Jack Farrell's Payday loan blog

četvrtak, 31.05.2012.

Obtaining Low Cost Payday Loans

When in dire need of cash in the middle of the month to sort out some unsuspected expense, you might be tempted to use some cash advance on credit card. The situation might be appealing however, you should be aware that such advance on your credit card is not financially safe. It is also expensive and has the possibility of debt if you do not pay up quickly. Therefore it will be better if you know fully what all are involved before you use the ATM.

Before you swipe your card at the ATM make a note of the following four costs that you have be bear for cash advance on credit card. These are:

1. Fees - cash advance carries a fee between one to four percent of the advance

2. Interest - the rate of interest on advance is higher than that are charged against regular purchases

3. No grace period - the interest starts accruing the moment you withdraw the cash from the ATM, there is no grace period attached to it

4. ATM fee - this is a fee the bank charges for the use of their machine.

The above four charges might make your advance a bit expensive, however it will be still less than taking cash advance through payday loans.

However the key to handling cash advance on credit card is how you manage to handle it in smart ways. If you follow the guidelines given below, you will be in a better position to manager you credit card.

- Know the agreement of your credit card

- Use the ATM only when there really is an emergency

- Beware of the limit of your cash advance

- Don't withdraw more than what you really need

- When you use the credit card it should have a zero balance

- Do not use the credit card to purchase anything until the cash advance is fully repaid

Following the above guide lines you will be able to manage your cash advance on credit card prudently without creating debt.

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