What is cash access line on my credit card?
Ok, I just received my credit card, I’ve got an available credit of $3,000 and a cash advance of $600.
Does this mean that I can only get $600 in cash at an ATM until I pay the balance?
Please, tell me exactly what it means, thank you…
Listen to what everybody is telling you. That cash advance can also keep you in debt for a long long time. If you read the fine print in the "Terms of Agreement" there is a higher interest rate on cash advances. They also apply your monthly payments to the lower APR first which means that cash advance balance will not go down until your regular charges are paid off.
It’s ok to get cash advances, but do not use the card for regular purchases, this way you will not be paying 2 seperate APR’s. Also when they send you those "checks" to cash or use for purchases, they are considered "cash advances" and are treated as such.
Hope this helps answer your question
July 27th, 2009 at 11:51 pm
Yes you could get a cash advance but not at any atm. you need to call the credit card company first. That cash advance will cost you 21 to 25%.. That means you are flushing 25 dollars down the toilet for every 100 you borrow.
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July 28th, 2009 at 12:40 am
Normally you use your credit card to buy things. Cash advance means you borrow against the credit line and get cash.
The cash advance limit says that you can only borrow $600 via the ATM and then no more until you pay it back.
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July 28th, 2009 at 1:00 am
You are correct. You can get $600 cash and will not be able to get more than that amount until it is repaid. Keep in mind that cash advances on your credit cards are costly. There is a charge to get the advance, plus interest charges monthly.
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July 28th, 2009 at 1:20 am
It means you can borrow up to $3,000 but only $600 of it can be cash.
You could go to an ATM (if you have the PIN) or you could write a convenience check. This is how you access the Cash.
If you used all $600, you would sitll have $2,400 available for purchases. When you make payments, they will apply it to the lower interest balance first so if you took cash and purchased items, your payment would be split between those balances and the interest.
As someone else mentioned. pay close attention to the Cash Advance APR. It’s probably over 20%. Also, when you take cash from a credit card line, they interest is charged immediately from when you take the cash. Purchases have a grace period that you can pay off the balance without interest.
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July 28th, 2009 at 1:31 am
Listen to what everybody is telling you. That cash advance can also keep you in debt for a long long time. If you read the fine print in the "Terms of Agreement" there is a higher interest rate on cash advances. They also apply your monthly payments to the lower APR first which means that cash advance balance will not go down until your regular charges are paid off.
It’s ok to get cash advances, but do not use the card for regular purchases, this way you will not be paying 2 seperate APR’s. Also when they send you those "checks" to cash or use for purchases, they are considered "cash advances" and are treated as such.
Hope this helps answer your question
References :