what does this mean? cash advance fee of the greater of $5 or 3% of the cash advance?
October 22nd, 2009
Little miss Desert Freak! asked:
I want to take a cash advance from one of my credit cards but want to know how much is it going to cost me to take out $100??? please help.
I want to take a cash advance from one of my credit cards but want to know how much is it going to cost me to take out $100??? please help.
It means they are going to charge you $5.00 or 3% whichever is greater, so you’ll get charged at least $5
3% of $100 is $3. Snce that’s under $5, your fee would be the $5 minimum.
According to what you’ve written – the fee will be $5 for $100 because five is greater that 3 (three dollars would be 3% of one hundred dollars).
The big question is – why would you take a cash advance? Live within your means! Don’t spend more than you have and you’ll be ahead of the game.
It means they are going to charge you either $5.00 or 3% of the cash advance. Most likely whichever is higher, so it would be the $5.00 minimum.
The fee is $15 if you take out $100.
If you take from $0.01 to $166.66, the fee is $15.
If you take $166.67 or more, the fee is 3% of the amount you take.