Chase Freedom cash advances are very expensive, thanks to a hefty fee and a high interest rate, both of which apply immediately after the transaction. The Chase Freedom cash advance fee is $10 or 5% of the amount advanced, whichever is greater. The Freedom cash advance APR is 25.99% (V). And that goes for both Chase Freedom and Chase Freedom Unlimited.
You’ll also need a PIN to complete a cash advance with either Chase Freedom card. But getting one is as easy as calling Chase customer service (1-800-432-3117) and requesting it. It should arrive by mail within 7-10 business days. Then, you’ll be able to withdraw cash from most ATMs using your Freedom card. Just bear in mind that your “Cash Credit Limit” will be a lot lower than your standard spending limit.
Finally, I’d be remiss if I didn’t recommend avoiding cash advances except in emergency situations. Cash advances are so expensive because credit cards aren’t supposed to be used like debit cards. In fact, relying on a credit card for access to cash is a sign of financial problems. Cash advances are usually avoidable with careful planning too.
But if you can’t escape making one, make sure to repay your balance as soon as possible. Credit card interest compounds daily, which means you’re charged interest on the interest that was assessed yesterday, in addition to your principal balance. And you don’t get any grace period to pay before interest kicks in with a cash advance.
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