How to Use Amazon Rewards Visa Cash Advance
The Amazon Rewards Visa Cash Advance is a convenient feature offered by Amazon and Chase Bank for those who hold the Amazon Rewards Visa credit card. This cash advance option allows cardholders to withdraw cash from their credit limit through an ATM or over the counter at a bank or financial institution. In this article, we will guide you through the process of using Amazon Rewards Visa Cash Advance and answer some frequently asked questions.
Step 1: Understand the Terms and Fees
Before using the cash advance feature, it is essential to familiarize yourself with the terms and fees associated with it. Cash advances usually have higher interest rates compared to regular purchases, and interest accrues immediately after the withdrawal. Additionally, cash advance transactions may incur a fee, either a percentage of the amount withdrawn or a flat fee, depending on the terms of your credit card agreement. Check your credit card statement or contact Chase Bank for specific details regarding fees and interest rates.
Step 2: Check Your Credit Limit and Available Cash Advance Limit
To determine how much cash you can withdraw, check your credit card statement or log in to your Chase online account. Look for your credit limit and available cash advance limit. The available cash advance limit is the maximum amount you can withdraw as cash from your credit card. It is typically a percentage of your credit limit, but it may vary depending on your creditworthiness and other factors.
Step 3: Locate an ATM or Visit a Bank
Once you have verified your available cash advance limit, find an ATM that accepts your Amazon Rewards Visa credit card. Look for ATMs with the Visa or PLUS logo, as they are likely to support cash advances. Alternatively, you can visit a bank or financial institution that accepts cash advances from Visa credit cards. Ensure you have your credit card and a valid identification document, such as a driver’s license or passport, with you.
Step 4: Initiate the Cash Advance Transaction
Insert your credit card into the ATM’s card slot or provide it to the bank teller. Select the cash advance option on the ATM screen or inform the bank teller that you would like to withdraw cash against your credit card. Enter the amount you wish to withdraw, ensuring it does not exceed your available cash advance limit. The ATM will dispense the requested amount in cash, while the bank teller will provide you with the cash equivalent.
Step 5: Keep Track of Your Cash Advance Transactions
It is crucial to monitor your cash advance transactions and keep track of the amount withdrawn, fees incurred, and the corresponding interest. Cash advances are usually subject to higher interest rates, and interest starts accruing from the moment you withdraw the cash. Paying off the cash advance balance as soon as possible can help minimize interest charges.
1. Can I use my Amazon Rewards Visa credit card to get cash back at a store?
No, cash back at a store is different from a cash advance. Cash back at a store allows you to receive cash when making a purchase with your credit card, while a cash advance is a separate transaction where you withdraw cash from your credit card limit.
2. Is there a limit on how much cash I can withdraw as a cash advance?
Yes, there is typically a limit on the amount you can withdraw as a cash advance. The limit is usually a percentage of your credit limit, but it may vary based on factors such as creditworthiness and the terms of your credit card agreement.
3. Are there any fees associated with cash advances?
Yes, cash advances usually incur fees. These fees can be either a percentage of the amount withdrawn or a flat fee, depending on your credit card agreement. It is essential to review your credit card statement or contact Chase Bank for specific details regarding fees.
4. Can I pay off my cash advance balance separately from my regular credit card balance?
Yes, you can make payments towards your cash advance balance separately from your regular credit card balance. It is advisable to pay off the cash advance balance as soon as possible to minimize interest charges.
In conclusion, the Amazon Rewards Visa Cash Advance is a useful feature for cardholders who need access to cash. However, it is essential to understand the terms, fees, and limitations associated with cash advances. By following the steps outlined in this article and keeping track of your transactions, you can effectively use the cash advance feature and manage your credit card responsibly.