Author: Jason Steele / Source: Wise Bread
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Please visit our Advertiser Disclosure to view our partners, and for additional details.You need cash now, but you don’t get paid for a few more days. You always have the option of getting a cash advance through your credit card, but should you? Any time you use your credit card to receive cash from an ATM, it’s considered a cash advance rather than a purchase, and that distinction is an important one. Before you make that transaction, here’s what you need to know about cash advances.
Most credit cards have a cash advance fee
When you make a cash advance, your credit card will usually add a cash advance fee. This kind of fee could be $10, or 5% of the amount of each transaction, whichever is greater. So if you needed $20, for example, you’d have to pay an additional $10 fee….
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