Credit Card Debt:

Credit Card Debt

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Leave home without it … Membership has its privileges, but it also has a large share of disadvantages. Without the proper know-how and advice, you could find itself buried under an avalanche of credit card debt. Millions of Americans are like you and are currently trying to pay off credit card companies to 0 billion. It is a credit card company is best for you interest in more debt after all that, how they make their real money. Even by following their rules, you can quickly

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When to Use a Cash Advance

While a credit card will pay for most things these days there are always times that call for good old fashioned cash. Most of the time you would probably access cash from an ATM using a cash card linked directly to your bank account. However, if your bank account funds are running low or the ATM in the location you are in won’t accept your card then an option to access cash might be using your credit card to get a cash advance via an ATM machine. Some banks even offer credit card checks which can be used to pay for items but are treated like a cash advance, not a normal credit card purchase.

Should you be concerned about that?

There’s no question about it, credit card cash advances can act as a very valuable feature. Any traveler who finds himself or herself wanting for cash in a foreign country will really appreciate the relief it gives. Your credit card allows you to get a cash advance anywhere around the world, from locations as convenient as the ubiquitous ATM machine.

Before you start making credit card cash advances there are things you need to know. Typically, cash advances are going to be more expensive to you than making the purchase directly on your credit card. Consider the following:

Finance charge: There are cards that bend the rules but you will find a cash advance with most cards attract a higher APR than purchase rates. This is very typical even with low interest credit cards. For example, a low interest credit card from an Australian bank has a cash advance rate of 18.75 percent (as at March 12, 2008), while the purchase rate is 12.99 percent. Be aware that the difference in interest rates can be very significant.

There is a reason for this. The credit card issuer earns some income from your purchases because merchants pay fees to process and receive payments for the transactions. A merchant is not involved in a cash advance transaction, so the credit card issuer does not earn fees.

Grace period: Credit card issuers normally grant a grace period on purchases, and charge interest on these only if you don’t pay off the amount when it falls due. A cash advance does not get such grace period, and interest is charged from day one. A $500 credit card purchase could cost nothing in interest if you paid the bill in full on its due date; a $500 cash advance at 18 percent APR paid in full after one month would require you to pay $7.50 interest.

Special fee: Card issuers often charge a cash advance transaction fee, shown as a percentage of the cash advance made. Usually, the fee ranges from 2 to 3 percent, but with a minimum fee (e.g. $10). In the example above, you would pay $10-$15 (2-3 percent) as transaction fee on the $500 cash advance.

In the examples above, the $500 credit purchase would not cost anything in interest or fees, but the $500 cash advance would cost a total of $17.50-$22.50.

That is the bottom line: credit card cash advances are more expensive than credit purchases. The message is that cash advances should be used judiciously and only in emergency situations.

About the Author

Cash Advance article by Richard Greenwood is credit card offers website Click4Credit. The site is part of The Click 4 Group which compares other products such as high interest savings offers.

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Credit Card Cash Advance

Credit Card Cash Advance?

i have a capital one credit card.
and i’m curious to know.
is the “credit line for cash” separate or included in your “total credit line”
and how does the credit line for cash work?

It is part of the total of your credit line. Example a 5000 credit line is the total amount you can bowwow. The cash advance line of say 1000 once used is subtracted from your total credit line. So a 1000 cash advace plus all the fees would leave you with about a 3960 line of credit left on the card if you started with a zero balance being caried over.

I would not use the cash advance option. Once you use it you will incure interest charges from the second you take the advance. There is no grace period for cash advances. Also there is a cash advance fee of usually 3 percent of the amount borrowed upfront. Cash advances also carry an extremely high interest rate of over 20 percent. Dont do them. If your card has a cash advance on it then you buy something and make a payment the payment is applied to the LOWER INTEREST RATE PURCHASE FIRST. This is the credit card trap. The highest interest rate is applied last and therefore you pay more in service charges.

Avoid cash advances at all costs.

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why do credit cards get a cash advance on them and debit cards do not?

That’s the whole idea of credit. Debit means, TAKE from what is in the account.

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What is the best and cheapest way to convert and transfer say $10,000 between US and Australia.?

I asked for 10,000 as an example to rule out Paypal and similar. I understand there are many ways, for example cabling, transfer from one account to another, internet money exchangers, stock brokers, VISA cash advances, checks etc. But which one is the best?

Wire transfer is probably best. The fee for the transfer is a dollar amount (say, $25-50) not a percentage amount. You can usually get good F/X rates as well. The transfer will take one day.

All in all probably the best solution.

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