What Credit Card Companies Don't Want You to Know About A Cash Advance

From what I understand is most credit card companies, when you do a cash advance, they'll start to accumulate interest on that cash advance immediately. So there's no period where you can pay it off in time to not get charged interest. You're going to get charged interest and pay interest to banks right away. Hey there. You want to know what a cash advance is? You came to the right place. In this video, we're going to cover what is a cash advance, how can you access the cash advance and what can you do to actually avoid accessing them? Because we're going to talk about some of the pitfalls. So you can avoid paying massive interest to banks and I might even get give you a little bit of extra resources to help you build your financial future. So let's get right into it. So what is a cash advance? A cash advance is generally referred to taking a credit card, accessing cash from a credit card. You can go ahead and stick the card in the machine, assuming that there's available credit there, and you can actually withdraw cash from the bank machine, but it is actually not your cash, it's the credit card company's money. So it's the similar to going to a store, making a purchase and tapping the card, a credit card and making that purchase. Except in this case, you're getting the cash in advance of making a purchase and you can take that cash and do really whatever you want to do with it. Now, I'll circle back on that in a moment. How do you actually get a cash advance? Well, the first thing that you have to do is actually have a credit card to be able to advance cash to you. Right. So you actually have to go through the credit card application process. This can obviously vary depending on the type of card that you're applying for and that sort of thing. So sometimes you can get instant approvals through your bank and that sort of stuff. Or sometimes you actually have to do a lengthy credit card application where you have to give a lot of personal financial details and credit history and all that sort of stuff. You get the cash or the card approved and then you can go ahead and access a cash advance through the bank machine or what have you. Now, I personally would go ahead and avoid getting a cash advance. I'm not a credit card expert by any means, but most credit card companies are going to charge you interest immediately when you access the cash from the card. A cash advance is the most expensive way to use a credit card, really, because generally when you use a credit card, you can rack up the balance and if you pay it off within a certain period of time, you won't get charged any interest. So you can actually use money on a credit card for free if you do it strategically and pay the balance off prior to the interest being charged, like at the end of that, at that cycle. But from what I understand is most credit card companies, when you do a cash advance, they'll start to accumulate interest on that cash advance immediately. So there's no period where you can pay it off in time to not get charged interest. You're going to get charged interest and pay interest to banks right away. So cash advance is generally not a smart way to access money. Now you're going to need to access money for the rest of your life, right? So why not build up your own system that would allow you to access cash when you most need it, right? You can get a cash advance from your own system instead of the banks, and that interest that gets charged can flow back to your own system instead of the bank. So you can re access all that money and do it over and over again. Because your need for financing and your need for cash is never going to go away. It doesn't matter where you live in North America. So you can see on my little shirt here, it says becoming your own banker. We coach people how to become their own banker so that they can control the financing function as it relates to their needs, so that they stop getting taken advantage of from, from banks and credit card companies and all that money always flowing away from you and having to pay interest all the time. So what I would do if I were you is I would click on the video link below and it's a talk that I did where I talked about actually building and capitalizing a system so that you can have access to cash for the rest of your lifetime for the things that you and your family need. So cash advance, probably not the best way to access cash, but it's very, very simple. It's just like a debit card. Go to the bank machine, pull the money out of the machine, gets charged to the card, but generally interest is going to get charged to you right away. And the way to access a char way to access cash advance is to actually have a credit card first. And that's a pretty simple process, but you can find out how to go about doing that. But again, I probably wouldn't do it personally. I'm not here to give you advice, but I wouldn't do it. There's many other ways for you to access cash in a much more less expensive way for you. Like I said, Cash advance is the most expensive way to access cash off a credit card. But click the link below so that you don't have to think about accessing cash from somebody else's bank or a credit card company. You can figure out how to access cash from your own family banking system.