Credit Cards

[sunshine7157]

Is this right? I had to take an emergency cash advance against my Chase Freedom. I was charged a $39 cash advance fee immediately. I paid my entire card balance off before the due date. My statement just came out with an interest fee on it. I was under the impression that no interest is charged if paid in full?

[scarrollprint]

no interest on PIF is usually in reference to purchases only.

Cash advances generally have their own interest rate (plus the fee) and then generally the interest is calcuated from the date the cash advance was issued....

Thus why CA are so horriable from the get go.

[orl22]

Cash advances are like Balance Transfer. There's a fee per transaction. Looks like $10 or 3% whichever is greater.

[DeadSpider]

Next time try to have BT checks around and deposit to your checking at only 3% fee total.

If this was an emergency then payup or find a friend to loan from.

[compassion101]

For cash advance, interest is usually charged on most cards from the date of the advance, whether you pay in full or not. This is different than purchases, and is seperate/additional to the cash advance fee.

A good card for small cash emergencies is walmart discover, which does not charge interest on cash advance from walmart stores if PIF (up to certain amount).

[ChesterPDexter]

Yes, aside from the fee, you  had to pay some interest.  If you take an advance on the 1st and pay it on the 12th, you pay for 12 days of interest.  They compute it each day on cash advances, with no grace period.  Since you had it for a short period of time, I bet the interest charge is small (depending on how much your advance was for and what the APR is, of course.)  But for very short periods of time, it seems to me (when I do it, anyway) to be a very fair charge for borrowing the money on the spot.  Then again, I've used USAA which has no cash advance fee.  Sorry yours charged you a fee, but when it's an emergency, I guess you do what you have to do.

[webhopper]

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scarrollprint wrote:

no interest on PIF is usually in reference to purchases only.

Cash advances generally have their own interest rate (plus the fee) and then generally the interest is calcuated from the date the cash advance was issued....

Thus why CA are so horriable from the get go.

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Cash advances start accruing interest the moment the cash advance is made, there is no grace period as there is with purchases.  Cash Advance fees are typical. Discover charges a fee for cash advances.  NFCU does not.

[sunshine7157]

Thanks for the answers! The interest charge was very small- I was just not expecting it. I thought the cash advance fee I was charged immediately was to cover the immediate interest charges & that if I didn't pay it in full, I would then be charged interest. Lesson learned. I've never used any cash advance before & probably never will again as this was hopefully a once-in-a-lifetime situation. I just had to wire money to my kids asap on a Sunday (no banks open). They were travelling cross-country, hit an elk & totaled their truck.

[webhopper]

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sunshine7157 wrote:

Thanks for the answers! The interest charge was very small- I was just not expecting it. I thought the cash advance fee I was charged immediately was to cover the immediate interest charges & that if I didn't pay it in full, I would then be charged interest. Lesson learned. I've never used any cash advance before & probably never will again as this was hopefully a once-in-a-lifetime situation. I just had to wire money to my kids asap on a Sunday (no banks open). They were travelling cross-country, hit an elk & totaled their truck.

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OMG I hope they are ok....   you know, that's what CCs are for, and you're blessed to have been able to take care of the situation using the cards in your wallet

[somnipotent]

Read over your cardholder agreement.  It's in there.  Cash advances have a different fee schedule.