Use cash advances wisely

Use cash advances wisely

1 October 2008

Many bank cards and credit cards allow cash advances. A credit card cash advance allows you to take money straight from your credit cards and bank cards. This can be done from an ATM, when paying for an item and you want extra cash, or when you transfer money into another account online.

Unfortunately, cash advances do have a downside. A cash advance is instantly charged with interest. This means you do not get an interest free credit card period. Depending on the credit card rates you have, you might end up paying back a significant sum on your bank cards.

Compare credit cards and bank cards and remember to be careful when it comes to cash advances.

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