A credit card money advance charge is the charge imposed when you take out a cash advance against your credit limit. (The credit limit obtainable for money advances may be reduce than that for purchases.)
How the Cash Advance Fee is Calculated
Money advance costs are calculated in a single of two techniques, or a combination of each these two.
Some credit card issuers calculate the money advance fee as a percentage of the amount of your cash advance. Using this technique, the charge might among two% and five% of your money advance. That is a $ two to $ 5 cash advance charge for each online payday advance $ one hundred you borrow.
Your cash advance charge could also be a flat fee that doesn’t change regardless of the quantity of your money advance.
Finally, the card issuer may well charge a cash advance fee that’s a percentage of the total cash advance amount and impose a minimum money advance charge quantity. For instance, your cash advance charge may be five% of the money advance or a minimum of $ 10 whichever is higher. If you take out a $ one hundred cash advance, five% of that amount is only [...] Read More…