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US Bank has increased the Cash Advance APR on all credit card products to 26.24% variable. In response to the The Fed raises interest ratesmany credit card issuers are increasing their various APRs.
While cash advances may seem like a useful strategy in a pinch, they are a notoriously expensive type of loan. A cash advance allows cardholders to withdraw money from their line of credit, but comes with an upfront fee and interest, known as a cash advance APR. The cash advance fee is either a flat fee or a percentage of the balance withdrawn. For example, for the US Bank Visa® Platinum card, the cash advance fee is 5% of the balance withdrawn, or a minimum of $10.
So if you were to take a $1,000 cash advance for a year through your US Bank Visa Platinum card, you would be charged a $50 cash advance fee. If you don’t pay the balance after one year, you’ll owe $262.40 in interest charges, bringing the total cost of the loan (excluding principal) to $312.40, or 31.24% of what you originally removed.
Affected credit cards include US Bank Visa® Platinum Card, US Bank Altitude® Go Visa Signature® Card, US Bank Altitude® Connect Visa Signature® Card, US Bank Cash+® Visa Signature® Card and US Bank Business Triple Cash Rewards World Elite. ™ Mastercard®.
Read more: Best Credit Cards 0% APR Intro
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