When it comes to managing your Milestone Credit Card, knowing your cash advance limit is critical, especially if you need cash quickly. This article will walk you through the specifics of your cash advance limit, costs, and other important aspects to help you make an informed decision.
What is a Cash Advance Limit?
A cash advance limit is the maximum amount of money you may withdraw using your credit card. This limit is often smaller than your total credit limit and fluctuates according to the limits established by the credit card provider.
| Feature | Details |
|---|---|
| Daily Cash Advance Limit | $100 |
| Cash Advance Fee | 5% of the amount withdrawn or a minimum of $5, whichever is greater |
| APR (Annual Percentage Rate) | 35.9% |
| Interest Start Date | Immediately from the date of the transaction |
| ATM Accessibility | Available at most ATMs (additional ATM fees may apply) |
Milestone Credit Card Cash Advance Limit
The Milestone Credit Card’s cash advance limit is normally $100 per day. This means you may withdraw up to $100 cash each day from an ATM, bank, or credit union. However, this limit is subject to your available credit and the card issuer’s rules.
Fees and Interest Rates
While a cash advance might be a rapid answer in an emergency, there are major costs:
Cash Advance Fees:
- You will be charged 5% of the amount you withdraw, or at least $5, whichever is higher.
- This charge is applied to your card balance immediately.
Interest Rates (APR):
- The APR on financial advances is 35.9%.
- Interest begins to accrue immediately after you withdraw the cash there is no grace period, as with conventional transactions.
Tips for Managing Cash Advances
- Limit Usage: Because of the hefty costs and quick interest accrual, cash advances should only be used when absolutely required.
- Monitor Your Balance: After a cash advance, keep a tight check on your credit card balance to prevent exceeding your credit limit and incurring additional penalties.
- Consider Alternatives: Before taking out a cash advance, think about getting a personal loan or borrowing from a savings account, which may be less expensive.
Final Thoughts
The Milestone Credit Card’s cash advance feature is a useful tool, however it should be used rarely owing to the hefty fees. Understanding your cash advance limit and associated costs will help you make better financial decisions and prevent avoidable debt.
FAQs
Q1. What is the Cash Advance Fee with the Milestone Credit Card?
Ans: The cost is 5% of the amount withdrawn, with a minimum of $5.
Q2. What is the APR for cash advances with the Milestone Credit Card?
Ans: The APR for cash advances is 35.9%, and interest begins immediately.
Q3. Is there a limit on the amount I may withdraw as a cash advance?
Ans: Yes, the daily cash advance maximum is usually $100.
Q4. When does interest start to accrue on a cash advance?
Ans: Interest begins to accrue immediately following the transaction date.
Q5. Can I use my Milestone Credit Card to get a cash advance at any ATM?
Ans: Yes, you may use it at most ATMs; however, make sure you remember your PIN and check for any additional ATM costs.