Skip Credit Card Cash Advances: Convenience Costs Too Much

I get little “convenience” checks every month from my credit card company with messages on how I can get quick cash from my account — just like an ATM.

I’ve never used them because they carry high fees and charge interest the second they are cashed.

Now we know how much more they are overcharging consumers.

According to a recent survey by CreditCards.com, the interest charges on these services average 24% and go as high as 36%.

That’s a huge surcharge for convenience. You can pay these fees in an absolute pinch, but it’s going to cost you.

Here are some other pitfalls of cash advances:

* Cash advances begin charging interest immediately. This is unlike purchases, which have an interest-free grace period based on billing cycles.

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