Credit card

Why a Cash Advance on a Credit Card Is Often a Smart Move

Are you in need of some fast cash? Did a financial crisis arise that you cannot afford for whatever reason? This happens to everyone at some time or another and often people don't know where to turn for help. If you have a credit card, you can get fast cash online thanks to the cash advance feature. This feature allows you to obtain cash using your Charge Card and money can be obtained in a number of ways. Before you choose to use your credit or debit card for this purpose though, you need to understand what it entails, the fees which will be charged and what other options are available to ; How Much Can Be Obtained Using the Cash Advance Feature of a Credit Card? Before you go to take out a cash advance using your credit card, you need to know how much you will be allowed to borrow to ensure it is enough to cover the costs of the crisis. Some…
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Interchange fee

Interchange fee is a term used in the payment card industry to describe a fee paid between banks for the acceptance of card based transactions.

Usually it is a fee that a merchant's bank (the "acquiring bank") pays a customer's bank (the "issuing bank") however there are instances where the interchange fee is paid from the issuer to acquirer, often called reverse interchange. In a credit card or debit card transaction, the card-issuing bank in a payment transaction deducts the interchange fee from the amount it pays the acquiring bank that handles a credit or debit card transaction for a merchant. The acquiring bank then pays the merchant the amount of the transaction minus both the interchange fee and an additional, usually smaller fee for the acquiring bank or ISO, which is often referred to as a discount rate, an add-on rate, or pass thru. For cash withdrawal transactions at ATMs, however, the fees are paid by the card-issuing bank to the acquiring bank (for the maintenance of the machine). These fees are set by the credit card networks, and are the largest component of the various fees that most…
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Cash advance

Cash advance

A cash advance is a service provided by most credit card and charge card issuers. The service allows cardholders to withdraw cash, either through an ATM or over the counter at a bank or other financial agency, up to a certain limit. For a credit card, this will be the credit limit (or some percentage of it). Cash advances generally incur a fee (to replace the interchange fee normally charged to the merchant on a card transaction), although this is sometimes waived if the account is in credit. When made on a credit card, they are usually charged at a higher rate of interest than a regular credit card transaction, and generally do not attract an interest-free period which is customarily given to cardholders who pay off their bill in full every month. Some "purchases" made with a credit card of items that are viewed as cash are also considered to be cash advances in accordance with the credit card network's guidelines, thereby incurring the…
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