How a Credit Card Cash Advances Works
If you are in need of fast cash a credit card cash advance is one way of obtaining this fast cash. Realize however you are still basically making a credit card purchase in terms of interest and how it is counted on your account. This is however unless you have a specific credit card to used for these advances such as a cash advance card.
- Locate an ATM and determine the fees associated with debits. Usually bank ATMs charge between $2 and $3 per withdrawal. This information is sometimes listed on the front of the ATM.
- Slide your card into the card slot to swipe it. As you may know the computer system connected to the ATM machine reads the magnetic strip on the back of the card to access information pertaining to the account.
- Enter your PIN number. Each cash advance card and/or credit card has a PIN number assigned to it once the account is established. This number is used as a security measure in the event that your card is stolen.
- Determine the amount of money you wish to withdraw through the cash advance program. On the ATM panel you are given up to four basic amounts from which to choose. If you wish to withdraw a different amount you would press "Other" and then use the keypad to enter the amount. Press "Enter" or "Submit" once you are finished.
- Wait for the ATM to process your transaction and the money is then dispensed. The fees associated with this withdrawal are charged to your account and is not deducted from the amount of your withdrawal.
- Pay the bill. Most cash advance cards are assigned an interest rate. This interest is applied to the amount withdrawn immediately. Additional interest is applied for each month that this card has a balance owed. The amount of interest applied is determined when you sign up for your credit card.