he price of tapping credit through a cash advance, which lets people borrow from their credit cards by writing a check or withdrawing money from an ATM, is much steeper than it would be for a traditional credit purchase. It’s also much harder to avoid fees when a cash advance is involved.
1. What is the average amount of interest charged for a cash advance?
2. If you do take a cash advance, what advice does Matt Schulz, a senior analyst for CreditCards.com. give?
3. Besides interest, what extra amounts do credit card companies typically charge for cash advances?
Marte, J. (2015) The danger behind the ‘convenient checks’ you’re getting in the mail. The Washington Post, June 3 (Retrievable online at http://www.washingtonpost.com/news/get-there/wp/2015/06/03/the-danger-behind-the-convenient-checks-youre-getting-in-the-mail/?tid=hpModule_a2e19bf4-86a3-11e2-9d71-f0feafdd1394&hpid=z14)