Maria Adams, Credit Cards Moderator
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Yes, there is a fee for cash advance on credit cards, usually. Only a few credit cards don’t charge cash advance fees. Cash advances typically cost around 3.84% of the withdrawn amount. The cash advance fee is applied every time you use your credit card to get a cash advance.
How a Cash Advance Fee is Determined
- The first method is a flat rate fee that will be assessed no matter how much money you withdraw.
- The second method is to charge a percentage of the money you withdraw, usually between 2% and 5%, as a fee.
- The third method, which is the most common, is a combination of the first two. Many issuers charge either a flat rate or a percentage of the amount withdrawn – whichever is higher.
According to WalletHub’s latest Credit Card Landscape Report, the average cash advance fee is currently just above $8.
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