So I know that cash advances on your card dont have a grace period for interest like purchases do. But i dont understand how the interest is calculated for them. I did take a $ 20 cash advance out on my $ 300 limit card and was wondering how the advance is factored and billed.
For instance, lets say my $ 300 limit card already had purchases on totaling $ 100 and then I took the $ 20 cash advance. Then lets say I made a payment 5 days later for Then lets say I put another $ 50 in purchases after I took the advance. Now lets say I paid the balance down to $ 30 and my statement closes for the month, how does the advance get charged?
I guess what I’ tyring to say is that from the total of purchases and advance for the month would be $ 170 with a $ 140 payent being made. And technically since the advance was made before the $ 50 in purchases, would the payment pay off the advance leaving the remaining $ 30 balance in purchases and not incurring interest daily.