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Cash Advance From Credit Card???

Reviewing: Bank Of The Philippine Islands (Bpi) Bpi Classic Mastercard  |  Rating:
Crissy Taruc By Crissy Taruc on
Badge: Advisor | Level: 19 | Finances Expertise:

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.