What is a cash advance?

A cash advance is a type of credit card transaction that allows a person to withdraw cash from their credit card. The cash advance is taken out at a bank or ATM. The withdrawal is then added to the person’s credit card balance and must be paid back at the end of the billing period. In Washington, the cash advance fee varies with different credit cards, though it is usually a percentage of the cash advance amount. Additionally, interest is charged on the cash advance starting from the day it is withdrawn and usually at a higher rate than everyday purchases. It is important to read the credit card agreement before taking out a cash advance, as the terms and fees may be different than those for purchases. Cash advances can be a convenient way to access funds quickly, but it is important to understand the costs and risks associated with taking out the cash advance.

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What is a cash advance?

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