How much is the Merrick Bank cash advance fee?

A credit card cash advance fee is a fee charged for withdrawing cash from the credit line on a credit card, using an ATM withdrawal or a convenience check. Cash advance fees are a percentage of the amount withdrawn (usually 2%-5%), a flat fee (typically $10-$15), or whichever option is more expensive. The latter scenario is the most common. For example, if you take out a $250 cash advance with a credit card that has a cash advance fee of 5% or $10, whichever is greater, the fee will amount to $12.50 (5% of $250).... read full answer

In addition to cash advance fees from your credit card issuer, you’ll likely pay $2-$5 in ATM fees if you use your credit card to make a withdrawal. On top of those fees, you’ll also have to pay the credit card’s cash advance APR. The interest rate for a cash advance is usually even higher than a credit card’s regular APR, and cash advances begin accruing interest immediately. Typically, cash advance APRs are 20%-36%.

Cash Advance Fees by Credit Card Company

All in all, cash advances are essentially very expensive short-term cash loans. While they’re helpful in an emergency, you should avoid cash advances whenever possible.

Information in the table above is current as of May 2020 and does not apply to every card from each issuer, as some rates and fees may differ.

You can get a Merrick Bank cash advance at any ATM. To do so, just insert your card, then enter your PIN and choose the cash advance option. After that, enter the amount you want to withdraw and acknowledge the fee disclosure to receive the cash advance.

What you should know about Merrick Bank cash advances:... read full answer

• Cash advances come with high APRs: Depending on the card and your overall creditworthiness, the cash advance APR can be as low as 26.95% (V) or as high as 28.70% - 34.95% (V). There’s no grace period on a cash advance so interest starts accruing right away.
• There is a cash advance fee: The fee for a cash advance is 4% (min $10). This is on top of any fees an ATM owner may charge.
• Cash advances require a PIN: To use a Merrick Bank credit card for cash advances at an ATM, you will need a PIN. If you didn’t create a PIN when you applied for the card, you can request one by calling customer service at (800) 204-5936.

Ultimately, keep in mind that cash advances are really expensive. So, it would be best to avoid using your Merrick Bank credit card for cash advances, unless absolutely necessary.

To get a Merrick Bank credit card PIN, call their customer service department at (800) 204-5936 and follow the prompts to get connected to a customer service representative. Make sure to have your account number ready before you make the call.

It is worth noting that cash advances are extremely expensive, so it’s best to avoid them unless it's an absolute emergency. On top of the cash advance APR, which starts accumulating immediately (with no grace period), you'll also be subject to a cash advance fee.... read full answer