Introduction to cash advance by credit card

1、 What is cash advance?
Cash advance is one of the basic functions of a credit card. This function provides a small amount of cash loan for the cardholder. The cardholder does not need to deposit in advance
Obtain funds by cash withdrawal or overdraft transfer. Cash advance can be divided into cash withdrawal and overdraft transfer according to the processing channels:

Cash withdrawal: Withdraw the required cash through an ATM or a cash service provider.

Cash withdrawal through ATM	Cash withdrawal through counter

Overdraft transfer: Transfer the funds to your own bank or other bank debit cards through handheld life APP, mobile banking APP and other channels.

2、 Why choose cash advance?



3、 How to activate cash advance function?
To ensure the success of the transaction, please ensure that your CMB credit card has been activated, the transaction password has been successfully set, and the cash advance function has been activated.
★ Each card needs to set a separate transaction password and activate the cash advance function.

How to open a card and set a transaction password?
· Handheld life: login Palm life app , enter My → Card Manager, select the card to be operated, and press the prompt to activate or set the transaction password.  

How to activate cash advance function? You can open the cash advance function through the following channels
· Credit card online banking, mobile banking, palm life;
· Credit card customer service hotline voice system (4008205555);
· Customer service personnel.


4、 How do you charge for cash advance?
The business cost of cash advance includes service charge and interest, and there is no inter-bank service charge for cash advance.
· Service Charge: The service charge for domestic RMB cash advance is 1% of the amount of each cash advance. The minimum charge is 10 yuan and the maximum charge is 300 yuan; The service charge for overseas cash advance is 3% of the amount of each cash advance, with a minimum charge of 3 dollars or 30 yuan (the minimum charge for the Centurion Black Gold Card, the Centurion Black Gold Card (2012 version), and the Centurion White Gold Card is 30 yuan or 5 yuan per transaction), and a maximum charge of 50 dollars or 300 yuan per transaction.
· interest: The cash advance transaction does not enjoy the treatment of interest free repayment period. The daily interest rate is 0.05%, and compound interest is charged monthly. The annualized interest rate is 18.25%. Calculation formula: annual interest rate=daily interest rate * 365. The annualized interest rate is calculated with simple interest for reference only. Due to the different days of the month and the different repayment conditions of the cardholder, the actual annualized interest rate may be different from the above annualized interest rate.


5、 Notes on cash advance
1. Ensure that your CMB credit card has been activated, the transaction password has been successfully set and the cash advance function is kept open;
2. Overdraft transfer only supports RMB transactions;
3. The account opening certificate of the collection debit card must be consistent with that of the credit card;
4. For cash advance, you can accept the CMB collection card under your name and other bank debit cards supported by CMB as the transfer account of cash advance. Please ensure that the account to be transferred is in normal status and the account opening certificate is consistent with the account opening certificate of the Bank's credit card. At present, the transfer in account support includes but is not limited to the CMB collection card account under your name and ICBC, ABC, BOC, CCB, Bank of Communications, Postal Savings, Everbright, CITIC, Industrial, SPD, Bank of Shanghai, Ping An debit card account;
5. From April 17, 2017, the free service charge advance cash transaction (including but not limited to YOUNG card, GQ card, Weibo talent card, various student cards, etc.) will no longer accumulate points.
6. From October 10, 2018, points will not be accumulated for cash advance transactions. See Announcement of China Merchants Bank on the Implementation of the Unified Credit Plan for Individual Users And its attachments.
7. Since the December 2019 bills (inclusive), 100% of the cash advance principal listed in the bills will be included in the current minimum repayment amount.