How to Avoid a High Interest Rate Cash Advance Credit Card

When you set out to acquire a credit card with an intention of seeking an advance from the bank, it suffices to take note of important tips that save you from plunging into debt. It is easy to fall prey to the basic monthly repayment fees, which are seemingly low but compound to large debt. Make sure you thoroughly read the fine print in the lending terms before forwarding your application.

• Weigh the options at your disposal and seek true advice in regard to the lending instructions. Such instructions may be sent to you by mail or email. Take time to inquire from someone who has had previous experience in what you intend to do or seek advice from a bank teller.


• Find out the actual facts in your lending statement that is specific to individual credit cards. Take note of the interest rates at the beginning and after the introductory period. More often than not, the rates shift to higher value, possibly beyond your repayment capability. Particularly take note of the penalties incurred due to late payments. Within the fine print are balance transfer rates as well as rates for cash transfer.  If the language is not clearly understood, seek help from the bank’s customer care personnel.


• Take a list of the available credit cards and carefully compare them in terms of repayment rates and associated bank charges. Evaluate the yearly or per annum (APR) rates for each card. This would give you the total sum repayable per year inclusive of cumulative interests from beginning to the end of the year. Logically, the credit card with the least APR has the cheapest rates for cash advances.