Are cash transfers really free on DCU Visa?

[Anonymous]

I recently got a DCU Visa ($10k limit 11.5% APR) and I'm considering taking out a cash advance to pay off a $2k Prosper loan I took out in June with a horrible 28% APR (my score was 631 at that time)

Any thoughts/comments?

[Anonymous]

ttt

[gdale6]

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@AhmedInVA wrote:

I recently got a DCU Visa ($10k limit 11.5% APR) and I'm considering taking out a cash advance to pay off a $2k Prosper loan I took out in June with a horrible 28% APR (my score was 631 at that time)

Any thoughts/comments?

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In looking at their T&Cs it looks like there are no BT or cash advance fees (a lot of CUs are like this) interest would begin to acrue from the day of the advance thru the date the advance is paid off entirely. Any purchases you make with the card while you have a balance on this advance will not get a grace period so you dont want to use it for purchases. You should however look in your T&C that came with the card to verify this.

[Anonymous]

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@gdale6 wrote:

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@AhmedInVA wrote:

I recently got a DCU Visa ($10k limit 11.5% APR) and I'm considering taking out a cash advance to pay off a $2k Prosper loan I took out in June with a horrible 28% APR (my score was 631 at that time)

Any thoughts/comments?

---

In looking at their T&Cs it looks like there are no BT or cash advance fees (a lot of CUs are like this) interest would begin to acrue from the day of the advance thru the date the advance is paid off entirely. Any purchases you make with the card while you have a balance on this advance will not get a grace period so you dont want to use it for purchases. You should however look in your T&C that came with the card to verify this.

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Thanks gdale6!

[pipeguy]

100% free transfers, just transfer it online from your credit card to your checking account and then write a check or do an electronic payment through DCU. 

I actually contacted DCU about this because I had a situation where I needed to use my CC for "cash" and carry a high utility for 3-4 months - told them I didn't want to freak them out so I more or less asked permission to do it - answer was the credit limit was there to USE and to feel free to use it as I see fit - I did, with a 90% utility and other than taking a CRA score hit, DCU has never said a thing. I more or less suggested to DCU that I take a 12 month personal loan - they said sure if you want, but no problem on the CC advance.

I'm in the process of settling an asset rich, cash poor estate and rather than take a personal loan for "estate costs", I used the DCU CC which the estate will pay back once the property settles in the Fall (valuable real estate property - no mortgage).

[Anonymous]

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@pipeguy wrote:

100% free transfers, just transfer it online from your credit card to your checking account and then write a check or do an electronic payment through DCU. 

I actually contacted DCU about this because I had a situation where I needed to use my CC for "cash" and carry a high utility for 3-4 months - told them I didn't want to freak them out so I more or less asked permission to do it - answer was the credit limit was there to USE and to feel free to use it as I see fit - I did, with a 90% utility and other than taking a CRA score hit, DCU has never said a thing. I more or less suggested to DCU that I take a 12 month personal loan - they said sure if you want, but no problem on the CC advance.

I'm in the process of settling an asset rich, cash poor estate and rather than take a personal loan for "estate costs", I used the DCU CC which the estate will pay back once the property settles in the Fall (valuable real estate property - no mortgage).

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Thanks for the info pipeguy, that really helps! I'm also bracing for a possible score hit, taking out a cash advance will bring my utilization to 40% though my other two cc's will report 0% utilization

[Anonymous]

Transfers within DCU are free but transfers from DCU to outside banks are $5 per transfer, it's more if you want next day transfer.

Is this what other banks normally charge?

[pipeguy]

I transfer in and out of DCU on a regular basis at no charge - look again at the options.

Edit Add: you can always write a check and deposit it going to or from DCU as a "transfer", but I've never paid a fee doing it (online transfer) electronically.