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Orchard Bank cash advance

Valued Member

Orchard Bank cash advance

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.


Starting Score: 620 (2009)
Current Score: EQ 706 TU 732
Goal Score: 750


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3 REPLIES
Valued Contributor

Re: Orchard Bank cash advance

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.

Message 2 of 4
Frequent Contributor

Re: Orchard Bank cash advance


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.


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.


Starting Score: TU: ?-- EQ: ?--EX 560 (8-08)
Current Score: TU: 671 (3-10) 625 (4-10/Rebucketed)--EQ: 674 (3-10)--EX 630 (Lender 11-09)
Goal Score: TU: 750--EQ: 760


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Valued Member

Re: Orchard Bank cash advance

Great advice thanks a lot for your help!


Starting Score: 620 (2009)
Current Score: EQ 706 TU 732
Goal Score: 750


Take the FICO Fitness Challenge
Message 4 of 4