![]() Money withdrawn from an ATM gets added to the account balance and will be reflected in monthly statements. The cardholder is essentially purchasing cash from the credit card company as opposed to purchasing an item from a store. If you withdraw cash from an ATM using a credit card is a cash advance. Taking cash from an ATM using a credit card is called a cash advance and not only involves a cash advance transaction fee (often 3% to 5% of the transaction amount) but is also subject to a separate, often much higher, cash advance APR.īecause cash advance transactions begin to accrue interest the same day a transaction is made, high fees are typically unavoidable when using a credit card to withdraw cash from an ATM. Can You Use a Credit Card At an ATM?Īlthough it’s not a recommended practice, a credit card may be used at an ATM to withdraw cash. Forbes Advisor recommends against using a credit card for a cash advance. Cardholders can use a credit card at nearly any ATM and withdraw cash as they would when using a debit card, but instead of drawing from a bank account, the cash withdrawal shows up as a charge on a credit card. It’s called a cash advance, and it comes with some major downsides and hefty fees. Most credit card lenders offer cardholders the ability to take out cash using an ATM.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |