October 15, 2013
Using a credit card at an ATM is a TERRIBLE idea. Why?
Using a credit card at an ATM is a TERRIBLE idea. Why?
When you use a credit card at an ATM you are getting a cash advance and cash advances start charging you interest on the money right away.
You are correct, Thomas. The ATM equates to an immediate loan of about 20% (approximately based on different credit cards) that you pay interest on starting NOW. This is a terrible way to access money. NEVER use the ATM with your credit card. It’s that simple.