What is a cash advance APR?

A cash advance APR is the annual percentage rate (APR) that is charged for a cash advance on a credit card. This rate is usually higher than the rate charged for regular purchases made with the card, and may be subject to additional fees as well. In South Carolina, the cash advance APR is regulated by state law and typically ranges between 18% to 23%. A cash advance is essentially a loan taken out on your credit card that is meant to provide funds for a short-term need. It is important to note that cash advances are both more expensive and less flexible than other types of consumer credit. The amount of your cash advance will be subject to an APR, and will accrue interest from the time it is taken out until it is paid off. Your APR is determined by the credit card issuer and is usually higher than the purchase APR on the credit card. Cash advances can be a good way to cover a short-term financial need if you do not have other available funds. However, it is important to understand the costs associated with this type of credit. The cash advance APR in South Carolina is regulated to ensure consumers are not charged excessive fees or interest rates on their cash advances. Knowing the APR rate on your credit card can help you make better decisions when it comes to taking out a cash advance.

Related FAQs

Are there any rules or regulations that apply to credit card companies?
How do I apply for a credit card?
How do credit card companies make money?
What is the difference between a secured credit card and an unsecured credit card?
How do I dispute a charge on my credit card statement?
What is the difference between a credit card and a debit card?
What is Credit Card Act of 2009?
What is the difference between a secured and an unsecured credit card?
How does a balance transfer work?
What is a minimum payment on a credit card?

What is a cash advance APR?

Related FAQs

Related Blog Posts