2023-08-01 13:11:30
A credit card It is a financial tool that you must learn to use correctly, but when you need cash, one of the options for many people is to resort to an ATM, although there are those who know that this is only possible with a debit card, but in case be curious, there is something you should take into account.
The first thing is the details and associated costs. So, as the first factor is that By using a credit card, you access a loan that the bank guarantees and that means there are additional charges.
By using a credit card, you are accessing a loan that the bank guarantees. Source: Pixabay
If you require cash advanced, you have to go to an ATM and you have to introduce your credit card and then you must take care of selecting the option to obtain the money, although you must know that the withdrawal will depend on the balance you have available in your plastic.
What can you face when you take money from your credit card?
Something that you cannot go unnoticed are cash advances with credit cards, since they have some restrictions. Are may include minimum and maximum amounts for the withdrawal to take place in a single transactionIn the same way, they apply cash advances or request it within a specific period, it can be daily or monthly.
You must take into account that cash advances have a fixed rate in each of the transactions, in addition, an interest rate is also applied that is usually higher than when buying with a card. The interest is between 1.5 and 3.5 percent of the total amount.
They can include minimum and maximum amounts for the withdrawal to take place in a single transaction. Fountain:
Pixabay
Another detail that you must take into account regarding the fees and interest rates is that, when using some ATMs, there will be a fee for use. So, there is an additional cost in case you want cash in advance and it is necessary to take it into account in general expenses.
Also, it is important to know that unlike regular purchases with your credit card, there is a 21-day period for interest to be applied. This happens because cash advances earn interest after a transaction is completed.
Before withdrawing money from your credit card, it is necessary to take into account each of the details and consider whether it is really necessary.
For more information visit your little pig.
ATM Credit card
#credit #card #ATMTu #Cochinito