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@BearsAndTurtlesRtheBest wrote:Do banks like it when you do constant cash advance?
Many CCC ask if you intend to take advances, so it looks like they do pay attention to it...whether it is positive or negative I am not sure. Since most of them have no grace period for advances and make interest from day one, it's a toss up for me.
BearsAndTurtlesRtheBest wrote:This is to reduce cc debt that my whole family has. Like my signature says I have no income and will apply for a job as an MA in September. And well we look at this whole cash advance thing almost like having another auto loan For ex. taking out $400 a month and paying it back full. But it seems like the bank will not like to see that type of activity in a card, putting the acct. at risk for them to even close it. So for now it will have to come out of my parents check.
I don't think I understand either. Maybe you should further explain your situation, but it seems like you have a debt, $10,000 for example (using manageable numbers) and are trying to make payments on it with a monthly $400 high-interest cash advance. So you pay your $10,000 debt like an auto loan with $400 cash advances? Or, do you mean that once you pay off the $10,000 original debt and now have $15,000 debt owed on the cash-advance account, you pay that back like an auto loan? Do you get another cash advance card to pay the huge debt on the first cash-advance card?
Maybe I just didn't clearly understand your intent, but it seems like you are trying to reduce your debt with more debt?
Or you mean that you pay your monthly payment on the $10,000 with a $400 cash advance and then pay the $400 high-interest cash-advance later that same month from you checking account like an auto-loan? Even if you paid the $400 every month in-full, you would be charged interest and this would cost more money that just paying the $10,000 with a $400 payment from your checking account.
Paying the $10,000 with payments from your checking account is the most logical and cost-effective solution. You also avoid adverse action on that credit card which would otherwise be taking massive and excessive cash advances.
+1 to what Dave said. It's what I was trying to say earlier but he explained it much better.
And OP, I hope this debt isn't on your sister's cards too. I see you post about how she gets approved for a bunch of new cards (which kinda leads me to believe she isn't having these issues). Either way, I hope you are using what you learn on this site and teaching her better money management (Goes for your whole family).