Credit card help?

I just recieved my credit card in the mail. I have a $400 limit, and a $80 cash advance. I am still learning about credit cards. If I need to make a cash advance will I have to pay apr, interest anything? Ex: 80.00/cash advance and my bill comes in on october 22nd? Will it be 80.00 or more for a fee of the transaction. Thanks again!!

If you take 80.00 cash out of your credit card, it will appear just like any other charge on your bill, itemized as "cash advance" or something similar. That $80 would count against your $400 limit (so, in that case, you would have $320 left to spend on your card, before interest and fees were added in). And that particular transaction would likely be charged a higher interest rate than another type of purchase. You would have to check your policy or call your company to get the specific terms, because it's different for each company.

Cash advances are typically ALWAYS a higher interest rate than purchases. Check the card's details to find out what the interest rate is when conducting a cash advance. You could usually call the 800 number to find out the APR on Cash Advances as well as purchases.

there will be a higher interst rate and plus whatever atm fee there is.

If you don't need it, don't borrow it. The cost to you for a $80 loan is as follows:
1) It's $1-2 dollars for the the ATM machine because the visa or MasterCard is not from their bank.

2) You have now a Cash advance fee of 3% which is $2.40 for the $80. Most cards have a minimum and maximum. We are now up to $4.50 on the $80 advance.

3) That is 67% annualized interest if you keep this up every month.

My advice, is keep that card for only gas (as who carries that kind of cash around with them, my last fillup was over $50) or food. Any pay it off.

If you see somehting that you NEED, and you would use cash, then use the card ONLY if you are getting some king of rebate or frequent flyer miles. Like actually take the cash out of your pocket, lay in on the counter. If you aren't feeling any pain from this exercise, then take out the card and use it instead. If it is feeling painful. Put the cash away and leave the store. Fact is, RUN OUT OF THE STORE LIKE YOUR HAIR WAS ON FIRE.

Check out Dave Ramsey's website.

$80 is $80; whether it goes to a store or in your pocket, it's an $80 loan. All the same rules apply. Most credit card companies, however, will levy an additional surcharge for cash advances. Only the issuer of the credit card can answer that question.

Marshmel is absolutely correct. However I get the feeling you weren't asking about cash advances only and you used that as an example.

For purchases, when you get your bill you will owe only the price of the item AS LONG AS you pay it in full before it's due date. After that they will add interest to the unpaid balance at whatever rate your card is charging.

Your balance will be the total of (1) the $80, (2) the cash advance fee, (3) the finance charge, which is a fancy term for interest charged at a higher rate than other types of loans, and (4) any other charges.

However, the amount that you will be required to pay immediately may be less than $80; you may have to pay only a part of the balance each month. However, if you do not pay it all right away, then you will be charged more finance charges (interest) the longer you wait.

80.00 plus the interest for a cash advance

Read the small print!!!!
You will almost certainly be charged for a cash advance, and pay interest on top.
You will have a minimum repayment, which I guess would be about $5 or something small anyway.
They will continue to charge interest on the cash advance part, which is always a higher APR, even if you have paid off the credit card expenditure.
Credit card companies are crooks.
Somewhere in the small print it should state "Credit cards are for idiots" but they've disguised it well.

get that cash advance out of your head darling. They will rip you off in interest.

Use your card responsibly and pay it off no matter what you charge in two months this way there is some interest made for the credit company and you get the advantage of credit.
In six months a review will be done and if you have a -0- balance on your card they will increase your credit amount.

keep in mind that credit means you have money to spend, but it has to be replaced back within a few months or your doomed in what's called revolving credit.

Revolving credit means that you have a balance of lets say $300.00 owed on your credit card. You make the minimum payments when your statement comes in the mail.
What happens is that it will take you a long time to pay it back and though the company is maiing money on interest, your credit score begins to drop month after month that the unpaid balance still hovers over your head.

To prevent this you must pay that credit back at least within two months. That's is a comfortable way for them to make a little money of you and kep them happy and at the same time keep your credit beacon score climbing up.

Credit crads like mine that have a $20,000 credit limit doesn;t mean I can go out ans charge $5,000 worth of stuff and pay on it for the rest of my life.

People get confused about credit cards. My bank loves me because what I charge I pay back real soon and basically I have all that credit and never use it and that is the key to a successful credit card holder.

Now let me ask you after what I have just told you if you had a $8,000.00 credit limit what you do with it?

If I check back with you in one year and you have a balance of -0- on your 8k credit loimit, I'm going to give you another raise to $10,000.00

Get my drift?

Do not use the credit amount to its fullest unless you can pay it back in two months.

Keep that in mind and you will always have a good credit rating and your credit limit will shoot sky high..

The Bank wants you to spend, but they want you to pay it back quickly and I mean quickly.

Some people that are uneducated in crdit cards go over the roof in charges especially at Christmas time and the finance company's are loving it when they rack in 12 billion nation wide.

Think about that and you will know why some people crash in credit because the limit is so tempting that they can;t resist it and charge their way to hell and can;t pay it back and then they wind up filing bankruptcy.

Do be a fool with your credit card.
Use it wisely, very wisely and always remember what I told you to never charge more than you can't afford to pay it back within TWO MONTHS>end of story

Yes. Typically credit card companies charge a fee (usually 5 dollars) for taking out a cash advance against the card.

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