Glossary

Cash advance

A cash advance is cash borrowed against a credit card's limit, at an ATM or bank, usually with a fee of about 5% and a higher APR that starts charging from the same day, with no grace period.

Cash-like transactions, such as buying gift cards or casino chips, and some money transfers can also count as cash advances. Most cards have a separate, lower cash advance limit.

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Where you’ll see it on RateHerald

Variable card APRs today19.74–28.74%The prime rate plus a margin of 12.74 to 21.74 points, on the 11 cards whose terms state their margin over prime.

Related terms

APR (annual percentage rate)The yearly cost of borrowing as a percentage: on a credit card, the interest rate on balances you carry; on a loan, the interest rate plus certain fees.
Grace periodA credit card's grace period is the time between the end of a billing cycle and the payment due date, at least 21 days, during which new purchases charge no interest if you paid the last statement in full.

Sources: CFPB: Regulation Z, 12 CFR 1026.7