Chip Lupo, Credit Card Writer
@CLoop
A cash advance fee is usually 3% to 5% of the amount withdrawn from a credit card, or a minimum flat fee of $5 to $10, whichever is greater. For example, a $500 cash advance on a credit card with a 3% fee will cost you an additional $15. Cash advance fees are tacked onto your withdrawal amount as soon as you complete the transaction.
When you take out a cash advance, the transaction will likely come with costs in addition to the cash advance fee. If you withdraw the cash at an ATM, a separate bank fee may apply. The cash advance will also accrue interest - typically at a rate higher than the card’s regular APR. Plus, there’s no grace period on a cash advance, so you will be charged interest starting on the transaction date.
You can learn more about cash advance fees and other credit card costs on WalletHub.
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Do cash advances hurt your credit score?
Taking out a cash advance has no direct impact on your credit or credit score unless this operation leads to a credit utilization of more than 30-40%.
Just remember that cash advances are very expensive, ultimately causing you to pay much more money ( through fees and interest rates) than... read full answer
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