Credit card cash advances are often a bad idea. That’s because a cash advance can be significantly more expensive than a typical credit card charge. One reason for that is the fact that cash advances generally have much higher interest rates than purchase rates.

Let’s look at why cash advances can be treated differently by credit card companies, and another reason cash advances are so costly. read more..

You’ve probably heard the advice that you should avoid taking out cash advances on your credit card. But what exactly does that mean? What are cash advances? How do they work? And why are they supposedly such a bad thing?

Today let’s take a deeper look at what you need to know about cash advances. read more..

In the past here, we’ve generally recommended against using a credit card for cash advances. It’s for good reason — a combination of a cash advance fee and being hit with what is usually the highest interest rate on a card, with no interest free days. There are exceptions to every rule however, and that’s what we’ll cover here. When might a cash advance not be such a bad idea?

Here are three situations when it might be worth taking out that cash advance:
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Cash advances don’t come cheap. They’re often subject to a higher interest rate than purchases on your credit cards. With interest rates often nearing or exceeding 20%, you probably don’t hit an ATM all that frequently with your credit card.

The interest rate charged for the cash advance is pretty obviously a drawback. Did you know that you can find yourself stuck with more interest in another way too, just by taking out a cash advance? You can. read more..

You’re likely familiar with credit card interest rates. You know that interest rates determine how much you’re charged (in addition to fees) for the privilege of using your credit cards. You probably also know that balance transfer rates can be different than your normal purchase interest rates, and that they can help you save on interest when you transfer your balance to a new card. But do you remember to look at cash advance interest rates when comparing credit cards? You should! read more..