Infographic: Interest on cash advances

From: Financial Consumer Agency of Canada

 

Interests on cash advances infographic

Text version

The infographic “Interests on cash advances” shows a man reviewing his credit card statement and questioning why he owes so much interest. The infographic shows in steps how the man accrued the high interest, beginning with the man finding an item he wanted to buy, to using his credit card at an ATM to make the purchase, and then finally reviewing his bill two weeks later.

Why do you owe so much interest on your credit card after taking a cash advance? 

Interest charges on your credit card start as soon as you take out a cash advance to make that “must have” purchase; leaving you with a big surprise on your statement 14 days later!

While your credit card agreement must disclose how credit card interest is calculated, it’s your responsibility to read and understand your card agreement before using your credit card for cash advances. 

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