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Credit Cards in ATMs

Numerous credit cards can also be used in an ATM to take out money against the credit limit extended to the card, but many card issuers charge interest on cash advance before they do so on purchases. The interest on cash advances is usually charged from the date the withdrawal is made, rather than the monthly billing date. Many card issuers levy a commission for cash withdrawals, even if the ATM belongs to the same bank as the card issuer. Merchants do not offer cash back on credit card transactions since they would pay a percentage commission of the additional cash amount to their bank or merchant services provider.

Many credit card companies will also, when applying payments to a card, do so at the end of a billing cycle, and apply those payments to everything before cash advances. For this reason, many consumers have large cash balances, which have no grace period and acquire interest at a rate that is higher than the purchase rate, and will carry those balance for years, even if they pay off their statement balance each month.

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