Question about Cash Advance on Credit Card?
Question:
Answer:
It depends on how the terms are listed. If you have a limit of $25 you can only take up to that amount, this is the most common. If it says your limit is $25 per day, then you can take up to $25 each day. The most common is that it is giving you a total cash advance limit not the per day limit.
However, Cash Advances are very costly for you and very profitable for the bank. The Credit Card Company will charge you a fee to do this, then the ATM you get the money out of will also charge you a fee. There is also NO grace period on Cash Advances so the interest starts the day you take the money. That $20 ATM trip will probably end up costing you $30 or more. So it is something you really need to think about before taking any money out.
If your limit is $25.00 per day, that's the total amount they will let you withdraw in one day. Take my advice and don't get into the habit of doing this. The finance charges the bank will charge you on these cash advances are outrageous. Get a second or third job if you have to but don't take too many cash advances on your credit cards. You'll be paying them back for the rest of your life!
It depends on how the card is set up. If it is just a $25 per transaction limit then it might work to get $20 and then the next day to get $20 more. Usually the limit is either flat out or it is in 24 hour time periods.
Generally when you are given a cash limit that limit is all you get period.
If your cash limit is $25.00 I believe it is saying that on that particular credit card,all you can get in the way of cash is $25.00 and the rest of the amount available is only towards credit purchases.
Example: I get a credit card with a $5,000.00 credit line. Of that credit line I only get $500.00 cash limit which means I can only get that amount of money and until I get that paid off I get nothing else.
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