Metrobank Credit Card Cash Loan Calculator

MetroBank's credit card cash loan feature allows cardholders to withdraw cash from their credit card balance. This calculator helps you estimate the total amount you'll need to repay, including interest, based on your loan amount, interest rate, and repayment period.

How MetroBank Credit Card Cash Loans Work

When you take a cash loan from your MetroBank credit card, you're essentially borrowing money against your available credit limit. The loan is added to your credit card balance and must be repaid according to your card's terms and conditions.

Key Features

Access to cash through your credit card
Repayment through scheduled payments or full balance payoff
Interest charged on the outstanding balance
Potential for rewards if you pay the balance in full

Interest Calculation

The interest on your cash loan is calculated daily on the outstanding balance. MetroBank typically uses a daily periodic rate, which is converted to an annual percentage rate (APR) for comparison purposes.

Daily Interest = (Outstanding Balance × Daily Periodic Rate) / 365 Total Interest = Daily Interest × Number of Days

Repayment Options

You can repay your cash loan through:

Minimum monthly payments
Full balance payoff
Scheduled payments

Always check your credit card agreement for specific terms and conditions regarding cash advances, including interest rates, fees, and repayment options.

Example Calculation

Let's say you take a $1,000 cash loan from your MetroBank credit card with a daily periodic rate of 0.02% and plan to repay it in 30 days.

Daily Interest = ($1,000 × 0.0002) / 365 ≈ $0.0548 Total Interest = $0.0548 × 30 ≈ $1.64 Total Repayment = $1,000 + $1.64 = $1,001.64

In this example, you would need to repay approximately $1,001.64 in 30 days to fully settle the cash loan.

FAQ

What is the interest rate for MetroBank credit card cash loans?: The interest rate varies depending on your creditworthiness and the specific terms of your credit card agreement. Typically, it's higher than the standard purchase APR.
Can I repay my cash loan in installments?: Yes, you can make minimum monthly payments or set up a repayment schedule through your credit card account.
Are there any fees for cash advances?: Yes, most credit cards charge a cash advance fee, which is typically 3-5% of the advance amount.
What happens if I don't repay my cash loan on time?: Late payments will result in additional interest charges and may affect your credit score. Contact MetroBank customer service for assistance.
Can I use my cash loan to pay other bills?: Yes, you can use the cash advance to pay for expenses, but be aware that it will be added to your credit card balance and must be repaid.