come out to $15. Chase charges a cash advance fee, which is either 3% to 5% of what you are borrowing or $10 – whichever figure is greater. Getting cash from your credit card isn’t free, and not only because of interest. The cost of a Chase cash advanceīefore you borrow cash against your credit line, it’s important to be aware of how this move will impact your budget. Call the number on the back of your card to see if you can receive convenience checks from Chase. However, reports vary on whether Chase offers this option. Tip: Many credit card issuers allow you to get a cash advance by writing a convenience check that can be used just like a regular personal check (except for all the terms that come with cash advances). If you don’t currently have a PIN on your credit card, call Chase at 1-80 and follow the instructions to create one. Note, however, that you might have to pay an ATM fee. If you have a PIN, you can also get a cash advance from an ATM. Make sure to have your credit card and a government-issued photo ID that the bank can use to verify your identity. You can visit your nearest Chase branch and request a cash advance. If you’ve decided to get a cash advance from your Chase credit card, even while knowing that this is an expensive way to borrow money, you have a couple of options. You can, for example, try personal loans, which usually come with far lower interest rates. If you need funds for a transaction where credit cards aren’t accepted, consider all other possible options before you turn to a cash advance. The main difference is that since a cash advance is a loan, you’ll owe fees and interest – and at a rather high rate compared to your credit card’s regular purchase APR.įor that reason, it’s generally recommended to avoid using your credit card to obtain cash. It’s similar to getting cash from your debit card, but instead of getting money from your checking account, you’re borrowing it against your credit line. What is a cash advance?Ī cash advance is a short-term loan from your credit card provider. The message? Don’t turn to cash advances unless you truly have no other options. With regular credit card purchases, you can avoid paying any interest if you completely pay off your purchases by your card’s next due date. To boot, the interest rates attached to cash advances are high – and as high as 25.24% on a Chase credit card.Įven worse? Chase will begin charging interest on your cash advance as soon as you make it. They’re expensive – with most credit card providers charging a cash advance fee of 3% to 5% of however much you withdraw. And if you are short on money and have bills to pay, a cash advance can seem like a blessing.īut cash advances aren’t usually a smart financial move. If you have a Chase credit card, it’s easy to get access to a cash advance.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |