Video: Understand cash advances

From: Financial Consumer Agency of Canada

Understand cash advances

Transcript

The animated video opens with a man waiting in line at a store to purchase a toy robot by using a credit card.

The man is discussing payment with a woman cashier, who points to an ATM.

Cashier: Sorry, cash only.

Man: But, all I brought is my credit card!

Cashier: That’s ok. You can use it to get some cash – there’s an ATM over there.

The scene changes to a man and woman sitting in their living room looking at their credit card statement and discussing the charges.

Sound effect of old timey car horn.

Man: Ahhhh!!

Woman: What’s wrong?

Sound effect of cash register bell.

Man: Well, I took a cash advance on my credit card the other day, and I’ve been charged interest on it, even though I paid my bill in full, on time!

Sound effect of trombone.

Woman: Our credit card agreement says interest starts immediately on cash advances.

Sound effect of dramatic music.

The scene focuses in on the toy robot that was purchased. The robot begins to move and shake, and its head springs off the body and bobbles.

Sound effects of robot noises and the boing of a spring.

Narrator: Understanding your financial rights and responsibilities means no surprises. Find out more at Canada.ca/it-pays-to-know.
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