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Source for credit cards
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StuffSite
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Cash Advance Transaction Finance Charge Whenever a customer obtains a cash or check advance on their credit card, a transaction finance charge is put in place. This charge is agreed in the legal terms upon obtaining a credit card. The transaction finance charge is added to the bill on the day that the cash advance is used. There is no grace period to pay back the cash advance so a transaction finance charge is automatically added to the bill. Cash advances are subject to these finance charges from the date of the transaction until the advance has been paid in full and then subjected to a cash advance fee. These fees are usually high as is the APR used to add interest onto the amounts owed. These charges can be calculated using the average daily balance of cash advances. They use the unpaid amount of cash advance including unpaid finance charges and fees from previous billing cycles. Each day, new cash advances; fees and finance charges are added. Then any payments or credits that have been applied are subtracted. This gives the daily balance of cash advances. The average daily balance is then calculated by multiplying the average daily balance by the total number of days in the billing period and this amount is then multiplied by the applicable daily periodic rate of finance charge. More Credit-Card Terms Explained |
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