I received this letter today from my credit card company on how they have decided to lower my cash advance interest rate to 3.9%. Although, that still doesn’t seem very good though. This is one of those things where I don’t really pay much attention to as they can make the interest rate as high as they want considering I never use the service and pay my bills fully.
I was just thinking though on how I was trying to imagine myself using these cash advance services and how it seems like such a financially disastrous move to borrow money this way. Not only do you have to pay interest on it, but from what I am reading in this brochure there isn’t really a grace period and the interest is ongoing to the date of the transaction.
That’s like a quick path to debtville, so to speak. I’d rather adopt the†if you can’t afford it, don’t buy it†mentality if you are short on money for something.