The USAA cash advance fee is 3% per transaction. A cash advance fee is a fee charged when using a USAA credit card for cash withdrawals at an ATM, via direct deposit, with a cash advance check, or in person at participating locations.
Bear in mind that when you do a cash advance, you will incur other costs in addition to the USAA cash advance fee. There’s a separate cash advance APR that applies immediately after you complete the transaction. The ATM owner may also impose additional charges.
A USAA credit card cash advance costs 3% of the amount withdrawn, not including interest. That goes for all USAA credit cards. The 3% cost also doesn’t include any fees charged by either the owner of the ATM, or the bank where you withdrew the funds. Plus, a USAA credit card’s cash advance APR could be as high as 30.15% (V), depending on your creditworthiness. Note that cash advance interest starts accruing immediately.… read full answer
It’s important to familiarize yourself with USAA’s terms and conditions regarding cash advances and how the process itself works. After all, cash advances are expensive and could wind up costing you even more than the original amount withdrawn in some cases.
Here is what you should know about USAA cash advances:
Cash advance fee: USAA’s credit card cash advance fee is 3% of the amount withdrawn.
Cash advance APR: USAA’s credit card cash advance APR could be anywhere from 11.15% (V) to 30.15% (V), depending on the card and your overall creditworthiness. Interest begins accruing immediately and compounds daily. You can expect to be charged a higher rate on cash advances than on your purchases.
When is the fee waived: The cash advance fee is waived when you transfer funds electronically from your USAA credit card to your USAA Bank deposit account.
How to get a cash advance: You can do a cash advance with a USAA credit card by making an ATM withdrawal with your account PIN or by using a convenience check. The cost is the same, unless you also have to pay an ATM-owner surcharge. You can request a PIN or convenience checks from USAA.
Cash advance limit: You will be able to withdraw up to the cash advance limit listed on your statement.
Potential credit risk: Frequent cash advances could make you seem like a credit risk. Issuers tend to view these as a sign of irresponsible spending, which may limit your chances of receiving credit line increases, for example.
Things to consider: If you have cash advance and purchase balances on the same credit card, make sure to pay more than just the minimum amount required when your bill comes due. Only amounts above the minimum are applied to the balance with the highest interest rate, which is likely your cash advance balance.
USAA also charges the 3% cash advance fee for cash equivalent transactions. These include money orders, reloadable gift cards, wire transfers, and traveler's checks.
Don’t forget that to make a cash advance in the first place, you’ll have to call USAA at (800) 531-8722 or log in to your online account and request a PIN. You’ll need the PIN to use your card at ATMs. But try to take out cash advances in case of emergencies only. If you do take one, paying off your cash advance as soon as you can will reduce the overall cost.
A credit card cash advance limit is the maximum amount a cardholder can withdraw from the card’s full credit line as a cash advance. Your credit card cash advance limit will be a certain percentage of your whole credit card limit. Some online reports mention that the cash advance limit is usually from 5% to 30% of your credit card limit. Note that this percentage can vary based on the card issuer.… read full answer
The cash advance limit is also called cash credit line or cash access line, depending on the card issuer. They all refer to the same thing.
Other things to know about credit card cash advances:
Keep in mind that in order to use credit card for cash advances at an ATM, you will need a PIN. Also, cash advances should be avoided due to their high interest rates and fees, both of which apply immediately. Still, the cash advance function on credit cards can come in handy during emergency situations.
Before you get a cash advance, check out the card’s cash advance terms and conditions. By reviewing the terms, you’ll at least know what you’re getting yourself into when you make the transaction.
Cash advances typically cost around 3.84% of the withdrawn amount. This cash advance fee is applied every time you use your credit card to get a cash advance.
In addition to expensive cash advance fees, there is also a high cash advance APR (22.53%, on average). From the moment you withdraw the money, your credit card company will immediately begin charging you interest. And the charges will continue to mount until you pay off the entire cash advance balance.… read full answer
The costs of a $1,000 cash advance:
Cash advance fee: The fee for a $1,000 cash advance would be $37.5, based on the current average cash advance fee. But it could be even higher, depending on the card. Some credit card companies charge a 3% fee, while others charge up to 5%. Keep in mind that you’ll have to pay a fee every time you take out a cash advance.
Cash Advance APR: The cash advance APR for this amount would be around 56 cents per day at the current average cash advance APR of 22.53%. Keep in mind that interest will start accruing from the moment you perform the withdrawal. Plus, the interest you’re charged one day also becomes part of the balance accruing interest the next. In other words, credit card interest compounds daily.
Other costs: There might also be ATM fees in case you use one that’s not affiliated with your card’s issuer. Banks charge non-customers $1.50 to $3.50 at their ATMs, but non-bank ATM operators often charge more, up to $10 per transaction.
As you can see, cash advances are very expensive transactions. So, it's best to avoid them unless it's an emergency. In case you must get one, make sure pay it off as soon as possible.
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