ECONOMICS

Detailed explanation-1: -A credit card cash advance is a withdrawal of cash from your credit card account. Essentially, you’re borrowing against your credit card to put cash in your pocket. However, there are costs to taking a credit card cash advance and, in some cases, limits on the amount you can withdraw.

Detailed explanation-2: -Cash advance terms and fees Card issuers typically charge a fee if you use your credit card for a cash advance. This can either be a flat fee per cash advance or a percentage of the loan amount. Depending on the lender, this transaction fee can be as high as 5% of the advance or $10, whichever is greater.

Detailed explanation-3: -Another option is to request a convenience check from your credit card issuer. These are essentially personal checks that you can use to withdraw cash from your credit card account. Like balance transfer checks, convenience checks won’t incur cash advance fees.