A Chase cash advance typically costs 3% to 5% of the amount you are borrowing, or $10 – whichever figure is greater. For example, if you take out a cash advance of $100, you will be charged either $3 to $5 or $10, depending on which is greater.
As a credit card holder, it’s essential to be aware of all the fees and charges associated with using your card. One such charge is the cost of a cash advance, which can be quite steep, especially for Chase credit cards.
In this post, we’ll provide you with a comprehensive guide on the cost of a Chase cash advance, as well as important factors to consider before taking one out.
Table of Contents
Before You Get a Chase Cash Advance: What You Need to Know
Before deciding to take a cash advance from your Chase credit card, here are some crucial points to keep in mind:
- Chase Cash Advance Fee: As mentioned earlier, the Chase cash advance fee is either $10 or 5% of the transaction amount, whichever is greater. This fee applies to the vast majority of Chase credit cards. However, there are some exception such as Chase Business Credit Cards.
- Chase Cash Advance APR: The cash advance APR for most Chase credit cards is 29.74% (V). This interest rate kicks in as soon as you withdraw the money.
- PIN Requirement: To get a cash advance at an ATM using your Chase credit card, you’ll need a PIN. You can request a PIN by calling the number on the back of your card and speaking with Chase customer service.
- How to Get a Cash Advance: Use your Chase credit card like a debit card to withdraw money from an ATM. The cash advance balance includes the amount you withdraw plus the cash advance fee.
- Limits: Many Chase credit cards have a separate cash advance limit, which is a portion of the overall credit limit. For example, if your credit limit is $1,000 and your cash advance limit is 10%, you’ll only be able to withdraw $100.
The Bottom Line: Avoid Cash Advances Unless Absolutely Necessary
Cash advances can be costly, so it’s best to avoid them unless you’re in an emergency situation with no other options. If you must take out a cash advance, you won’t be able to avoid the fee, but you can minimize interest charges by repaying your balance as soon as possible.
However, be aware that frequent cash advances may negatively impact your relationship with your credit card issuer and could hurt your chances of receiving a credit limit increase in the future.
When making financial decisions, always strive to be well-informed and consider all available options. Cash advances should be a last resort, and understanding the costs involved will help you make the best choice for your situation.
How much does a Chase cash advance cost?
Chase charges a cash advance fee of either $10 or 5% of the amount of the transaction, whichever is greater. For example, if you withdraw $100 from an ATM, you would be charged a fee of $5.
What is the APR on a Chase cash advance?
The APR on a Chase cash advance is 29.74% (V). This means that you will pay interest on the amount of your cash advance at a rate of 29.74% per year.
When does interest start accruing on a Chase cash advance?
Interest starts accruing on a Chase cash advance immediately. This means that you will start paying interest on the amount of your cash advance the day you take it out.
Do I need a PIN to get a Chase cash advance?
Yes, you need a PIN to get a Chase cash advance from an ATM. You can request a PIN by calling Chase customer service at 1-800-435-9999.
How do I get a Chase cash advance?
There are two ways to get a Chase cash advance:
1. At an ATM: Insert your Chase credit card into an ATM and select “Cash Advance”. Enter the amount of cash you want to withdraw and follow the instructions on the screen.
2. At a Chase branch: Visit a Chase branch and ask a teller for a cash advance. You will need to present your Chase credit card and a government-issued photo ID.
What is my cash advance limit?
Your cash advance limit is typically 5% of your credit limit. For example, if your credit limit is $10,000, your cash advance limit would be $500.
- As a personal finance and credit cards expert, I provide valuable insights and advice on budgeting, saving, investing, and debt management. I am also an expert on credit card rewards programs and help readers make informed decisions about which cards are right for them. My goal is to help people improve their financial literacy and make better financial choices.
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