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What is a Cash Advance?

A short-term loan made with a credit card at a bank, credit union, or ATM. It differs from a withdrawal in that a card member does not need to have the cash in their account; they are getting the cash on credit. Cash advances are typically subject to steeper interest rates than credit card purchases, and they often do not have a grace period, meaning a card member pays interest on one even if they pay their credit card balance in full by the payment due date.