basically, if i got a cash advance on my crediti card from an atm i would be charged and have the money acrue interest at a higher rate than if i purchsed an item of equal value. would getting cashback with my shopping from a supermarket be counted as a purchase or as cashback??
2006-10-01 10:03:44 · 6 answers · asked by Goodall 1 in Business & Finance ➔ Credit
You can't get cash back from a store when you use a credit card, only with a debit card.
You must understand that a store pays a percentage and a transaction fee on a credit card transaction. No one would give you cash and pay a percentage to the bank.
When you get a cash advance from an ATM the bank wants to make it's percentage plus your interest.
With a debit card the store only pays a transaction fee. There is no percentage. That is why they can give cash back.
2006-10-01 10:19:15 · answer #1 · answered by Barkley Hound 7 · 1⤊ 2⤋
If you tell the store your card is a credit card and sign the receipt, you can't get cash back. If your tell the store it is a debit card and enter your pin #, the entire transaction is treated like an ATM withdraw.
2006-10-01 11:54:28 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
Cash-Back & Cash-Advances, Are NOT the same look at the percentage rate on cash advavanes(ouch); However cash back from companies is a benefit for Paying to much!...Happy Shopping?
2006-10-01 10:08:54 · answer #3 · answered by rawraw1952 2 · 0⤊ 1⤋
Cash back is a reward bonus for using your credit card. It is not borrowed money, it's a gift (but usually not worth it because finance charges usually overshadow it). Cash advance IS borrowed money and you're charged a fee plus interest from the day you take it.
2006-10-01 14:15:17 · answer #4 · answered by misslabeled 7 · 0⤊ 1⤋
Cash back is typically on your debit card.
If you use your credit card to get cash at the market, you will be charged out of the butt in interest.
2006-10-01 10:06:03 · answer #5 · answered by Anonymous · 1⤊ 1⤋
no
2006-10-01 10:11:12 · answer #6 · answered by godfathermock 2 · 0⤊ 0⤋