Ok, I'm a bit of a credit card n00b. I have had mine for 8 months, but have never used it for a cash advance.
So, how do you go about getting a cash advance and does it just go on your credit card balance or do you have to pay it off sooner?
I know they are going to charge me a $5 fee for getting one, which is no big deal, but are they going to make me pay off the advance before the rest of my credit card balance?

3/28/2006 10:41:38 PM

usually a terrible idea

3/28/2006 10:42:09 PM

check your credit card rates...cash advance is usually charged at a much higher APR - like 25% or more. cash advances are a horrible idea

3/28/2006 10:45:57 PM

ah okay, so it would go on my credit card balance, but assrape me on APR? gotcha...probably not a good idea.

3/28/2006 10:47:01 PM

i don't believe it goes on your balance.

3/28/2006 10:53:49 PM

so do they make you pay it off right away? its really not THAT big of a deal to pay it all off right away, but id like to know...i doubt i do it though if they are gonna assrape me.

3/28/2006 10:58:13 PM

generally they also don't let you float it like you can with purchases. you start getting charged interest the day you make the advance. also all of your payments will be put towards the lowest apr first

absolutely a horrible idea

3/28/2006 11:00:03 PM

you'de basically be paying interest on cash....horrible idea unless you are absolutely strapped and for some reason need some cash for an emergency or something...otherwise id highly advise against it

3/29/2006 12:05:16 AM

terrible idea...they charge you a rediculous APR that begins 30 days after you get the cash

you're better off begging the in-laws or absolutely going without, I'm serious

3/29/2006 12:48:04 AM

I read all these articles on yahoo finance or the motley fool about how stupid people are with money and i always think it's over-hyped.

Apparently not.

3/29/2006 9:04:37 AM

The best thing to do is never learn how to get a cash advance

3/29/2006 9:11:56 AM

generally

-the interest rate is much higher, and in some cases daily fees accrue
-your payments will be applied to your balance rather than the cash advance
-dont do it

3/29/2006 9:17:57 AM

okay i *dont* have a credit card of my own, but have a follow up question.

Lets say you have multiple categories of stuff on your card at different APRs.
Now, i know they apply interest first, then lowest APR balance out of your payments so they get more money.

However, is there any way to *specify* or force the company (at your request) to pay off say the highest APR interest then balance first?

I"m guessing no, but i'm curious.

3/29/2006 11:17:25 AM

There's no way to force them, but you could ask and they might say yes, but that's highly unlikely.

3/29/2006 11:19:19 AM

Cash advances will fuck up your Credit Card statement forever. They'll charge the higher interest to any of the other outstanding balance you have after you payoff the previous months balance. Even if you payoff all the Cash Advance amount and your other balance for that statement period, you'll have recurring finance charges for forever... till you quit using it for like a whole month.

But, do take as much out as you can if you have a 0% APR.

3/29/2006 11:24:29 AM

^ Wait...now I"m confused.

Why would you get recurring finance charges if you paid off the entire balance?

3/29/2006 11:40:42 AM

You paid off the balance on your account statement. But, they charge you extra for those charges you have to date that isn't on your account statement yet.

3/29/2006 12:14:44 PM

For an example lets say your account has statement date of the 20th each month. Well you owe $500 on the 20th then proceed to charge $100 on the 23rd. When you get your bill if you pay only the 500 your account will still be in default (earning them interest) until you have an account balance of 0 or less than zero on the statement date. Generally the best way to ensure you stop paying interest is to send em a check for $100 over the current balance and then just don't use the CC until your next statement occurs.

3/29/2006 12:44:53 PM

ya'll make this a bit too complicated.

if you have a zero balance now, you can easily calculate how much interest and fee's you'll pay if you get a cash advance.
Ex: if you get a $100 advance, you might pay a $3 fee, plus about $3 a month of interest. Not bad.

but if you have an unpaid balance right now then you should stay away from it.

3/29/2006 3:05:26 PM

edit your post now

3/29/2006 3:08:59 PM

Y

3/29/2006 9:51:07 PM

I could write a book on this stuff. I was pretty dumb with credit, but also just didn't have a lot of money. I actually remember a few times getting a cash advance and using it to pay the minimum payment. Talk about revolving credit.

I also remember having to pay my tuition by using a cash advance about 3 times. It was either that or quit college. I won't play the blame game. It was my decision to do it, and my responsibility to pay it back. Just kind of sucked that they wouldn't take a credit card for tuition. I mean, they let Citibank, etc. come on to the campus. Can't they work something out so they can accept the cards.

Credit card companies are the lowest scum on the earth. I've reminded them of that several times.

3/29/2006 11:05:44 PM

definitely dont do the "payday loans" either. now THATS assrape. 500% APR or some shit.

3/30/2006 4:02:15 AM

^ those are banned in NC now.

3/31/2006 12:44:15 PM

I took a cash advance out one time, but I didn't have a balance on the CC, and I knew that I was going to be using it for moving, and then would be able to pay it off with my 1st paycheck...

I wouldn't advise doing it unless you have no other way around it.

3/31/2006 1:11:21 PM

I took one out to buy some one time.

[Edited on March 31, 2006 at 1:29 PM. Reason : It was however thursday and I had cashed in coinstar on tuesday. There was no other option. ]

3/31/2006 1:27:41 PM

If this is for something small, under 100$, because you need cash have none and will get cash back within the month with no other debts then fine.

Otherwise, you're going to press yourself in a corner you can't get out of.

3/31/2006 2:02:17 PM