Credit card question.?

Question

I need to withdrawal $10 cash from my credit card when I go to the ATM I was wondering how or what the credit company will charge me for this. My APR is 19.8%. I really dont want to do that but the credit/debit machine scanner here at school isnt working and I need to use my credit card. Thanks for the info.

Answer 1

If at all possible, borrow the $10 from a friend and PAY IT BACK. If you take cash out from your credit card, not only do they charge interest from the date you withdraw the cash, it's generally a higher rate than your normal purchases. In addition, they usually charge a "cash advance" fee with a minimum charge that might exceed the $10 bucks you want to draw up to a max of 3% for larger amounts. Don't fall into that trap, please!

Answer 2

Your credit card company will charge you a base fee for the withdrawal. Your APR% has nothing to do with the withdrawal fee, unless you do not pay the $10.00 plus the service fee before your next statement is due. If you are late with that, then you get hit with the late fee and credit card fees based on the balance overdue. Check with your card company how much they charge for a cash withdrawal. It may be a couple of dollars.

Answer 3

First, good luck finding an ATM that has $10.00 bills. All the ATMs near me only have $20.00 bills. Most credit cards have a cash withdraw fee of about 2% with a $2.00 minimum or something similar. The card may or may not charge interest from day one on cash advances.

Answer 4

Usually the APR on cash taken out of an ATM is higher than the regular APR one by a bit. I forget what mine is but it's probably 4 or 5 percentage points higher.

Answer 5

If your APR is 19.8% chances are your cash withdrawl APR will be around 24%

Answer 6

19.8? that sounds like a lot
but to answer your question you have to be signed up to make atm withdrawls. call your credit card company to see if you have it. im sure you would know whether or not you have it though. you would have a pin number