A USAA credit card cash advance will cost you 3% of the amount withdrawn, not including interest.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 25.90%, depending on your creditworthiness, and interest starts accruing immediately.
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 After all, cash advances are expensive and could wind up costing you even more than the original amount withdrawn at the end of the day.
Here is what you should know about USAA cash advances:
- USAA’s credit card cash advance fee is 3% of the amount withdrawn.
- USAA’s credit card cash advance APR ranges from a low of 6.90% to a high of 25.90% depending on the card and your creditworthiness. Interest begins accruing immediately and compounds daily. You can expect to be charged a higher rate on cash advances than on your purchases.
- Cash advance fee is waived when you transfer funds electronically from your USAA credit card to your USAA Bank deposit account.
- 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.
- You will be able to withdraw up to the cash advance limit listed on your statement.
- 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.
- If you have cash advance and purchase balances on the same 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.
Avoiding cash advance fees is difficult. USAA charges the 3% cash advance fee for “cash equivalent transactions.” Cash equivalents are items that could easily be converted to cash such as 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 1 (800) 225-2009 or log in to your online account and request a PIN. You’ll need the PIN to use your card at ATMs. But you shouldn’t take out cash advances often. Try to use them for emergencies only. If you do make one, paying off your cash advance as soon as you can will reduce the overall cost.
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