Most credit cards give you the option of withdrawing a cash advance from your line of credit on your card. You just go to any ATM, and use your credit card to withdraw cash as if it were a debit card. This might seem like an attractive optionsometimes cash is just handier than using plastic. In theory, it seems like it should be the same as using your credit card to purchase goods for an equivalent amount. Unfortunately, people who use their cards to get cash advances while under this impression are in for a big shock.
As a rule, using your credit card to obtain a cash advance is a bad idea. As stated before, it seems like it should be the same as using your credit card to make purchasesbut what people frequently dont realize is that the rules for using your credit card to make purchases and the rules regarding cash advances are completely different, and not in your favor. You should be fully informed on the different procedures and regulations regarding cash advances before you even consider getting one.
First, and very importantly, the interest rates for a cash advance on your line of credit are different from the interest rates on the balance of your credit...
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