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Credit Card Cash Advances and  Cheques 

Many credit card companies allow you to obtain cash adavnces either as a withdrawal from a cash machine or as a credit to your bank account. Some also supply cheques that you can use when you are paying someone who cannot accept your card. While you might think that the company is just providing  useful extra services, these do have a sting in the tail.

You Pay More Interest.

With most cards, cheques and advances are charged at a much higher rate of interest than normal spending. You often give up any interest-free period (which can be up to two months), meaning that you start paying interest on the money literally from the minute you spend the money. Not only that, but most cards will also charge a fee each time you use cash advances or credit card cheques – and using an ATM may increase the fee even further.

No Guarantee.

Most credit cards provide a level of protection for the buyer when you find that the goods you have purchased are faulty and you are unable to obtain satisfaction from the seller. This guarantee does not apply when you purchase goods with a credit card cheque.

It Marks You Out.

When you use a credit card cheque or accept a cash advance, you are showing that you are not just using a credit card for convenience – you really need the money. This marks you out in the credit card company’s records as someone who shouldn’t be given a good deal. After all, you won’t be going anywhere.

Try to Spend With the Card Instead.

Instead of using cash to pay for small things and finding you have to take advances or use cheques to pay for bigger things, it’s better to do it the other way around. If you’re in a situation where you’re relying on advances, you should start using your card for smaller things where you wouldn’t usually bother, just to avoid taking the advances and paying more interest. Be strategic in how you spend.

Remember that there are very few bills now that must be paid for by cheque, so there aren’t many reasons to ever use credit card cheques. If you’re willing to call them up and wait in their queue for a while, the chances are you can get them to accept a credit card payment just by you reading the number.

Remember They Get Left For Last.

When you pay back your credit card debt, most lenders will put your payments towards the lowest-interest money (your purchases) first, and then towards other lending. That means that you keep paying that high interest on the cash advance or cheque until you get your balance all the way down to zero.