Orchard Bank cash advance

[joy1979]

I know I've already screwed up, but I need a little insight regarding a cash advance I withdrew today from my Orchard Credit Card. Before going to the bank I called the CSR at Orchard bank to inquire about the fees associated with the advance. He explained the A.P.R. but informed me the only fees I would inquire would be the transaction charges at the bank. I was somewhat surprised by this and asked him to clarify what he was saying because I was under the assumption that any cash advance carried a hefty charge. He said it all depended on when it's paid back. I was still skeptical but went to the bank anyway. Once I finished the transaction with the teller she printed a receipt w/o fees, so I asked her what the fees were. She said there's none just look out for the credit card charges. I guess I'm confused because this all seems to good to be true. Does anyone have any insight on this type of situation?

p.s. I forgot to mention my credit card balance was $0 and I plan on paying it back Friday.

[IOBA]

When you do a cash advance...

1.  The bank that does the transaction may charge a fee.  Sounds like your bank did not.

2.  The cc may charge a transaction fee (usually a percentage of the money borrowed).  It sounds like Orchard said there will not be a transaction fee.

3.  Interest is charged daily, from day one, at a higher interest rate.  It sounds like Orchard said the charges will depend on how long you owe the money.

My suggestion is to call Orchard and ask them for a 10 day pay off the day you are paying it off.  Explain you are paying it off, in full that day.

[Pushto700]

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@joy1979 wrote:

I know I've already screwed up, but I need a little insight regarding a cash advance I withdrew today from my Orchard Credit Card. Before going to the bank I called the CSR at Orchard bank to inquire about the fees associated with the advance. He explained the A.P.R. but informed me the only fees I would inquire would be the transaction charges at the bank. I was somewhat surprised by this and asked him to clarify what he was saying because I was under the assumption that any cash advance carried a hefty charge. He said it all depended on when it's paid back. I was still skeptical but went to the bank anyway. Once I finished the transaction with the teller she printed a receipt w/o fees, so I asked her what the fees were. She said there's none just look out for the credit card charges. I guess I'm confused because this all seems to good to be true. Does anyone have any insight on this type of situation?

p.s. I forgot to mention my credit card balance was $0 and I plan on paying it back Friday.

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Orchard charges $5.00 per advance (regardless of amount) plus your APR for advances starting the day you advance it. I have done this before, but try not to make a habit of it as I HATE paying a $5.00 fee for any amount. So to withdraw, my amount should be significant (2-300). In your case, with a zero balance I think you are in excellent shape as you can absorb the fee, pay the advance back plus what little derives from teh advance APR in a few days....plus before a statement breaks.

You are in apparent good shape.

[joy1979]

Great advice thanks a lot for your help!