Is cash advance finance charge charged every month?
AvaG asked:
Okay say you have a credit card with a $1000 limit. You have a balance on the card of $500. Then you do a cash advance for $200. On the next billing statement there will be the interest charge for the balance on the account and a finance charge for the cash advance right? Now my question is, if you pay the minimum payment amount that month. The next month will you be charged the cash advanced charge (whatever percent it is)? If so, does that continue until the whole card balance is paid off?
I wouldn't worry about the interest at this point.
You are practically maxing out your card.
This is extremelly derogatory to your credit worthiness.
Remember, employers check, so do landlords and car insurers.
For top credit, use your card, but pay in full each month.
Any time you use more than 20% of your avaialbe limit you are lowering your rating.
Focus on paying off that card for the sake of your future.
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Judy didn't really answer your question. Yes, they will charge interest on your balance until that balance is paid in full. That's how credit cards make all their money.
Yes and yes.
Yes, you will be charged the cash advance charge and it does continue until the whole card balance is paid off.