Tag: cash advance fees

Cash advance fees can have a big impact on the overall cost of a credit card. They are an additional fee charged to the cardholder when a credit card is used to withdraw cash, typically as a percentage of the withdrawal amount. Understanding the fees associated with cash advances and preventing them where possible can save cardholders money and help them to make the most of their credit cards.

A cash advance fee is a charge you must pay when you withdraw cash from your credit card account or make a purchase with your credit card. It is important to understand the cost of such a fee as well as tips for minimizing or avoiding it. When considering a cash advance fee, remember it is a percentage of the amount you borrow plus a transaction fee, and it is usually higher than the fee you would incur for making an ordinary purchase. To minimize or avoid a cash advance fee, opt for alternatives such as using your debit card for cash withdrawals or taking out a small loan from your bank. You can also use a Forex card to save on cash advance fees in international markets. For greater savings, look for reward programs or credit cards that offer no cash advance fees.