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Cash Advance

Financial term in the General category

Definition

Borrowing cash using a credit card at an ATM or bank. Typically charges a higher APR (25%+), immediate interest (no grace period), and a cash advance fee of 3-5%.

Related Terms

Cash Advance Fee

A fee charged for withdrawing cash using a credit card, typically $10 or 3-5% of the advance amount, whichever is greater. A $200 cash advance with 5% fee costs $10.

Frequently Asked Questions

What is Cash Advance?

Borrowing cash using a credit card at an ATM or bank. Typically charges a higher APR (25%+), immediate interest (no grace period), and a cash advance fee of 3-5%.

Why is Cash Advance important in personal finance?

Cash Advance is an important general concept that helps individuals make better financial decisions. Understanding Cash Advance can improve your financial planning and help you achieve your money goals.

How does Cash Advance relate to Cash Advance Fee?

Cash Advance and Cash Advance Fee are related financial concepts. A fee charged for withdrawing cash using a credit card, typically $10 or 3-5% of the advance amount, whichever is greater. A $200 cash advance with 5% fee costs $10.

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