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Financial Literacy Series: What is a Credit Card Cash Advance?

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Financial Literacy Series: What is a Credit Card Cash Advance?

Financial Literacy Series: What is a Credit Card Cash Advance?

When it comes to money matters, staying knowledgeable can help you stay financially savvy and on top of your budget and cash flow. Our series on financial literacy seeks to inform you of some key financial concepts to help you make the most of your money. Here we take a deep dive into a credit card cash advance.

The Lowdown on Credit Card Cash Advances

Your credit card has always been an option when you are needing to purchase something and you do not have the cash-on-hand. Credit cards are pretty much accepted anywhere and everywhere. But what if you need actual cash? Or the merchant is charging a credit card use fee and you do not want the extra charge? That is where a credit card cash advance comes into play. It is a mini-loan that will put cash in your hands as a “charge” on your credit card.

The Fine Print on Credit Card Advances

Just like any loan, you are agreeing to terms by utilizing this service through your credit card company. While every company is different, in general, you should be aware of any transaction fees, special interest rates for cash advances or the annual percentage rate of your card to have a balance. Make sure that you are aware of the charges that will add to the amount you are taking in cash, so you can best plan how to pay it off.

The Need for Cash Advances

There are so many reasons that you may need a boost in your cash flow, but an emergency is often at the top of the list. Having this option available can ease your mind, as we never know when situations and challenges that need cash will pop up. Being aware of fees and terms will help you balance the need with obtaining a cash advance.

Financial Services Under One Roof

Our Cash2Go team can assist with a range of financial services through our many locations in the Chicagoland region. Beyond the need for cash, our team can assist you with many money offerings. We can issue you a money order if you are not wanting to carry cash around after you receive a credit card cash advance. We also can help you pay bills electronically, so you do not have to rely on the mail. We can assist with exchanging foreign currency and exchanging your gift cards that you do not want or will not use. Our on-site cash ATMs are also available, and assistance with any notarizing of important documents. We also can help you obtain copies of marriage, birth or death certificates.

If you have questions, stop in and talk to our team of experts. Our crew is ready to work with you to help you stay on track with all of your financial needs. You can also drop us a line or question through our online contact form

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