Is going to an atm to get a cash advance on a credit card a smart thing to do?
Question:
Answer:
Advantage:
- easy to get the money quickly and without having to qualify
Disadvantage(s):
- horrific interest rate that starts the second that you get the money
- misleading "minimum monthly payments" that lull you into a false sense of not having to pay off the loan in its entirety
- having to eat tinned beans for the rest of your life because you are paying 30% interest on a simple loan.
Never, ever, ever take out a cash advance on your credit card.
OK, let me rephrase that. I have taken out a cash advance on a single occassion when I had an opportunity to make a quick 20% profit on my money (legally), but required cash within 30 minutes when I was hours from home. I took out the advance, bought the stuff, got my money back out and paid back the advance within 3 days.
Credit card debt is one of the *worst* possible debts that you can possibly take on. Many people cannot resist the temptation of getting something quick and easy on plastic but later live to regret it greatly. Don't even start down that road.
Seriously, don't even consider it.
Avoid credit card debt like the plague. If you know that you are going to pay off the balance the next month, then it's not a problem. You won't accrue interest.
Taking a cash advance is a horrible thing to do. Mainly because most credit cards charge higher interest on cash withdraws. I honestly can't think of a good reason to do something like that. The higher rate so isn't worth the cash you would get.
You get charged for taking out money usually about 2 % then you get charged anything from about 13.9% upwards if you do not pay all the money back within the allotted time
NOOOO, they charge you a MUCH higher interest rate on cash advance, some companies charge up to 30%...I would really try to find another way to get some money cause thats a bad idea
i did that a they charge me a fee
Not a good idea! The interest on cash advance is at least twice the card interest on purchases.
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