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Your interest will be negligible but immediate. on 26% your looking at like a quarter for the 'loan'. However, your CCC will see you took a cash advance and possibly put a small flag in your file. It probably won't matter with one or two of them and if you pay it off immediately, but I wouldn't make it a ritual, or your CCC might think you're having money issues and raise your annual APR for purchases...
Note that in a few - very few - cases (DCU for one) a cash advance on their Visa is considered just another purchase with no abusive service fees or interest rates.
So they make $10.00 off of me presumably, right (service fee)? Plus they will charge me interest from the second I withdrawal the funds? Woo wee, never again. Plus I don't need any red flags from Chase.
@Anonymous wrote:So they make $10.00 off of me presumably, right (service fee)? Plus they will charge me interest from the second I withdrawal the funds? Woo wee, never again. Plus I don't need any red flags from Chase.
Well, you were able to pay the Freedom card with cash the same day. Were you simply not able to get to a debit card ATM?
If one needs a cash advance, and rush situations do occur, it is fine to take a cash advance as long as one is aware of all the fees.
I really doubt Chase puts any special flags on the account. It already gets coded as cash advance, the fees to the cardholder make up for the merchant fees lost, and the cash interest is higher.
It wasn't a real need as I could have simply went to BOA an withdrawal the funds from my checking. I just wanted to try out the cash advance services. These are my 1st CC ever. I know, stupid. If in fact, should I EVER need to utilizes that option I know what to expect.
@pipeguy wrote:Note that in a few - very few - cases (DCU for one) a cash advance on their Visa is considered just another purchase with no abusive service fees or interest rates.
USAA also (besides the 3% BT / Cash fee). I was short on a race boat part and wrote a BT check for 2k and paid it off when it posted. It cost me 65 bucks i think ($60 fee and $5 interest). That was the only time i have used a BT check or cash advance. The last time a talked to USAA customer service, when i was done with my questions they asked... "You need some more checks?" lol, to funny
that's what they are there for.... emergencies, being without a car would have cost you much more than $10 :]
Not at all stupid. You were just going through a process to learn how it works. For $10 plus a $1 of interest, now you know, and you can later decide if you want to over-think carrying cash, or it is worth the fees for those situations that might or might not arise when a CC doesn't fill the bill.
I took my Diners Premier card over to a local Chase branch, because after some research I figured those ATM are listed as being able to use the EMV PIN features, to get cash directly out of the cash machine. It was a no go, and I had to go into the branch to do my $100 cash advance test. Called Diners to confirm they have issues. So, my test results are: Don't expect to rely on Diners to give you an ATM cash advance. Lesson learned, and I will plan any cash carry in the future to not rely on Diners for cash. $4 fee plus some interest expense and now I know.
@scorewatcher7 wrote:Your interest will be negligible but immediate. on 26% your looking at like a quarter for the 'loan'. However, your CCC will see you took a cash advance and possibly put a small flag in your file. It probably won't matter with one or two of them and if you pay it off immediately, but I wouldn't make it a ritual, or your CCC might think you're having money issues and raise your annual APR for purchases...
Is this hypothesis or based on fact?
Thank you for this thread I have learned a little more about cash advances.
@Anonymous wrote:It wasn't a real need as I could have simply went to BOA an withdrawal the funds from my checking. I just wanted to try out the cash advance services. These are my 1st CC ever. I know, stupid. If in fact, should I EVER need to utilizes that option I know what to expect.
@Anonymous,
If in fact you ever need that, perhaps you should have the Target Prepaid Redcard as a backup that way, you are not charged those high fees. You can take the money at the ATM for free - no ATM fees.