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I have a CC (Chase) that I took out a cash advance. I did this because I was going to get paid about 2 days after my big EFT payments come out of my checking accout (especially mortgage.) In other words, I did the cash advance, immediately put it in my checking account to cover the expenses, and a week later paid it off completely. (The CC itself has a zero balance and shows online, no purchases or anything.)
My question is - since the interest will not show up until the statement is cut (I am right about that right?), does that mean that on my next statement, I would have to pay for any new purchases I make before I could pay the interest on that cash advance?
I plan on PIF so it shouldn't be an issue, but I am curious if this would happen.
Thanks!
The best bet would be to call the CC company and ask them, but the general rule is:
Items with a lower interest rate are paid first before the higher interest items.
So if you make a payment and you have purchases at 10% interest and a cash advance for 20% interest, the payment will get applied to your purchases first. To make sure you don't continue to pay interest on that cash advance you would, I think, need to make a payment big enough to cover the purchases and the the interest from the cash advance.
While I don't disagree with the other posters, you might not end up paying interest on your CA for the first 30 days, since it was a Chase card.
I've cash advanced off my Chase Freedom a couple of times. Every time I get charged a CA fee (minimum $10) that shows up on my account immediately. I called and asked how much interest I would accrue, and they told me I would not accrue any for the first statement at least, because I paid the CA fee.
YMMV, but it's been that way about 4 times so far with Chase.