Most credit card providers allow a percentage of the spending limit on the credit card account to be used for cash advances. Cardholders can withdraw cash from a credit card using an ATM, bank teller, or by transferring cash from the card to a deposit account.
Cardholders are informed of the cash advance limit on the credit card account when they receive the card.
The limit on cash advances is specific to the credit card holder and may be up to 50 percent of the total credit line. Credit card companies often impose a daily limit on the amount of cash advance that may be taken. If an individual attempts to take an advance that exceeds this limit, the transaction will often not be permitted.
Other card issuers will permit the transaction but charge higher interest rates and overage fees for the excess money taken.
A transaction fee must be paid for the advance and this is sometimes a percentage of the transaction. The APR is usually higher than for a credit card purchase. There is no interest-free period for a cash advance. Interest begins accruing once the withdrawal is made.
Based on these charges, it is important that card holders take cash advance loans only when necessary.
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