MoneyGram provides a variety of services to its customers that include, bill payments, fund transfers, money orders, etc. The company allows its customers to transfer funds through online websites, mobile application, or by visiting agent locations. The company also accepts credit and debit cards to transfer funds and pay bills. However, some questions are related to cash advances.
We will be covering cash advances on this topic.
Is MoneyGram Considered a Cash Advance?
Yes, MoneyGram can be considered a cash advance if you transfer funds if you use a credit card for payment. The cash advance fee is totally dependent on your bank. You can also make payments like paying bills, paying auto loans, and other kinds of payments through MoneyGram online instead of visiting any agent location, and this will be considered a Cash Advance.
What Does Cash Advance Mean?
A cash advance usually refers to borrowing a certain amount of money through your credit card, and when you use such a service, you will have to pay a certain amount of money as a fee.
There is a possibility that you might be in a situation where you need cash but you do not have one. In this scenario, a cash advance enables you to withdraw cash from your credit card. A Cash Advance allows you to borrow money against a credit line. You can get the money through the bank, checks, or using ATMs.
It is important to note that a cash advance is different from a debit card, which is used to access your own money available in your bank account. The money will not come from your bank account, instead, it will be added to your credit card’s balance. It also comes with a fee and slightly higher interest rates than the ones that you are normally charged on credit card purchases.
What Other Transactions are Considered Cash Advances?
Other transactions that are considered cash advances include funds transfers using a credit card through online applications like PayPal or Venmo. You’ll also be able to buy casino chips, lottery tickets, and exchange dollars for other foreign currencies.
What’s a Cash Advance Fee?
Cash advances may charge you a larger amount in comparison to a normal credit card purchase. However, it totally depends upon the issuer of that specific credit card. It could be a certain percentage of the principal amount or just a flat fee. Moreover, it can also be deducted from the total amount you need or be added to your credit card bill.
What is the Cash Advance Limit?
Cash advances are normally limited to a percentage of the credit limit on your card. For example, if your credit limit is $15,000 and the cash advance limit on your card is 30%, your maximum cash advance will be $4,500.