Which of the following is not correct about cash advances?
A) There is no grace period for cash advances.
B) The interest rate for cash advances is higher than for purchases.
C) A cash advance is like a loan.
D) A minimum transaction fee of 5% is usually charged.

Question

Quizplus · Accepted Answer

The statement about a minimum transaction fee of 5% being usually charged for cash advances is not universally correct. While it's true that cash advances often come with transaction fees, the specific amount can vary widely between different credit card issuers. Some may charge a flat fee, others a percentage of the advance, and the rate can be less than, equal to, or more than 5%.

Which of the Following Is Not Correct About Cash Advances