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2007
Be cautious with cash advances
Wednesday December 10, 2008
There are reports that Australians are withdrawing up to $1092 million a month in cash from their credit cards. According to the RBA, this is an increase of over $130 million as compared to the same time last year.
A cash advance from your credit card should not be used lightly. While extremely handy, you will be charged interest immediately on the amount, with no interest free period applied. The interest rate for a cash advance can also be rather high as opposed to the low rate on purchases you receive.
If you do have the money in your everyday transaction bank account, try using that money instead. Only use cash advances when needed, instead of withdrawing money from your credit cards.
One credit card that offers a competitively low cash advance rate is the Aussie MasterCard low rate credit card. The interest rate on cash advances is 17.99%p.a.
The Aussie MasterCard credit card features:
- 11.99%p.a rate on purchases.
- 0% interest for the first six months with a balance transfer.
- Up to 55 days interest free.
- Low annual fee of $49.
- You can use your credit card for shopping online safely by using MasterCard SecureCode.
You don't need to be an Aussie customer to apply for an Aussie credit card. So apply for an Aussie
MasterCard credit card today.
Compare credit cards and apply for credit cards today.
Has your credit card application been declined? Learn more about the reasons that banks may reject credit card applications with Why was my Credit Card Application Declined?
