Cash advance from credit card???
Credit card holders usually have a certain percentage from their available regular credit limit for cash advance. In my case, I had 30% and the automatic cash advance fee is 4%. If I advance 1,000 pesos I will be automatically charge for a fee of 40 pesos already and that amounts to 1,040 pesos. But that’s not the overall reality of it. The amount I advance will be included in my daily outstanding balance which is the basis in computing my monthly interest at a certain percentage.
I usually avail of this if the money I am supposed to use is delayed but when I get hold of it I immediately pay the bank so it will not roll-over with my outstanding balance. Of course there’s a bright side of this like ease of availment (withdrawable at ATM), no application form and documentation plus flexible payment option.
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BPI Classic Mastercard Provider:
Bank of the Philippine Islands (BPI) It was a gift Category: Finances & Insurance / Cash Advances Published: May 05, 2008 15:33
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what a tempting feature.. don't get hook.. lol..
I haven't yet ever used cash advance from a credit card, like edgt said, don't get hooked.
Too tempting for me to use, but sounds like you have a handle on the ins and outs.
I am cleared repaying BPI with Php 84,000. I learned a lot from this mistake. I'll be applying again for my next BPI credit card and use it for emergency purposes.
This sound slike it would come in handy for an emergency, but otherwise too expensive.
I agree with the others-I would use this as a last resort & if I did use it, I would try to pay it off as soon as possible!
Cash advances are good for emergencies, but I try to avoid it unless I really have to. Yes, too tempting.
My advice is stay far from Cash advance unless there is no other alternative because the interest rate are high
haha my dad uses that. hes half filipino and half dominican.
yeah..but cash advance has more interest than buying goods.