Marshall Jamieson, WalletHub Finance Consultant
A Chase Ink cash advance is a short-term loan against an Ink card’s credit limit from an ATM or bank. The Chase Ink cash advance fee is 5% (min. $15), and the Chase Ink cash advance APR is 29.99% (V). That goes for all three Chase Ink business credit cards: Ink Cash, Ink Preferred and Ink Unlimited. And those costs are on top of any fees imposed by an ATM owner, for example.
Unlike a cash withdrawal from a checking or savings account, a Chase Ink cash advance has to be paid back. When you use an Ink Business credit card to withdraw money at an ATM or bank, interest immediately starts to accrue, and is compounded daily. This means an unpaid balance will incur interest on any interest charged on the previous months’ statements.
There is also no grace period for cash advances. So interest will continue to accrue until you pay off the entire balance. The interest rate for a cash advance will be higher than the card’s purchase rate.
If you’re in need of quick cash, consider taking out a personal loan or borrowing money from a friend or family member. Neither is ideal, but they will likely end up being far less expensive than a Chase Ink cash advance over the long haul. And if you have to take out a cash advance, pay it off as soon as possible.
Here is what you should know about a Chase Ink cash advance:
- To make a Chase Ink cash advance, you can use the card to withdraw cash at an ATM just like a debit card. The ATM owner may charge a fee for the transaction.
- You will need a PIN to use the card at an ATM. You can call customer service at 1 (888) 269-8690 to set up a PIN.
- You can make a cash advance in person at a Chase bank branch or any bank that offers advances through the Visa network. You will have to provide an ID. The bank may charge you a fee for the service (separate from the cash advance fee).
- The Chase Ink Business Cash, Preferred and Unlimited cards charge a cash advance fee of either $15 or 5% of the amount of each cash advance, whichever is greater.
- The Cash Advance APR for Chase Ink cards is 29.99% (V). Interest starts to accrue on the transaction date, and compounds daily.
- There is no grace period on Chase Ink cash advances. You will accrue interest from the date of the transaction until you pay off the entire balance.
- The maximum amount you can withdraw for a cash advance on a Chase Ink card is 20 percent of your credit limit. If you have a balance on your card, make sure you have enough available credit to cover the withdrawal amount. Be sure to include cash advance fees and any ATM/bank fees. You can find the dollar amount available for cash advances on your Chase Ink statement.
A Chase Ink cash advance is a very expensive short-term loan, and should be used only in extreme emergencies. If you find yourself relying on cash advances, it may be a sign that your business finances are in trouble. Seek out less expensive means of securing cash and work on getting your business finances in order to avoid ending in up similar situations in the future.
Ink Business Cash® Credit Card
Alice Kane, WalletHub Analyst
A Chase Ink cash advance is when you use it at an ATM to withdraw cash, put in the simplest terms. And you should avoid that, because of the very high costs.
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