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What are the advantages and disadvantages of using a Credit Card Cash Advance?
Wiki User
∙ 13y ago
Some advantages of using a credit card cash advance are summarized as follows:
* Cash credit lines are relatively generous and one may be able to get more cash from a credit card line than they would otherwise be able to
* Credit card cash advances may be taken from ATMs or banks around the world - there are few limits on where one might obtain a cash advance
* The costs for taking a credit card cash advance are significantly lower than those associated with auto title loans and payday loans
Some disadvantages of using a credit card cash advance are summarized as follows:
* You will need to have set a PIN in advance; otherwise, you will discover that the transaction cannot be completed
* The costs are still steep for credit card cash advances - up to 5% of the transaction and immediate finance charges of up to 28%
* The issuer will reduce (or completely close) your credit line if you are not an established customer
Wiki User
∙ 13y ago
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