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Can credit card companies charge a interest fee on cash advance if you never get cash?
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What interest rates are charged to people with bad credit at payday advance companies?
People with bad credit sometimes turn to payday loans at payday advance companies. These loans can have exorbitant interest rates, sometimes being as much as 400% APR.
What is credit card interest?
Credit Card Interest is basically the way credit card companies make money. They charge you interest for borrowing their money. But usually if you pay your bills on time and don't have any fees, they won't charge you any interest.
What cash advance companies offer a credit card?
There are many credit card companies that offer cash advances but not as many cash advance companies that offer credit cards. Some of cash advance companies are Payday Loans and Advance America.
Can credit card companies close your account and continue to charge interest on the balance?
Sure can, a dirty deal.
What companies offer free loans for individuals with no credit?
There are very few companies that offer free loans for individuals with no credit. It would be best to get a personal loan from someone you know, as they will not charge interest.
Can you pay off your loan with a credit card?
Not directly, but you can take a cash advance from a credit card to pay off the loan. However, that probably is a bad idea, since the cash advance charge and the credit card interest most likely would exceed what you owe for the loan.
How would credit card companies exist without interest fees?
I'm not sure they would, but credit card companies charge a variety of other fees including late payment fees, over limit fees, service charges, etc. etc. Also, most consumers don't realize that credit card companies charge the merchant a fee of 3% to 9% for the transaction, in addition to charging the cardholder interest.
Can a merchant charge a credit card in advance?
If that is the agreement.
Where can one get an advance credit card?
Advance credit cards can be obtained from many different companies that offer credit cards. Some examples of these companies include Bank of America and Capital One.
Is it lawful for credit card companies to charge unfair high credit card rates?
There are legal limits to how much interest can be charged. Usury rates are different in each state, most credit card companies are smart enough not to break the law.
What is the highest interest rate allowed by credit card companies to charge consumers?
It is regulated by state law, so it depends on where your credit agreement is in effect. Where I am it's 33% annually.
What is the usual interest rate on a cash advance?
The interest rate is completely dependent upon the institution offering the cash advance. Most banks provide this service for credit cards with either a small fee or interest rate ranging from 2% to 4%. However, there is a limit on how much can be withdrawn within a given timeframe. Companies who offer cash advances and are not affiliated with a bank often charge large interest rates ranging anywhere from 5%-15%.
