Cash Advances And Credit Card Checks – A Closer Look
Chances are you own numerous credit cards but you may not have realized that they offer other methods of extending you credit. One such alternative is the credit card check. Not commonly used but it does have its place in certain circumstances. Another commonly used method of extending credit offered by the credit card companies is the cash advance.
Cash advances are simply industry speak for withdrawing cash directly from your credit card, either to your bank account or from a cash machine. However, both alternatives – credit card checks and cash advances should only be used as a last resort. The reasons are many and it’s not feasible to delve into all the details here but I have outlined a few of the most compelling reasons below.
Much Higher Interest
Most credit cards will charge you a much higher interest rate on the money you borrow (the credit they extend you) when you utilize either the credit card check or cash advance options. Not only is the interest much higher but it starts to accrue or be charged against from day one. In other words, you often give up any interest-free...
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