What is Cash Advance APR?
Cash Advance APR is the interest rate charged for borrowing cash through a credit card, typically higher than regular purchase rates and often accompanied by additional fees.
by Sai V
Published Oct 26, 2023 | Updated Oct 26, 2023 | ๐ 1 min read
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What is Cash Advance APR?
Cash Advance APR refers to the Annual Percentage Rate applied to cash advances made through a credit card. It represents the interest rate charged by the issuer for borrowing cash against the card's line of credit. This rate is typically higher than the standard APR for purchases and often incurs additional fees, making cash advances a costly form of borrowing.
What Are the Different Types of Cash Advances?
Here are the different types of cash advances:
- Credit Card Cash Advances
- Merchant Cash Advances (MCA)
- Payday Loans
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