Credit Card Cash Advances
Most major credit card companies offer cash advances and their services to their clients. Theses advances are made on the condition that the cardholder pay the interest/APR on the amount of cash advanced. The amount of interest depends on a number of factors, including the credit card company and the customer’s history with the company. In some cases the customer may have to pay a higher rate of interest on a cash advance if they suffer from a bad credit score. The amount of interest on cash advances is generally pre-determined by the bank and stipulated within the cardholders contract or it may be determined at the time of withdraw.
With certain credit card companies, it is necessary to get a personal identification number (PIN) for the credit card before a cash advance can be made. The credit card then works much in the same way as a Debit card and the cardholder is able to withdraw cash from banks and ATMs. This process can take a matter of weeks, so cardholders are advised to apply if they are aware that a cash advance will be necessary in the future.
A cash advance with a credit card may be made at any participating bank that issues the card. The cardholder may generally withdraw the credit limit on the card or a percentage there of. In many cases, if a cash advance is made on a credit card, the APR on the card will be raised.
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