Comments on: What is the 3% transaction fee for credit card cash advance checks? http://www.cashdayadvance.org/cash-advance/cash-advance-type/what-is-the-3-transaction-fee-for-credit-card-cash-advance-checks/ Cash Day Advance Online Resources And Information Wed, 08 Feb 2012 09:58:13 +0000 http://wordpress.org/?v=abc By: K.C. http://www.cashdayadvance.org/cash-advance/cash-advance-type/what-is-the-3-transaction-fee-for-credit-card-cash-advance-checks/#comment-2260 K.C. Mon, 17 Nov 2008 10:34:52 +0000 http://www.cashdayadvance.org/what-is-the-3-transaction-fee-for-credit-card-cash-advance-checks/#comment-2260 Usually the 0% APR only applies to purchases not cash advances so I would say the 3% would apply....the only way to know for your particular situation is to call, or read the disclosures for the fine print... Usually the 0% APR only applies to purchases not cash advances so I would say the 3% would apply….the only way to know for your particular situation is to call, or read the disclosures for the fine print…

]]> By: AlexAtlanta http://www.cashdayadvance.org/cash-advance/cash-advance-type/what-is-the-3-transaction-fee-for-credit-card-cash-advance-checks/#comment-2259 AlexAtlanta Sun, 16 Nov 2008 13:39:19 +0000 http://www.cashdayadvance.org/what-is-the-3-transaction-fee-for-credit-card-cash-advance-checks/#comment-2259 Credit cards make money on every transaction. When you charge a purchase, .25-2% of that amount is actually paid to the credit card company. You want to take money and therefore they want to charge you that cost of doing business with a credit card (even if it is a cash advance). Therefore, in this case, they are charging you 3% upfront for the loan. So, yes, you will have to pay at least $515 back to borrow $500. Odds are that the cash advance is NOT going to be eligible for the 0% interest grace period (it rarely is). Read your fine print or call the credit card company to ensure the loan is interest free. Lastly, cash advances are a bad idea. If you don't have the cash, don't borrow it as you will invariably pay more in the end. Credit cards make money on every transaction. When you charge a purchase, .25-2% of that amount is actually paid to the credit card company.

You want to take money and therefore they want to charge you that cost of doing business with a credit card (even if it is a cash advance). Therefore, in this case, they are charging you 3% upfront for the loan. So, yes, you will have to pay at least $515 back to borrow $500. Odds are that the cash advance is NOT going to be eligible for the 0% interest grace period (it rarely is). Read your fine print or call the credit card company to ensure the loan is interest free.

Lastly, cash advances are a bad idea. If you don’t have the cash, don’t borrow it as you will invariably pay more in the end.

]]> By: ginabgood1 http://www.cashdayadvance.org/cash-advance/cash-advance-type/what-is-the-3-transaction-fee-for-credit-card-cash-advance-checks/#comment-2258 ginabgood1 Sat, 15 Nov 2008 21:26:14 +0000 http://www.cashdayadvance.org/what-is-the-3-transaction-fee-for-credit-card-cash-advance-checks/#comment-2258 You need to read the fine print in your agreement - that 3% fee on $500 would normally be $15, but some cards have a "minimum" fee that is more than $15, and some do not. If yours doesn't, then your credit card balance should be $515. You need to read the fine print in your agreement - that 3% fee on $500 would normally be $15, but some cards have a “minimum” fee that is more than $15, and some do not. If yours doesn’t, then your credit card balance should be $515.

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