Today's world is extremely techno-savvy. People do not have to actually rush to a bank to obtain a short-term loan. Today's world is a world of debit and credit cards. By means of a credit card, purchases can be made without carrying any cash. Besides this, credit cards have another major advantage. Credit card holders can use their credit cards to borrow cash against their current balances.
The amount available for a cash advance is a small percent of their credit limit. The credit limit and the cash limit are generally mentioned in the monthly card statements. The procedure for receiving cash advance is very simple. Most of the electronic banking machines or ATMs have the ability to process these cash advances. However, the requested amount should not exceed the cash advance limit. Most ATMs may still dispense the amount even if it means exceeding the cash advance limit. Record is kept of the same electronically and fees will often pile up if this happens.
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Although most transactions can be carried out by debit and credit cards, some services need to be paid in cash. Taking a loan for a small amount could turn out to be very expensive and tedious. On the other hand, debit cards will dispense an amount existing in the checking or savings account and not beyond that. The cash advance option proves to be vital in such situations.
It should be noted that any amount obtained through cash advance gets added to the outstanding amount on the credit card statement. This amount attracts a heavy interest and other charges, as cash advances are often processed at a higher APR than normal transactions are. Hence, it is extremely important to pay back the cash advance as quickly as possible. It is beneficial only to such cardholders who need the borrowed amount for a short while. Cash advances are a blessing in the hour of need. However, if not paid immediately, the outstanding amount far exceeds the borrowed amount, increasing the overall debt. Hence, consumers should borrow only as much as required and try and return this amount as soon as possible.
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