Beware Credit Card Cheques And The Cash Advance
29075
Finance > Credit
Jun 19, 2007
dustmagic
Beware Credit Card Cheques And The Cash Advance
If you've got a credit card did you know that you can do more with it than just use it for payments. For one you may receive a credit card cheque book which will enable you to pay with your card account via a cheque. For those times when a credit card will not be accepted. You may also have the opportunity to get a cash advance. A means of withdrawing cash directly from your credit cardeither from a cash machine or directly to your bank account. This is great if you need cash in an emergency. But there's a catch to both these credit card account features, so be wary. You Will Pay Much More Interest for the Service Almost all credit cards charge a much higher interest for credit card cheques or a cash advance. You may forfeit any interest-free period, which means that you will start paying interest on the money the minute you spend the money. You will also find that most cards will also charge a fee each time you take a cash advance or use a credit card cheque. Plus using an ATM could raise the fee further still. You Will Pop Up On The Credit Company Radar Whenever you use a credit card cheque or take a cash advance, you're revealing the fact that you're not just using a credit card for it's convenience, you really do need the money. This will be recorded and noted in the credit card company's records and mark you as someone who possibly shouldn't receive the best deal. As they see it, you won't be going anywhere. Spend With the Credit Card Where Possible Try avoiding using cash to pay for small things and only to find you have to take a cash advance or use a credit cheque to pay for bigger things. Instead do it the other way around. If you're in a situation where you're relying on a cash advance, you should start using your card for the smaller things where you wouldn't usually consider it, in order to avoid taking the advances and paying the extra interest. Think carefully how you spend. There are few bills now that need to be paid for with a cheque, consequently there are fewer reasons to ever use a credit card cheque. If you're willing to make a call and wait in their queue for a while or there's a facility to pay online, the chances are you can get them to accept a credit card payment. Most companies accept credit cards now. The fact is they're loosing out if they don't. Be Wary Of Advance Limits If you start to rely on cash advances, you'll eventually run into an advance limit. The credit card companies don't advertise it, but many of them have limits on how much of your balance can be cash advances and how much must be in purchases. Check these limits before you start taking cash advances. Cash Advances Get Paid Off Last When you begin to pay back your credit card balance, most lenders will put your payments towards the lowest-interest money, your purchases, first and once this is cleared towards any other lending. This being the case you will always be paying the higher interest on the cash advance or cheque until you clear your credit card debt completely and get your balance back to zero.
Get free General Finance help and advice from www.1stfinanceguide.com. Credit Cards, Mortgages, Debt, Investment, Real Estate etc.
send email to dustmagic
Write a Review
Add to My Favorite
Refer it to Friend
Report Article
Other links owned by this user
Having previously had a heart attack doesn't necessarily mean you cannot get cheap life insurance.
Category:
Which is the best type of policy for you and your Life Insurance circumstances?
Category:
You need to dig deeper for your Pay Per Click advertisng keywords. Otherwise you're haemorrhaging cash. Here's Why!
Category:
Exactly how should you utilize technology on your Adsense site to increase your earnings.
Category:
Learn the techniques the experts are using to make 5 figure incomes per month with Adsense.
Category:
Googles recent patent publication reveals how they rank sites. Some of the info here you could never have guessed at.
Category:
It can be very easy to get a term life insurance quote but a little more time consuming to have it personalized to your circumstances.
Category:
A Life Insurance Cover Quote is straight forward to get. But there's more involved in arriving at your final Life Insurance Quote.
Category:
A brief listing of the most common terms relating to debt, debt relief and debt consolidation.
Category:
7 reasons why you should consider Pay Per Click Advertising. They're not what you think.
Category:
Although it's something no parent would ever really want to consider Life Insurance for you child can bring many benefits.
Category:
Can you live the dream and work from home making a full time living as an eBay seller?
Category:
Ease your Commercial Mortgage hassles and stress by approaching and preparing for your deal in the right way.
Category:
The simplest way to get cheap term life insurance is to have a policy with a shorter life span. But this is not the only way and many other factors come into play.
Category:
Cut your Adwords budget by making simple changes to your Adwords configuration and understanding your budget management. Save money guaranteed.
Category:
There are a number of options to consider when deciding on the right UK Life Insurance Cover for you. It's not as straight forward as you might think.
Category:
Other links at Finance > Credit
Credit cards are good but shop around for one that meets your needs and try to pay as much as possible off each bill to keep the cost as low as possible and to avoid debt.
Category:
A credit card is a very valuable asset for almost anyone. The credit card system provides a numerous number of benefits that the cardholder can enjoy. And although it can be an instrument to revolve your credit and budget your finances, it can also cause
Category:
Check out the key points before signing up for a credit card. A better bargaining or a keen eye on banking industry will help you find out how to get the best credit cards.
Category:
How to establish good credit and what pitfalls to avoid to keep it that way.
Category:
Not every credit card is a good one - just because it promises a few good things. The truth is, that you really do not know just how good a credit card might be until you read the fine print that gives you all of the details.
Category:
Site Sponsor
Directory Statistics
Articles: 68285
Categories: 501
Yahoo Entertainment
