Can I use my low apr credit card to get cash from an automated banking machine (ABM)?

Question

Most bank credit cards can be set up to enable you to use an automated banking machine (ABM).Can I use my low apr credit card to get cash from an automated banking machine (ABM)?

Answer 1

Yes, but I don't recommend it.

First, your card charges a cash advance fee (look at your schedule of terms), usually 1-2% of the amount you withdraw. That's a rip-off, since you can use your card at a store for free.

Second, you don't get a grace period on cash advances. This means you are paying your interest rate from the second you make the advance, in addition to the fee. If you use the card at a store, you get 20-25 days interest free (assuming you pay your balance in full every month).

So, the answer is yes you can, but it's a rip-off.