if credit card say you have available credit and available cash..is the available cash means you can withdraw?

Question

I confused of my brother say. he told me he cannot get cash in his credit card but it say on his credit card he have available credit and cash but same amount..( dont know if he just lying)

Answer 1

available cash means the maximum cash you can withdraw. most credit cards allow this. available credit means the most that can be charged &/or taken in cash

Answer 2

Your $5000 credit limit is the total amount you can borrow. The $3000 cash limit is the maximum they will let you borrow as cash, and is included in the credit limit. Using a credit card when you're broke or unemployed is a recipe for disaster. If you are short on money now, you will be even shorter next month because your payment will go up. Buy food or gas if you absolutely need it right now (and be prepared to pay that back with the next bill), but don't take out cash. A cash advance is very expensive money thanks to the fees, interest, and evil rules about how your payments are applied.

Answer 3

Yes most credit cards have cash withdrawal available. However, the interest rate on the cash withdrawal is higher than the regular interest rate for purchases on the credit card. Cash withdrawal rates I have seen can range anywhere from 25 - 30 %. So it's not the greatest idea to do so if he is thinking about it.

Answer 4

Some cards have a different limit on credit and cash advances. Another words, you may have a 5k line for credit, but only a 2k line for a cash advance.

Answer 5

You can get a cash advance on your credit card, but the interest is ridiculous, it's not worth it. You might as well just use the credit card itself.

Answer 6

What does the term AVAILABLE CASH mean to you? Call the credit card company or issuing bank to confirm.

Answer 7

He could probably but it cost more than it is worth and has high interest from day one.