08-20-2012 11:54 AM
So there is another thread on here about Amex Serve card (prepaid) with a sign-up bonus if you deposit $25 you get a free $25 and if you transfer money from a credit card it may process as a Cash Advance which would then incur that oh so special fee and interest structure.
this question is TOTALLY unrelated to the Amex Serve part and totally connected to the cash advance situation.
I have about $30 in cash rewards on my Cap 1 card. This card has no annual fee and I usually just apply it towards my balance before making a payment and think of it as a discount for buying my groceries and gas that I use the card.
I have $0 balance with no pending charges and hadn't planned on using this card in the near future. IF I take that $30 cash rewards and apply it to my balance (it lets me force these payments as long as its the cash rewards even with a $0 balance) leaving me with -30 balance come a day or two. If i then went and used that same cap 1 card to fund the Amex Serve; would there be any interest on the 'cash advance'?
I know it wouldn't affect my available credit at all, but last thing I want is to get hit with a fee of some sorts for something that shouldn't matter. I've done this before with purchases just not sure how it will play out if they consider it a cash advance.
08-20-2012 12:09 PM - edited 08-20-2012 12:36 PM
It would most likely count as a cash advance, which would then result in a
HP(fail) fee. A better bet would be to order the check, then deposit that into a bank account and use that to loa up
08-20-2012 12:21 PM
Didn't realize a cash advance resulted in HPs...never used them just figured CAP1 would PROBABLY consider it a cash advance, was hoping that I could essentially make my money work for me 3 fold...
I guess i'll just load it up the old fashioned way (linked to a debit card) and deal with only doubling my $25 after a weeks rather than doubling free money instantly.
08-20-2012 12:32 PM
It would most likely count as a cash advance, which would then result in a HP. A better bet would be to order the check, then deposit that into a bank account and use that to loa up
I have used dozens of cash advances over the years and they have never resulted in a hard pull. The aversion to cash advances expressed on this board is misplaced advice.
08-20-2012 12:35 PM - edited 08-20-2012 01:03 PM
Wow, I have NO idea why I wrote HP. I wrote that on my phone, and at the same time was reading a thread about cap1 CLI requests resulting in HPs haha. I meant to write "Would result in a fee" haha.
Edit: Also OP, if you load up with a debit card, the transfer money gets deposited instantly, and your $25 bonus will also post immediately (mine and a few others have at least)
08-20-2012 12:57 PM
I have gotten cash advances from Cap1 and its not a hard pull. It does, however, come with a $10 fee for all advances under $300 and 3% above.
08-21-2012 08:16 AM
I'm glad to hear that it doesn't come with a HP...
Kinda sad though it results in a $10 fee no matter what. I guess I was optimistic that they would just like to charge the interest from the date taken out and leave it at that and that since I could have a negative balance then it would cost me nothing nor tie up any money. Either way I'm looking forward to a free movie for me and the mrs with that $25 courtesy to the generosity of people on here!
08-21-2012 08:26 AM
08-21-2012 09:04 AM