cash advance

[Anonymous]

Comenity doesn't get mad if you take just one $1,700 cash advance from the Visa or Mastercard, do they, if you have a 14k CL? It's a one time thing for very short term. Just want to know if this kind of thing bugs them. I know all about alternatives, not looking for those, so looking more for a take on Comenity perspective.

[Anonymous]

If they are making money, then there is likely no problem. Can your transaction be worked by other methods less costly?

[core]

If you've already got a 14k CL on that account, do you really care if they get mad anyway?   It's not like they're going to CLD you.   But yeah I'd be worried about the fees.  Do you have any credit union cards?  Most of mine offer free cash advances and I routinely use them instead of bank account withdrawals (and pay it off the same day).

[takeshi74]

No idea on Comenity specifically but some creditors do see cash advances as a red flag.  It's not a matter of happy/mad but a matter of risk assessment.  Probably not an issue if it's a short term thing.

[Anonymous]

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@takeshi74 wrote:

No idea on Comenity specifically but some creditors do see cash advances as a red flag.  It's not a matter of happy/mad but a matter of risk assessment.  Probably not an issue if it's a short term thing.

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I agree. For some lender's, cash advances do send up a red flag. While most offer them, the fee's and interest rates, make them a "last resort" option. They may make the lender immediately soft pull your CR's to see if there's any major credit change and UTI. Let's face it: if you've got money in the bank, ala checking or savings accounts, you're not going to pull a cash advance. Now if your on vacation and lose your debit card or run out of cash, that could be explained. In the past, year's ago, when I used cash advances, it definitely would effect my accounts and CL's. The lender's would usually reduce my CL's upon taking multiple cash advances. As other's have said though, I'm sure there are some lender's who don't care as long as they're making money and you can pay it back. I'd steer clear of cash advances on CC's such as Chase, Citi, Wells Fargo, US Bank or other large, conservative, bank's. Cap One would probably offer you a CL increase instead (LOL). 😀😁😀😁

[Anonymous]

thanks a lot. does anyone have experience with Comenity specfically and doing this?

[kdm31091]

Whether they will care or not (which no one can tell you for sure other than generally a cash advance customer will be seen as more risky), do you have ANY other option besides withdrawing cash at ~30% interest?

[TRC_WA]

I've used my BECU Visa for CA a few times.

No CA fee

Same 8.9% APR as purchases

Why would I go anywhere else for a CA?  Every other card I have charges a 3% fee with 25%+ APR...

[Anonymous]

While I've never taken a cash advance with my SDFCU card, it does offer 6.99% APR for both cash advances and purchases. No fee's. The only difference between the advance vs purchase, is the advance does not have a 21 - 30 day grace period, accruing interest starting the day you take the advance. But compared to all my other CC's, 6.99% APR for a cash advance is about 20% lower than all my other CC's.

[taxi818]

There are also other options. They don't offer if they would get mad. People at my fico so paranoid. and most will not see you as more risky. depends on how you pay it back. The best option is to do a BT to yourself. Pay the 3 percent. on $1700 that is only . about 47 dollars. Transfer fee. on a 0% Bt card. if you have it. but only if you have that kind of card. Just found out citi does it. also chase. Barclays as well.