Mike and Jim are on vacation. They charge some expenses on their credit cards and make payments on the cards after the vacation. Jim also takes a cash advance on his card to use at places that do not accept credit cards. They each spend $450 on $1,000 credit cards with zero initial balance. Both cards have the same terms. Which of the following is true?
Mike will pay interest charges even if he pays his total balance before the due date.
Jim will incur an annual membership fee because he did have a cash adavance
Jim will pay interest charges even if he pays his total balance before the du

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Ok so what is a cash advance?

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