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If you can’t avoid taking out cash, there are ways to reduce the interest you pay.
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Jackie Lam is an employee of Money. He has been a personal finance writer for over 8 years covering money management, insurance, investing, banking and personal stories. An AFC® Certified Financial Coach, he’s passionate about helping freelancers design their Illicit Money Systems, deepen their understanding of the money story, and break through mental and emotional barriers. He is the recipient of Money Management International’s 2022 Financial Literacy and Education in the Community (FLEC) Award and a two-time Plutus Award nominee for the best volunteer award in personal finance media. He lives in Los Angeles and spends his free time swimming, playing drums and fantasizing about stickers.
If you’re temporarily short on cash, accessing your credit card for cash can be an easy step.
While this is a quick way to get some cash, the fees are steep and higher than the usual APR on your card. The average credit card interest rate is 16.22%, and the average cash interest rate is 24.80%.
Wondering if cash is a better option for you? Here’s everything you need to know.
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A cash advance is a short-term loan that you can get with your credit card. Instead of taking out a loan through a bank or online lender, borrow against your line of credit.
Cash advance credit is usually lower than your standard purchase credit – usually with a higher APR. Interest usually starts without discount, i. H. The end of your billing period and the date of your next payment.
You can get cash in a number of ways: get cash from an ATM, get cash from a bank when you show your credit card, or get a blank check from your card issuer.
The amount of the cashback will appear on your credit card statement. As with standard purchases that you charge to your card, you make monthly payments until the balance is paid off.
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Interest isn’t the only charge to worry about when cash increases—expect a few other charges to add up, too.
First, there is usually a cash-advance fee that ranges from 3% to 5% of the amount, or a minimum fee of $5 or $10. For example, if the cash advance is $200, expect to pay $6 to $10. If the cash advance is $400, you can expect to pay $12 to $20.
Another common fee you should consider is the ATM fee. The average ATM transaction fee in 2020 was $3.08.
Below is a breakdown of how much cash will cost you in interest and fees.
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Let’s say you request a $600 cash advance at an APR of 24.8% and withdraw the money from an ATM. Cash advance fees are up to $30. There is also an ATM fee of $3.50. On Day 1, you will already be charged $33.50.
Along with interest charges, if you pay this cash advance within 30 days, you’ll pay $12.23 in interest, bringing your cash cost to $45.73. If you take 60 days to pay off the loan, your total interest will be $24.46 and the total amount will be $57.96. If it takes six months to pay off the balance, the total cost of the loan could be $107.90.
Paying off the cash balance early is in your best interest. Otherwise, you could end up swimming in interest charges.
The main risk of taking cash is the higher interest rate you’ll pay. If it takes you a while to cash out your balance, it will cost you a pretty penny in interest alone, not to mention the other fees that come with it.
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If you already have a credit card balance and can’t afford a cash advance, it can be more difficult to pay a cash advance. This means that this short-term fix will cost you dearly in the long run.
Although cash advances are expensive and can do more financial harm than good, there are a few situations where it may be a viable option:
Both cash advances and payday loans are short-term, quick-fix liquidity. The dollar amount is relatively small. Both are notorious for high interest rates and fees.
The biggest difference between a cash loan and a payday loan is that you have to go through a payday loan online or step into a payday loan. While the interest rate on cash out is higher than the APR on your credit card, the interest rate on payday loans is surprisingly high—we’re talking triple digits. It could be 400% or more. You must repay this amount promptly, usually within two weeks.
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Another difference between the two is that while the interest rates and terms of cashback are set by the credit card issuer, there may be state rules regarding maximum payday loan amounts, processing fees and charges.
A cash advance can hurt your credit score if you don’t pay cash. Just as late payments on credit card purchases can affect your balance, so can paying in advance.
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