11/25/2023 0 Comments Kroger money order![]() ![]() Here is a list of our partners who offer products that we have affiliate links for. While we work hard to provide accurate and up to date information that we think you will find relevant, Forbes Advisor does not and cannot guarantee that any information provided is complete and makes no representations or warranties in connection thereto, nor to the accuracy or applicability thereof. The compensation we receive from advertisers does not influence the recommendations or advice our editorial team provides in our articles or otherwise impact any of the editorial content on Forbes Advisor. Second, we also include links to advertisers’ offers in some of our articles these “affiliate links” may generate income for our site when you click on them. This site does not include all companies or products available within the market. The compensation we receive for those placements affects how and where advertisers’ offers appear on the site. First, we provide paid placements to advertisers to present their offers. This compensation comes from two main sources. To help support our reporting work, and to continue our ability to provide this content for free to our readers, we receive compensation from the companies that advertise on the Forbes Advisor site. The Forbes Advisor editorial team is independent and objective. This makes it harder to pay off a cash advance (and the rest of the card’s balance) in the long run as interest accrues quickly. They may apply monthly payments toward purchases that have a lower interest rate. ![]() Card issuers apply a cardholder’s minimum payment as they see fit. Paying the minimum balance every month may not count toward a cash advance.A cardholder’s debt can quickly spiral if the cash advance is not paid off as soon as possible. Interest fees count toward a cardholder’s credit utilization rate, which is best to keep below 30%. Because interest for cash advances accrues immediately, there’s a serious risk the cardholder will rack up interest before what is borrowed can be paid off. Cardholders are in danger of raising their credit utilization rate.If a cardholder is hoping to make a dent in their minimum spend for a welcome bonus, using a cash advance won’t help. Cash advances often don’t count toward rewards, welcome bonuses or other points.Unlike regular purchases which have a grace period, interest for cash advances begins to accrue immediately the day of purchase. They also incur fees (often 5% of the total advance or $10, whichever is greater). Cash advances typically have higher annual percentage rates (APRs) than regular purchases. Cash advances are more expensive than regular purchases.If a retailer will allow money order purchases with a credit card, keep in mind that many credit card issuers treat money order purchases as cash advances. Most retailers or merchants don’t allow money order purchases with a credit card so it’s always better to consider using cash or a debit card first. Should I Use a Credit Card To Buy a Money Order?Īlthough credit cards are useful for making everyday purchases, using one to buy a money order is not likely to be a realistic option. Most retailers or merchants charge a small fee for every money order purchased. For example, if a retailer has a value limit of $1,000 for one money order, and the purchaser wants to send $3,000 to a family member, they will likely have to purchase three separate money orders. Keep in mind that money orders usually have a limit as to how much the purchaser can buy. People who don’t have a checking account can still buy a money order to send cash to someone else. Money orders are useful for sending quick funds to a friend or family member either locally or even internationally. Stolen or lost money orders are sometimes replaced by the merchant or bank. Money orders have advantages such as traceability-with a receipt that usually has the date of purchase, dollar amount and banking code. The order must be made out to a specific person or business who receives the paper and can cash it at a different location-with ID in hand. A money order’s purchased amount is guaranteed, meaning the purchaser must pay for the money order upfront from a retailer or merchant. People generally use money orders as a check or cash alternative when they’re seeking extra security and traceability. A money order is a paper form of payment similar to a personal check. ![]()
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