Cash advances loaded with surprising fees - KWWL - Eastern Iowa Breaking News, Weather, Closings

Cash advances loaded with surprising fees

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According to a new report from CreditCards.com, cash advances are loaded with fees that customers may not know about.

The report explains many people may have unknowingly made a cash advance; the convenience checks credit card issuers send in the mail are one example.

The most common fee structure is 5 percent of each cash advance or ten dollars, whichever is greater. Also, cash advances begin charging interest immediately.

The report says a typical $1,000 cash advance would cost an additional $69 even if paid in full within 30 days.

While they're necessary sometimes, experts advise avoiding cash advances under normal circumstances.

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