BANKING AFFAIRS

Detailed explanation-1: -However, unlike card transactions there is no interest free period for cash advances and the interest will be charged from date of transaction till the payment is made in full.

Detailed explanation-2: -The amount of money you transfer or withdraw as a cash advance will appear on your credit card statement and interest will begin accruing right away. Cash advances typically come with a higher APR than regular purchases and you may also incur a cash advance fee.

Detailed explanation-3: -Interest is charged on a monthly basis in the form of a finance charge on your bill. Interest will accrue on a daily basis, between the time your next statement is issued and the due date, which means that you’ll have an even larger balance due, even if you haven’t used your card during that month.

Detailed explanation-4: -You’ll pay interest from the date you get a cash advance until you pay it back in full. The interest rate charged for cash advances is usually higher than for regular purchases. For example, the interest rate for regular purchases may be 19%, but it may be 22% for cash advances.

Detailed explanation-5: -Unlike withdrawing money from a bank account, a cash advance pulls money from your line of credit through your credit card. In addition to repaying the money you withdraw, you’ll need to pay additional fees and interest as well. The fees for a cash advance can be substantial.