Responsible folks love the plastic in their wallets because credit card benefits simply can’t be matched by cash. However, there are several places where credit cards should never be used. Financially speaking, one of the most expensive mistakes any consumer could make is to use a credit card to withdraw cash from an ATM. Such transactions typically come with an onerous cash advance fee of 4% or higher. Even worse, there’s no grace period — so interest begins accruing immediately.
The bottom line: Whenever you’re forced to use an ATM, whip out a debit card instead — your bank account will thank you.
Photo Credit: Frank Hebbert