What is a cash advance?
A cash advance is a type of transaction that involves borrowing money from a credit card provider. In California, cash advances are subject to certain laws and regulations. A cash advance is a loan that can be taken against the credit limit on a credit card. Cash advances are subject to certain terms and conditions. Generally, credit card companies in California charge significantly higher interest rates on cash advances than on purchases. When a cash advance is taken, the amount of the loan is deducted from the cardholder’s available credit limit. The cardholder is then obligated to pay back the amount borrowed, plus interest and other fees. The funds can be withdrawn directly from the cardholder’s bank account or via cash, check, or other methods. The California Credit Card Law provides strong protections for consumers. Specifically, it prohibits lenders from charging high interest rates for cash advances. It is important to be aware of the terms and conditions of a cash advance before taking one out in California. This can help prevent potential financial issues in the future.
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