There are instances when you must have realized that credit cards are not an effective way to make payments. Some examples, where credit cards work wonders are:-
- A taxi ride you may have to take in emergency
- A trip to the farmer’s market
- A car that breaks down and you need money to get it fixed
Above mentioned circumstances are fine, but how about extreme situations when you just may need money. Yes you may have the provision of cash in advance on the credit card you carry, but are you aware of the merits and demerits associated with such a facility! Do not take a decision in haste. DO your research and stay educated and updated.
What Exactly is Cash in Advance!
They are easy money that you get to avail on your already existing credit card. But there is an upper limit set by the company. Beyond that you cannot withdraw the money. This is a kind of short term loan that you get- in cash. Be it the ATM or the card machine, you may make payments through any process. Chill, it’s easy. You may not be able to avail online cash advance, if you have a debit card. They are only for credit cards.
Some points to remember!
Several credit card giving companies have predefined rules, they are as follows:-
- You cannot withdraw or pay more than the prefixed amount.
- This service will not be of use to you if you need more money due to emergency
It is best to keep the mentioned points in mind before applying for services referred to here. Analyze your financial dealings to be able to grab the best deal.
The comfort
It is very easy and comfortable to avail. But! At the same time it is very expensive too. There is an amount you need to pay as fees, while withdrawing money each time you do. It is not like the usual ATM withdrawal. It is different.
The amount you might pay as fees can be nearly 5% or less of the amount you withdraw. It is usually not more than 5%. Some cons associated with a feature this kind is:-
- The interest rate is higher than the usual rate charged.
- There is no consideration of grace period
- You have to rush to pay – Do it ASAP
There are some companies, who do not charge any fees for special withdrawals. For them, you need to look for.
What else you may think of
There are some more options you may consider if you are going to have some need for money. They are:-
- Avail the personal loan given by banks. Interests charged are lesser
- Seek help of friends and family members- yes it is not a bright idea but you save money
- Ask your debit card provider for overdrawing! There is a fee but no interest
Visit personalmoneystore.com to know more about cash advances, if you think that you will need money anytime in the future days. They have ventured into the market to help you and have been proving their metal as well. Stay updated to enjoy the benefits to the fullest.