People carry credit cards as it the secure way of transaction of money. They can use the credit cards for the daily expenses that is easy and fast. There are times when they need liquid cash for any transaction, in such cases the Cash Advance option can come handy. Individuals can get cash advance Malaysia without having sufficient balance in the account. But, understand that the cash advance is a risky and expensive method that can lead to possible debt.
The Methods to Access the Extra Money
Cash Advance is available on any credit cards, but has a higher interest rate. So, think before taking the cash advance. It is available to people in three different ways namely;
People can access the ATM with the credit card and the PIN number given along with it to get the cash advance immediately.
People can get the cash advance from the bank that issued the credit card. The teller in the back can issue the money depending on the card. Each card has a credit limit that determines the amount that banks can issue.
Cash Advance Cheques
Credit companies can issue the cash advance cheques used for retrieving the cash advance. Each card has an amount limit that determines the amount the credit card holder is eligible as cash advance.
Practical Use of the Money with Caution
Opting to get cash advance Malaysia is a move that needs sensible decision-making process. So, there are some smart ways to handle the cash advance without hurting the financial safety.
Credit card Agreement
Always read the credit card agreement to get the right information on the interest rates and the terms applicable for a cash advance. Clear any doubts with the customer relationship adviser to avoid any confusions in the future.
Use the cash advance only for true emergencies, so avoid using it for daily transactions.
Cash Advance Limit
It is important to know the cash advance limit for taking the required amount only as exceeding the amount can end in over charging. So, take only the amount needed for the emergency and never exceed the limit that can end in debt.
It is better to avoid any purchase using the credit card as there are multiple types of balances on the credit card. The purchases, cash advance, or balance transfer above the limit may accumulate interest.
Many banks provide the cash advance for their customers at reasonable interest rates, so know in detail about it before applying. The increasing use of credit cards has prompted many banks to issue cash advance payable easily. The time duration is flexible for the users to repay the amount easily without hassles. There are three ways to apply for the cash advance through the bank;
- Access the online banking option for applying the cash advance on the credit card issued.
- Access the banking website to fill information to get the cash advance.
- Call the customer care number of the bank to talk to the representative.
Use the cash advance sensibly to avoid huge debt that cause financial burden and understand the rules associated with it for better use.