What happens if you withdraw cash from a credit card?

Ugh, taking cash out from a credit card? Let me tell you, it’s a terrible idea, unless you’re really desperate. It’s like… imagine needing twenty bucks and borrowing it from a loan shark, you know? You’ll pay back that twenty, sure, but then there’s the “vig,” the extra you owe, and with credit cards, that “vig” is insane.

You get hit with interest immediately – no grace period like with regular purchases. And the interest rate? Usually way higher than your regular purchase APR. Ouch! Plus, on top of the sky-high interest, there’s often a fee slapped on too. Sometimes it’s a flat fee, like five bucks (which is still a rip-off for a small amount!), or sometimes it’s a percentage, like 3% of what you take out. So, if you take out $100? Boom, another $3 gone, just like that.

I remember this one time, I was traveling, and totally spaced on getting cash before I left. Needed money for the bus, and panicked. Took out like, $40 from an ATM with my credit card. Stupid, I know. Ended up paying back almost $50 by the time it was all said and done. What a waste! Learned my lesson there, believe me. So, seriously, avoid credit card cash advances unless it’s a genuine emergency. Is it really worth it? Probably not. Find another way if you can. Borrow from a friend, maybe? Anything’s better than this credit card trap.