What is a cash advance?
A cash advance on your credit card is an amount of cash borrowed against your credit limit. These transactions can be but are not limited to the following items.
- Manual cash disbursal
- ATM transaction
- Wire transfer
- Money order
Some of the most common ways to get a cash advance
- Use your RCU Visa® credit card with a PIN at any ATM
- Any RCU branch location
- Any non-RCU financial institution that accepts Visa®
- Casinos
- Western Union
Cost of a cash advance
Interest rate -- Cash advances have a 3% higher interest rates than the interest rate for purchases.
Example purchase interest rate = 12.99% APR
Cash interest rate = 15.99% APR
Cash advance fee ----$0 if cash advance performed at RCU location. 2% of the advance amount or $20,
whichever is greater, if cash advance is performed at a non-RCU location.
In addition to the cash advance fee, you may be charged an ATM fee when you use a non-RCU ATM for a credit card cash advance.
Cash advances don't have a grace period -- meaning interest begins accruing on the balance as soon as the transaction is completed. This is true even when you pay your balance in full and start the billing cycle with a zero balance. You'll always pay a finance charge on a cash advance even if you pay it in full when your billing statement comes. To reduce the amount of interest you pay on a cash advance, pay it off as soon as possible, even if that means paying before your billing statement comes.
There are other alternatives to cash advances - please contact us at 1 (800) 479-7928 if you would like to discuss the options available.
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