Installment Cash Advance is a banking product that all bank customers have heard at least once. Customers with active credit cards have heard of this product and have generally used it. The cash advance is generally defined on the credit card and may be available in installments. What is Installment Cash Advance?
What is Installment Cash Advance?
Cash advance, if used in accordance with the needs of a very nice feature. You can withdraw as much cash as your card limit is appropriate. In other words, there is no need to define an extra limit for a cash advance, the available limit of your card shows the amount of cash you can withdraw. In this way, this system, which we consider more logical than making a loan application for your urgent cash needs, allows you to shoot directly from ATM without any application.
According to the new regulations, we can withdraw cash advance in maximum 12 installments from our credit card and we cannot determine a maturity rate above it. Under the new law, it is not possible to use a cash advance of more than 12 installments.
Installment Cash Advance feature is a feature offered by all banks. All customers who use credit cards and pay regularly can benefit from this product and make transactions in this way. If your payment is irregular and you have paid the minimum amount of your credit card for more than 3 months, your bank may not offer you a cash advance feature. This is completely relevant to you.
How to apply for the cash advance?
Cash advance application is actually defined in most customers. However, if you cannot withdraw money from the ATM, you must apply for this feature through the bank. You can find out if you can use this feature via internet banking, by going directly to your branch or by telephone banking. If there is no delay or problem with your payments, your cash advance feature will be defined.
Which Banks Advance Cash?
As we said, all banks offering credit card products give cash advance. Customers who regularly use the card are also already delivered with this feature on the card. If irregularities are detected in your payments, your cash withdrawal may be restricted.
How to Use Cash Advance
For example, in a sector with installment restrictions, you need to make a purchase of 2,000 TL . If this sector does not make installments on credit cards, you can withdraw this amount of TL 2,000 from the ATM in 12 months and pay the cash to the company you will buy the product. The repayment to the bank is made in 12 installments. In other words, the credit card installment is considered to be a long way.