Metrobank Card Cash 2 Go Calculator
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Reviewed by Calculator Editorial Team
Metrobank Card Cash 2 Go is a convenient cash advance service that allows cardholders to withdraw money from their credit card balance. This calculator helps you determine the interest charges and total repayment amount for your Cash 2 Go transaction.
How Metrobank Card Cash 2 Go Works
Metrobank's Cash 2 Go service provides cardholders with immediate access to their available credit limit. When you use Cash 2 Go, you're essentially converting your credit card balance into cash. This service is useful when you need quick access to funds but don't want to apply for a separate loan.
Important: Cash 2 Go transactions typically incur higher interest rates than regular purchases. The interest rate depends on your credit card's cash advance APR (Annual Percentage Rate).
Key Features
- Access to your available credit limit
- No separate loan application required
- Immediate cash withdrawal
- Higher interest rates than regular purchases
- Minimum payment requirements apply
Interest Calculation
The interest on your Cash 2 Go transaction is calculated daily on the outstanding balance. The interest rate is typically higher than the rate for regular purchases. The total interest charged depends on:
- The amount you withdraw
- The cash advance APR
- The number of days until you pay off the balance
How to Use This Calculator
Our Metrobank Card Cash 2 Go calculator provides an estimate of your interest charges and total repayment amount. To use it:
- Enter the amount you want to withdraw
- Input your card's cash advance APR
- Specify the number of days until you plan to pay off the balance
- Click "Calculate" to see your results
The calculator uses the following formula to estimate the interest charges:
Interest = (Principal × Daily Interest Rate × Number of Days) / 365
Where Daily Interest Rate = (APR / 100) / 365
The calculator provides an estimate based on the information you provide. Actual results may vary slightly due to rounding and other factors.
The Formula
The calculation for Metrobank Card Cash 2 Go interest is based on the following formula:
Total Repayment = Principal + Interest
Interest = (Principal × Daily Interest Rate × Number of Days) / 365
Daily Interest Rate = (APR / 100) / 365
Where:
- Principal - The amount you withdraw
- APR - Annual Percentage Rate for cash advances
- Number of Days - The period until you pay off the balance
This formula provides an estimate of the interest charges and total repayment amount for your Cash 2 Go transaction.
Worked Example
Let's look at an example to see how the calculator works. Suppose you:
- Withdraw PHP 10,000 using Cash 2 Go
- Your card has a cash advance APR of 25%
- You plan to pay it off in 30 days
Using the formula:
- Calculate the daily interest rate: (25 / 100) / 365 ≈ 0.00068493
- Calculate the interest: (10,000 × 0.00068493 × 30) / 365 ≈ PHP 5.85
- Total repayment: 10,000 + 5.85 = PHP 10,005.85
So in this example, you would pay approximately PHP 10,005.85 in total, with PHP 5.85 in interest charges.
FAQ
How does Cash 2 Go work?
Cash 2 Go allows you to withdraw money from your credit card balance. You can use this service to access funds quickly without applying for a separate loan. The interest rate for Cash 2 Go is typically higher than for regular purchases.
What is the interest rate for Cash 2 Go?
The interest rate for Cash 2 Go depends on your credit card's cash advance APR. This rate is usually higher than the rate for regular purchases. You can find your card's APR in your card agreement or by contacting Metrobank.
How long does it take to pay off a Cash 2 Go transaction?
There's no set time limit for paying off a Cash 2 Go transaction. However, the longer you keep the balance, the more interest you'll accumulate. It's best to pay it off as soon as possible to minimize interest charges.
Can I use Cash 2 Go if I have a low credit limit?
Yes, you can use Cash 2 Go even if you have a low credit limit. The amount you can withdraw is limited by your available credit. However, keep in mind that Cash 2 Go transactions typically incur higher interest rates.
Is there a fee for using Cash 2 Go?
Cash 2 Go transactions typically incur higher interest charges compared to regular purchases. There may also be a transaction fee, but this varies by card and can be found in your card agreement. Always check your card's terms and conditions.