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Cash Advance on Credit Card? I need a cash advance on a credit card. My Dad gave me his number and exp. date in case I ever needed money, but how would I do it? Aly replied: "Don't do it. You'll be sorry, and your dad will be pissed"
Phil replied: "go to the ATM and insert the card. Hit withdrawal then it will ask you which method hit credit card. Then it will ask you dollar amount usually there is a cap per each card during a billing cycle. Then the ATM will warn you about charges and fees hit accept and the cash should come out with a receipt that usually has the amount you took with the service fee. The bank charged me $2 and then capital one charged me $10 so unless if you really need the cash don't do it."
HuaracheKid replied: "You can use an ATM machine....
some banks allow you to bring the card to the branch and you can leave with the cash....
Be careful with cash advances on credit cards...they typically carry HIGH interest rates (15% and higher) and can also eat you up with fees...."
anna l replied: "there is no way you can unless you actually have the card you usually just swipe the card select credit card enter pin enter the amount you want to withdraw I don't recommend it though they tend to charge more interest on cash advances"
? replied: "Cash advances are much higher interest rates!! If you do get out money make sure your Dad knows so he can get it paid off right away to avoid the high interest."
Lil' E. replied: "don't do it"
not here replied: "You need to have the card to do it at an ATM. So your dad is going to have to do this. There's not only higher interest on cash advances, but also most likely there is no grace period for cash advances, meaning the interest starts accruing the day you made the advance."
mariko m replied: "Be careful if you decide to apply for an online cash advance. Each state has different laws and regulations, and I'm not sure about rules and regulations. Maybe you can find a local payday loan office so you can get help before taking out the loan." how to pay off cash advance on credit card? say i have $100 as cash advance on credit card and $5000 debt on that card also. i can't pay the card off entirely, but how do i pay off the cash advance first while still paying the credit card itself?
can i call the credit card company and get them to do it? or is that not possible? vincentv247 replied: "You can't, the credit card company determines which part of the debt gets paid off first, and guess what, they always choose the low interest portion."
bdancer222 replied: "Nope, your payment always goes to the lowest interest first."
delmoki replied: "Not only do you have no say in this, but you agreed to it when you signed the credit agreement for the card. It's all right there (in small print). They always pay off the low interest charges first." Small cash advance on credit card? I have a $500 balancde on my card but a $200 available amount of cash advance. I am buying something from my dad for $200 tommorow and i dont get my paycheck (that will more than cover the $700 dont worry).
Since i need the cash now... how do i do it? At the bank (Chase) or ATM?
(Really need my new camaro seats : ) ) Karen B replied: "If you do use the card to withdraw the cash, you may get charged firstly a handling fee and a higher rate of interest, which is chargeable everyday the balance on the card is outstanding, expensive way of doing it.
Isn't there any way your dad can wait for the money until payday" Question about Cash Advance on Credit Card? Recently I received a Radio Shack credit card through Cirrus Bank. In a letter that I recieved later on I was told that I could use this card to get cash out of ATMS. My cash limit on the card is $25 however, I wanted to take out $40. Is it possible to take out two cash advances in one day (i.e. Take out 20 in one transaction then take out another 20 in a transaction directly after that)? Me, Myself & I replied: "If your limit is $25.00 per day, that's the total amount they will let you withdraw in one day. Take my advice and don't get into the habit of doing this. The finance charges the bank will charge you on these cash advances are outrageous. Get a second or third job if you have to but don't take too many cash advances on your credit cards. You'll be paying them back for the rest of your life!"
vivianeofthemists replied: "It depends on how the card is set up. If it is just a $25 per transaction limit then it might work to get $20 and then the next day to get $20 more. Usually the limit is either flat out or it is in 24 hour time periods."
OC1999 replied: "It depends on how the terms are listed. If you have a limit of $25 you can only take up to that amount, this is the most common. If it says your limit is $25 per day, then you can take up to $25 each day. The most common is that it is giving you a total cash advance limit not the per day limit.
However, Cash Advances are very costly for you and very profitable for the bank. The Credit Card Company will charge you a fee to do this, then the ATM you get the money out of will also charge you a fee. There is also NO grace period on Cash Advances so the interest starts the day you take the money. That $20 ATM trip will probably end up costing you $30 or more. So it is something you really need to think about before taking any money out."
Just Q replied: "Generally when you are given a cash limit that limit is all you get period.
If your cash limit is $25.00 I believe it is saying that on that particular credit card,all you can get in the way of cash is $25.00 and the rest of the amount available is only towards credit purchases.
Example: I get a credit card with a $5,000.00 credit line. Of that credit line I only get $500.00 cash limit which means I can only get that amount of money and until I get that paid off I get nothing else." Cash Advance on Credit Card (Updated)? I have been offered from my credit card company a cash advance up to $20,000 with a .99% APR for one year. with a maximum transaction fee of $75. My idea was to take the money and put it into a money market that will get me around 5%, make the minimum monthly payments, and make several hundred dollars in interest.
I have been considering this and it seems like a good idea to me. I don't need the money, the sole purpose would be to make interest. I don't see any downside here. What do you think? See the terms below.
"†The promotional Annual Percentage Rate (APR) offer for Balance Transfers and Check Cash Advances is 0.99% through your statement Closing Date in December 2007. These promotional rates will extend through your statement Closing Date in March 2008 if a new Balance Transfer or Check Cash Advance posts to your account on or before your statement Closing"
†The promotional Annual Percentage Rate (APR) offer for Balance Transfers and Check Cash Advances is 0.99% through your statement Closing Date in December 2007. These promotional rates will extend through your statement Closing Date in March 2008 if a new Balance Transfer or Check Cash Advance posts to your account on or before your statement Closing Date in December 2007. However, your promotional rate period may end sooner. If any Total Minimum Payment Due is not received by the Payment Due Date or if your total outstanding balance exceeds your credit limit on any statement Closing Date ("promotion turn-off event"), then as of the first day of the billing cycle in which such promotion turn-off event occurs, the promotional period will end. Thereafter, the APRs for all new and outstanding Balance Transfers and Check Cash Advances will be increased to indexed rates that vary according to the Variable Rate Information disclosed in your Account Agreement
We will allocate your payments to balances (including new transactions) with lower Annual Percentage Rates (APRs) before balances with higher APRs. Borrowing the full amount of your available credit may result in an overlimit fee, as applicable.
The transaction fee for balance transfers is 3% of each transaction, minimum $10, maximum $75. However, effective as of 03/2008, each balance transfer is subject to a 3% transaction fee, minimum of $10 and the Minimum Finance Charge is $1.50. bmwdriver11 replied: "This was something that was popular a few years back, when so many credit cards were offering 0% rates. No, it will work just fine for you, and yes, you'll earn an OK return. A few things: be sure to pay it off on time, or the interest you get hit with as soon as the promo rate expires will eat hugely into any gains. be sure to pay all of your other bills on time- many credit card companies are immediately canceling promo rates and hitting people with the maximum rates as soon as they miss any payment on any bill. Also, if you cancel the card at the end, you will take a small hit against your credit rating."
liwen_bonita replied: "I still have question on the interest rate you posted. Is it really 0.99 % or 9.99%. This interest seems kind of odd because most bank offer either 0% or 9.00%, and not something like 0.99% (like close to 1%). One more question, do you have any balance on this credit card? And do you know the cash advance limit is different than your credit limit? What are you credit limit and what is your cash advance limit? Yes, there are credit card company offer 100% of your credit limit as your cash advance limit, but mojority only offer 50% of your credit limit as cash advance limit.
I personally still think is not a good idea, but if all terms are ture and you owe ZERO on this credit card, you can give it a try and see how it work out. You might learn thing the hard way or you might just got lucky and make a tiny little bit money. By the way, what if something happen unexpected and you cannot pay the credit card company back in time before the interest rate goes up? Are you willing to pay that 20% interest after the March 2008? It is not a good investment idea...I would still say NO. You didn't mention how the interest would be compound for that market market account you are talking about. The 5% APR calculation is much complicated than just $20,000 x 0.05 / 12 month in a year = $83.33 per month interest. It depends on how it compounds. Most likely you will make LESS than $83.33 interest per month."
bdancer222 replied: "Read thru all the literature very carefully. Another thing many of these low special rates are requiring that you use the card a certain number of times per month. The new charges are at the regular interest rate."
Steve R replied: "If you have a credit limit that is about 30K, and you charge only 2K a month and pay it off every month, then you might be able to do it. If your limit is $20-$22K, then they want you to go over the limit, hit you with a over limit fee, and then they can charge you any interest rate they like." In simple terms, how much will I be charged for taking a cash advance on my egg card? I'm a little confused as to how cash advances on credit cards work. Several websites state that cash advances generate interest from day one - so does that mean that I'm going to be charged X% each day until I pay the cash advance off (I'll be clearing the balance at the end of the month, so wouldn't normally generate interest). Or do I pay a lump sum when the cash is taken out?
Any clarification would be gratefully accepted! Judy replied: "Both.
My card has a cash advance fee of 3% which is charged instantly.
Ex: I take out 100 I get charged 3 dollars.
But that's nothing - here's the killer:
You immediately start paying interest on that balance.
Most cards have different interest rates for purchases and cash advances.
My card - purchases 15%, cash advances 29.99%.
Once you become a victim to credit card interest it is hard to get it stopped. This is why:
You must pay your account to 0, and you must receive a statement with a 0 balance. So once you make that cash advance, you must pay it in full ASAP, then call back in two weeks and make sure that balance is 0, before your closing date.
Any charges you make to that account will start incurring interest that is charged monthly. I have overpaid, yes, overpaid my account by a couple of hundred just to avoid this horrendous interest mess. Once you pay interest, I would suggest you stop using the card, overpay the card.
/"
Wally I replied: "I've searched all around for a quick cash advance online, and the best one I found, and that I've used a several times was - the interest rate is really low and they put the funds in by the next day. I hope this helps you, good luck!"
Sommer X replied: "Go to your bank and discuss a cash advance loan with them. In emergencies, often a bank is more understanding than you might think they are.
Sometimes the Salvation Army will pull through as well,if you have one in your area.
Take time to look into your community for support, but some people don't have all the options that come with an understanding community." Can I negotiate the interest rate on a cash advance (credit card)? cant get in the situation Im in but I did take out some money on my home equity line of credit. If I sell my house for the price Im marketing for, im assuming ill have to pay the line of credit in its entirety and then the acct and mortgage is closed. im not going to be able to pay off the entire line of credit maybe 70% of it with the proceeds from the house. ill have to transfer the remainder to some other instrument. can I negoitiate interest rates on a cash advance on credit card. I think its rediculous for my card issuer to charge a whopping 20% int on cash advances. its my only other credit and I do not have much in savings (about1500) I want to keep this cushion for emergencies. any suggestions The Scorpion replied: "I doubt it, but I don't know absolutely for sure. They charge the high rate because they know that someone taking pure cash on a credit card is having some level of financial difficulty, and thus the risk is higher for them that you will default. That's the way credit works, so you shouldn't find it rediculous, to be honest. Never hurts to call and ask but I would be surprised."
barbie4JC replied: "since you don't need the cash TODAY...call the number on the back of your card and ask for them to send convenience checks. generally they have promo rates of 2.99% for six months or some even 5.99% for the life of the balance...ect...generally there is a transaction fee of 3% terms and conditions vary...but based on what you're talking about, anything would be better than a cash advance fee for an amount of that sum AND the high interest...I don't want to be rude, but are you sure you have enough to do the cash advance if you go that route?...cause generally companies will not allow you to "cash advance" up to your available balance, often it's only up to 25% ...just wanted to make sure you looked into that if you end up going that route, wanted to make sure you were prepared!"
src50 replied: "In other words, you owe more than your house is worth and you want to sell it, putting the shortfall on a credit card. Not a good plan. Do you really have to sell now? Can't you keep the house and pay down the HELOC?" cash advances on credit card? does getting cash advances from your credit card lower your credit score or hurt you in any way? NoseyParker344 replied: "Not directly - your credit score is measured really on your ability to maintain credit - i.e. regular payments at or above the stated amount.
The problem with cash advances on your credit card is that the cc company will charge higher interest as well as normally charging you a fee each time you use this. The interest, being higher, will be paid off last when you make your regular monthly payments. Better not to really - it will cost you more than simply using your credit card for purchases.
A low cost overdraft agreement with your bank is a more sensible option."
ashkeithster replied: "NO: Getting a cash advance does not affect you credit score in any way, if you make the payments on time.
However the fee to use the credit advance option on your account is usually 3% with a minimum of 10.00, each time you use this feature, it maybe more or less.
Don't forget the 2.00 or more atm fee as well as the 20% interest if you do not pay the entire advance off. This will surley hurt your pockets." |
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