Smart tips in using cash advance

What is Cash Advance?

The pandemic has affected our jobs and the economy. This may be a good time to consider other sources of money just in case you need it. If you happen to be a credit card holder of any bank, consider the Cash Advance feature in the future. Cash Advance allows credit cardholders to borrow or loan cash, usually for emergency purposes, based on their credit limit. It’s a short-term loan where you are charged a fee or an interest rate upfront by your bank. Availing of your credit card’s Cash Advance offer? Here are some important reminders for you:






Read your credit card’s Terms and Conditions.

Always double-check the Terms and Conditions set by your bank for their Cash Advance offer. You should know how much you are getting charged, the interest rate you will be paying, when and how you will be paying, and up to how much you can borrow.

Read your credit card’s Terms and Conditions.

Always double-check the Terms and Conditions set by your bank for their Cash Advance offer. You should know how much you are getting charged, the interest rate you will be paying, when and how you will be paying, and up to how much you can borrow.







Use only when necessary.

Cash Advances traditionally charge higher rates as compared to your regular credit card transactions. Assess the situation. Is there a need for immediate cash? Usually, these are emergencies wherein your cash on-hand is insufficient, or you need to cover your receivables gap.

Use only when necessary.

Cash Advances traditionally charge higher rates as compared to your regular credit card transactions. Assess the situation. Is there a need for immediate cash? Usually, these are emergencies wherein your cash on-hand is insufficient, or you need to cover your receivables gap.







Be aware of your available limit.

Make it a habit to track your spending on your credit card to avoid any over-limit fees. Once you’ve decided to avail of the Cash Advance feature, refrain from using your credit card for other purchases until the Cash Advance balance is paid.

Be aware of your available limit.

Make it a habit to track your spending on your credit card to avoid any over-limit fees. Once you’ve decided to avail of the Cash Advance feature, refrain from using your credit card for other purchases until the Cash Advance balance is paid.







Check the Machine before using.

Most cash advance transactions are done through local ATMs. So, handle your transaction personally. Check for any dubious or out-of-place devices in the ATM. Cover your hands as you input your pin and don’t allow anyone to see the ATM screen. Also, stay safe, don’t forget to sanitize your hands after your transaction.

Check the Machine before using

Most cash advance transactions are done through local ATMs. So, handle your transaction personally. Check for any dubious or out-of-place devices in the ATM. Cover your hands as you input your pin and don’t allow anyone to see the ATM screen. Also, stay safe, don’t forget to sanitize your hands after your transaction.

Nowadays, credit card holders have the flexibility to maximize the use of their credit cards on their own terms whether it is to enjoy perks, discounts, promos, and even use it to borrow cash for emergency purposes. But, make sure that you allocate a part of your income to pay for your obligations. Be a responsible credit card holder and pay your bills on time to avoid penalties.

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