Glossary Terms: Cash Advance

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Credit Card Applications » Glossary » Cash Advance

Cash Advance

Money borrowed against your line of credit, either by withdrawing it from an ATM or by using a convenience check issued by your credit card company. The cash advance fee is charged as a percentage of the cash advance and is usually between 2 and 4 percent, although sometimes it will be a flat fee. APRs for cash advances are almost always significantly higher than for purchases, and most cards have no grace period on their repayment, meaning you will pay a finance charge for a cash advance. To lessen this charge, pay the cash advance back as soon as possible – do not wait until you are billed.

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