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maxbrockman
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Credit card question

I am looking at a credit card offer and this is what it says for the fee to use that card to get cash, Cash advance fee: 3% of amount of the cash advance, but not less than $10. Does that mean if I take out $20 I will be charged $10 or does it mean that I have to take out at least $10 and I would be charged 3%?

This open post was written 11 months ago | V/U/S: 171, 4, 3 | Edit Post | Leave a reply | Report Post


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credit card, Payday loan, question, Quantity, Cash, card, Charge, Fee, Advance, Offer (How Tags Affect Reciprocity)

Replies (4)

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mumstheword offline Verified User (1 year, 5 months) Long Term User Shouts: 72 #
An Undisclosed Location | 11 months ago (12 minutes after post)

From the wording, I would say it means you will pay a minimum of $10 each time!

It’s ambiguous though and the best advice would be to check with the credit card company.

Credit cards are usually the most expensive option for making cash withdrawals. Beware of using them overseas in particular where you not only get charged the withdrawal fee, but a currency exchange and commission fee !

Debit cards don’t normally cost anything unless you are using a host machine from an alternative bank.

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chev.jame offline Verified User (1 year, 7 months) Long Term User Shouts: 1 #
An Unknown Location | 11 months ago (14 minutes after post)

You would be charged $10 in the example you cited. So, for each cash withdrawal against the credit card, you would pay 3 percent of the total, unless 3 percent of the total was under $10. You will pay a minimum of $10 for each cash withdrawal . . . but will pay 3 percent of the total otherwise. The minimum you can withdraw and pay 3 percent vs. $10 would be $334, rounded up to the nearest dollar. In that case you would pay $10.02.

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maxbrockman offline Verified User (1 year, 6 months) Long Term User Shouts: 2 #
An Unknown Location | 11 months ago (24 minutes after post)

Thank you both, that helps alot, I will just have to use my debit account to get cash and transfer money into my credit account.

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chev.jame offline Verified User (1 year, 7 months) Long Term User Shouts: 1 #
An Unknown Location | 11 months ago (2 hours, 37 minutes after post)

That’s the best way! ;-)

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