Eric asked in Business & FinanceCredit · 6 years ago

Does interest on a credit card cash advance occur everyday?

Update:

So I took out a $300 cash advance from Wells Fargo two days ago with a 5% interest. I was charged $15 today. Will I be charged everyday I don't pay it back?

4 Answers

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  • 6 years ago
    Favorite Answer

    It's not $15 a day. It's a $15 one-time fee and then approximately $5 a month of interest.

  • 6 years ago

    You were charged A CASH ADVANCE fee. the interest is only about 4.11 cents per day over and above the $15.

  • Anonymous
    6 years ago

    Interest is charged for each day but billed monthly.

  • Rob
    Lv 7
    6 years ago

    Monthly in USA

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