Chase is just one of several credit card merchants that offer cash advances to cardholders. The card can be used to obtain cash from an ATM or an accepting financial institution. Cash advance checks provide a cardholder with access to his or her cash advance line through writing a check.
The check may be used to obtain cash or pay for goods or services. These checks are treated like cash advances and count toward the cash advance limit on the account.
Some Chase cards feature a zero percent introductory APR or no annual fee, while others offer cash back credits. There are even special cards designed for consumers wanting to transfer balances from other cards. Both business and personal cards are available with these and other features.
Chase Freedom features a zero percent APR for the first six billing cycles for purchases and the first 12 billing cycles for balance transfers. A variable APR of between 11.99 and 22.99 percent, based on creditworthiness, is then imposed.
The cash advance APR is 19.24 percent, 23.24 percent if the purchase APR is 22.99 percent. This APR varies with the prime rate of the market. This card also carries a cash advance fee of the higher of $10 or three percent of the amount of each transaction.
With the no annual fee Chase Slate, consumers with good or excellent credit receive a 15-month zero percent APR introductory period for balance transfers and purchases. The variable APR then reverts to 11.99 or 16.99 percent, depending on creditworthiness.
Individuals with average credit will receive a six-month introductory period of zero percent APR for balance transfers and are then subject to a variable APR of 21.99 percent. Cash advance APR and fees are the same as for the Freedom card.
Chase Sapphire is a rewards card accepted online and in over 170 countries. Cash advance APR is currently 19.24 percent and the cash advance fee is either $10 or five percent of the amount of each transaction, whichever is greater.
This card carries no annual fee and a 13.24 percent variable APR for purchases and balance transfers.
Designed for businesses, Chase Ink cardholders receive a $100 cash bank bonus after their first purchase and up to three percent cash back on eligible business purchases. Free employee cards are available and the account has no annual fee.
For the first six billing cycles, the purchase and balance transfer APR is zero percent. After that, the variable APR is between 13.24 and 19.24 percent. Cash advance APR is 19.24 percent, 23.24 percent if the purchase APR is 19.24 percent. Cash advance fee is the greater of $10 or three percent of the amount of each transaction.
Cash advances should be used wisely because if not managed properly, they can have a negative effect on the financial situation. Interest begins accruing on a cash advance the moment it is taken, so consumers should repay the money as soon as possible.
Taking several cash advances in a short period can increase the credit card interest rate.
