Hi Hardeep. I can tell you what are cash advance fees on credit cards. Let me give you a situation. You go to an ATM and withdraw cash using your credit card. It might seem like the same thing as withdrawing money through your debit card, but using a credit card is like taking an advance from the bank. So, the bank levies a fee, known as a cash advance fee.
What is a Cash Advance Fee on Credit Card?
With withdrawing funds via debit card, you are using your own money, but with credit cards, the bank is lending you money, so that is where the major difference lies and thus the charge. The charges vary from 2.5 percent to 3 percent of the transaction amount.
This is all I have to share with you regarding what is a credit card cash advance fee. I hope you find this information helpful.
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Credit card itself has a lot of aspects that are really confusing. The more my brother tells me the more I tend to get confused. Recently he was talking about the fee on credit cash advance and since I had no idea about it, I asked him late about
what is cash advance fee in credit card. He said that it is a withdrawal of cash from a credit card account- like if you are borrowing against your credit card to get cash in your hand. For this benefit, a cost is taken and also at times there are fees on the amount you can withdraw.
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The charge levied everytime you withdraw cash using a credit card varies. It is usually from 2.5% to 3% of the transaction amount to an amount of Rs 250 to Rs 500 and it gets reflected in the billing statement.
How can one avoid cash advance fees?Of course you too must be wanting to know how to avoid this fee so I am going to tell that as well. One can avoid the fee by avoiding cash advances and cash equivalent transactions on credit cards. You might not be able to avoid the transaction totally so just try to reduce the cash advance fee by decreasing the amount of cash you withdraw on your credit card.
I hope this has answered and
what is cash advance fee in credit card and the charges as well.
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Authors Of The Question
What Is Cash Advance Fee In Credit Card?
Hardeep
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2 Answers
2 Year
2022-08-17T09:40:17+00:00 2024-12-24T11:01:53+00:00Comment
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