What is Cash Advance? Credit Card Cash Advances

What is Cash Advance? Credit Card Cash Advances

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Cash Advance

There might be times when you are in an emergency, you are out of cash and credit cards are not welcomed. Don’t worry! Cash Advance is an easy and convenient option in such a case.

How do I take a Cash Advance?

In layman’s language, a Cash Advance is like a short term loan that one can take against his or her credit card. In case of a Cash Advances, you take a loan in form of cash, unlike credit purchases where no cash is involved. You can get a Cash Advances by using your credit card instead of your debit card, at an ATM.

You can only take Cash Advance only up to a certain limit. Hence, it is essential to note that most of the banks and credit card companies do not allow their customers to withdraw the entire amount of your credit limit as a Cash Advance. In case of emergencies, you can easily rely on your credit card as it can provide you with easy Cash Advance.

An expensive way of getting cash

Though it is very convenient to get a Cash when you are in need of urgent cash, but Cash Advance is one of the most expensive ways of getting easy cash. This is due to the fact that this easy cash comes with a certain amount of fees which is generally very high. So think twice before taking a Cash Advance!

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Parul Mahajan is a Post Graduate in Gender Studies from Ambedkar University, Delhi and also holds a Bachelor of Arts degree in English Literature from Daulat Ram College, Delhi University. She is the author of ““Warring Over Religion and Feminism”, a Masters level Dissertation. Parul has also interned with Vimochana, a Bangalore based women’s organization working on various women’s issues.

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