credit cards

What is a cash-advance fee?

 

What is a cash-advance fee?

The Bankrate.com financial term of the day is: "cash-advance fee."

You can get money from your credit card -- but it's going to cost you. You'll pay a cash-advance fee when you use your plastic to borrow some cash. You'll pay either a flat amount or a percentage of the cash advance you take. Some cards might use both options. For example, the fee might be expressed as "2%/$10," which means you'll pay either 2 percent or a straight $10, whichever is greater. The fee may be deducted from your advance amount, so if you request $100, you'll receive just $90 and the other $10 goes to the fee. Or, the fee may be posted to your credit card bill.

Your credit card will be happy to give you some cash -- if you pay a cash-advance fee.

To shop for the perfect credit card, visit the credit cards section at Bankrate.com.

 

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