Cash Advance?
Question:
I'm applying for credit card and it's asking me "How many times in the last 6 months have you taken a cash advance?"
Answer:
Its when you use your credit card at the atm or bank to get cash. Its not a good way to borrow money cause they charge you a lot more interest on that portion of your bill.
a Cash advance is when you have a "Pin number' from that creditor and you entered the pin number from any ATM and the ATM gave you cash. Beware of these. When you pay off a certain amount from creditors, they deduct the purchases amount. Cash advances they deduct later. Cash advances have a higher interest rate.
A cash advance is what you get at those places like "Pay Day Advance."
BTW, that's a strange question for a CC application to ask. I've never been asked that.
Also if you don't know what it means then you can probably safely say "zero."
When you use it to get cash instead of buying something. The rates are usually a lot higher.
Cash advance is when you go to a check cashing type place and borrow money against your salary for a percentage of your salary. You borrow $100 and at the end of the month you owe $110. or to be more real, you borrow $100 they give you $90 and on your payday, they automatically deduct $100.
It's a legal form of loan sharking and considered a bad credit ding if you cannot manage your monthly expenses.
You can also take a cash advance from a credit card. this is also at a high intrest rate and also considered a ding in credit reporting.
I think they're talking about Payday Loans
http://index-go.com/finance-payday-loans...
That's a very strange question. I've never heard of a credit card company ever asking that question...are you sure?
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