There are many instances where a person may need cash immediately and
cannot wait until his or her next paycheck. Examples can include
needing to pay for unexpected repairs, needing to help a friend or
family member with expenses, needing to pay a bill, and many more. In
many cases, using a charge card can be convenient as credit cards are
accepted nearly anywhere for a variety of payments. There are however,
instances where a charge card cannot be used to make a payment but with
cash advance options offered by credit companies, a person can get the
cash they need right away.
Not
all credit card companies offer the option for cash advances. For those
that do, there are specific rules that may apply that are different
than those that regulate typical charge card usage for purchases. One of
the varying rules that many companies enforce is there is a different
interest rate that is applied to the amount of cash advanced. This rate
can be significantly higher than the rate for purchases made with the
credit card. Because of this, it is recommended that cash advances be
limited to rare cases that they may be needed.
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