Is cash advance and balance transfer the same thing?
Date: Sun, 01/27/2019 - 22:34
No. They aren't. Both are
No. They aren't. Both are completely 2 different things. Cash advance is a payday loan. It's a short-term loan which you need to pay back with your next paycheck. It carries a high APR.
Balance transfer is a debt relief method where you transfer balance from high-interest credit cards to a credit card with 0 APR. But this is just a teaser rate usually available for 12 months to 18 months. You have to pay off the balance within 18 months to avoid paying high-interest rates.
No, not at all. Cash advance
No, not at all. Cash advance means you are taking out a loan with a higher interest rate that you have to repay in your next payday. On the other hand, balance transfer means you are transferring the balance from the higher interest card to a lower interest card. By doing so, you can repay your debts with lower interest within a certain time ( 18 months).
Not at all. Both are
Not at all. Both are completely 2 different things. Cash advance is a payday loan with super high interest. On the other hand, balance transfer is a method to transfer your high-interest credit card balances to a zero APR card. It is a very popular debt consolidation method.