The True Cost of cash
Most people think the small transaction fee is the only cost of withdrawing cash. They are wrong.
The Interest Trap
Bank ATM withdrawals charge interest from the very next day. There is NO interest-free period for cash advances.
Service Provider advantage
When you use a service like SK Cards, the transaction is often billed as a regular purchase. This means you might still enjoy your card's interest-free grace period (up to 45 days) depending on your bank's policy.
Comparison
- Bank ATM: 3.5% fee + 40% annual interest.
- SK Cards: Flat nominal processing fee. No hidden interest.