topic Re: Cash advance credit card in Credit Cards

Cash advance credit card

Anonymous — Mon, 29 Feb 2016 23:31:55 GMT

Is there any CC that lets you take a cash advance and gives you a grace period before the interest hits?

Also, what is the best cash advance credit card (lowest rates, lowest fees, etc)

Re: Cash advance credit card

kdm31091 — Mon, 29 Feb 2016 23:40:56 GMT

There's never a grace period on cash advances. Try to exhaust every possible option before resorting to that. There's no 'best' card for it because it's not intended to be done repeatedly.

I believe the barclay ring has no cash advance fee (or a low one) but it's still not a good idea to do it unless necessary, and with your rapid increase in credit, you may find barclay a tough approval right now.

Re: Cash advance credit card

Anonymous — Mon, 29 Feb 2016 23:46:51 GMT

@kdm31091 wrote:
There's never a grace period on cash advances. Try to exhaust every possible option before resorting to that. There's no 'best' card for it because it's not intended to be done repeatedly.

I believe the barclay ring has no cash advance fee (or a low one) but it's still not a good idea to do it unless necessary, and with your rapid increase in credit, you may find barclay a tough approval right now.

Thanks bro.

I just didn't want to carry around a debit card...

Re: Cash advance credit card

kdm31091 — Mon, 29 Feb 2016 23:49:41 GMT

Cash advances are a bad idea as a debit card replacement. Just carry the debit card. IMO

Re: Cash advance credit card

Anonymous — Mon, 29 Feb 2016 23:50:36 GMT

You can get cash over on Discover purchases someplaces, if that's what you're looking for.

ETA: I've read about it, but never tried it.

Re: Cash advance credit card

redpat — Mon, 29 Feb 2016 23:56:26 GMT

Carry cash.

I've had the same $175+- in my wallet for about two months, lol. It's funny how we have become a cashless society.

Who wants to waste time stopping at an ATM machine.

Re: Cash advance credit card

Anonymous — Mon, 29 Feb 2016 23:58:06 GMT

I know that Walmart cards (store and MC) allow (and even encourage) cash back. They make it sound like that has the same grace period as purchases, but honestly, I've never looked deeply enough into it to know if that's true (and obviously, it only works at Walmart)

I just read through the "Ask a CC Employee Anything" thread, and I encourage you to do the same. I always knew that cash advances were a bad idea, just due to the fees and immediately interest, but there's a lot of information in that thread about so many other reasons NOT to EVER take a cash advance. It puts you on their radar and opens you up to AA (CLDs, closed cards, etc)

Re: Cash advance credit card

redpat — Tue, 01 Mar 2016 00:01:09 GMT

@Anonymous wrote:
You can get cash over on Discover purchases someplaces, if that's what you're looking for.

ETA: I've read about it, but never tried it.

Funny story, my DD away at college went grocery shopping and needed an extra $20 for laundry and took cashback at the register (clerk asked if she wanted cash) using her Discover, I wanted to kill her, lol. but no cash advance charge, told her to never do it again.

Re: Cash advance credit card

Chris679 — Tue, 01 Mar 2016 00:04:33 GMT

I carry a debit card for a secondary checking account that only contains the amount of cash that I want access to. That mitigates the risk of carrying a debit card.

Re: Cash advance credit card

manyquestions — Tue, 01 Mar 2016 00:09:20 GMT

@kdm31091 wrote:
Cash advances are a bad idea as a debit card replacement.

I wouldn't take cash advances on any card that I cared about keeping or raising the credit limit on. Taking frequent cash advances might get you viewed by some creditors risk algorithims as someone who is high risk and more likely to BK in the near future. But that's probably because most creditors have cash advance fees and high cash advance interest rates so it is probably seen as a sign of someone who is desperate for cash and willing to pay a lot to get it. That high risk flag might not apply with cards like Barclay's Ring that don't have cash advance fees. I still wouldn't do it myself though.

Re: Cash advance credit card

Loquat — Tue, 01 Mar 2016 00:09:06 GMT

@redpat wrote:
Carry cash.

I've had the same $175+- in my wallet for about two months, lol. It's funny how we have become a cashless society.

Who wants to waste time stopping at an ATM machine.

I hear ya...you'd have a hard time in my area evening finding a place that doesn't accept credit card. Heck, even the vending machines in the hospital I work accepts credit cards and NFC/Apple Pay. I do carry my debit just in case...and you're right...looking for an ATM would drive me nuts. I've had the same cash in my wallet for quite some time. Just don't ever find myself needing it.

Re: Cash advance credit card

Anonymous — Tue, 01 Mar 2016 00:17:40 GMT

To everyone in the thread about:

1) Carrying cash: I don't like carrying large amounts on me. I have a super slim wallet that I bought for the express purpose of keeping it super slim.

2) Debit card: read 1)

Re: Cash advance credit card

redpat — Tue, 01 Mar 2016 00:26:54 GMT

I know individuals in the Restaurant industry and they say 90% - 95% of their business is done with either credit cards or debit cards.

Sorry to get off track, but I thought it was an interesting statistic.

Re: Cash advance credit card

kdm31091 — Tue, 01 Mar 2016 00:20:11 GMT

I get wanting a slim wallet but seriously, one debit card isn't going to make much of a difference. If we are willing to carry many credit cards for max rewards on every purchase, certainly carrying one debit card in lieu of risky and costly cash advances is worth it.

Re: Cash advance credit card

redpat — Tue, 01 Mar 2016 00:21:56 GMT

@Anonymous wrote:
To everyone in the thread about:

1) Carrying cash: I don't like carrying large amounts on me. I have a super slim wallet that I bought for the express purpose of keeping it super slim.

2) Debit card: read 1)

Slip a $100 in there, it's thinner than a card, lol.

You also have pockets to put cash in.

Re: Cash advance credit card

SouthJamaica — Tue, 01 Mar 2016 00:20:44 GMT

@Anonymous wrote:
Is there any CC that lets you take a cash advance and gives you a grace period before the interest hits?

Also, what is the best cash advance credit card (lowest rates, lowest fees, etc)

The best cash advance card, by far, is Barclay Ring.

It charges a flat $3 fee. And interest is the same as purchases (presently 8.25%).

Re: Cash advance credit card

Loquat — Tue, 01 Mar 2016 00:31:56 GMT

@kdm31091 wrote:
I get wanting a slim wallet but seriously, one debit card isn't going to make much of a difference. If we are willing to carry many credit cards for max rewards on every purchase, certainly carrying one debit card in lieu of risky and costly cash advances is worth it.

I agree wholeheartedly.

Re: Cash advance credit card

Loquat — Tue, 01 Mar 2016 00:36:17 GMT

My PenFed Promise has no cash advance fee...but still wouldn't do it. I know it may be paranoia but I would be worried from the moment I took out a cash advance that my card would be susceptible AA...or my account would be under a microscope.

Re: Cash advance credit card

Kevin86475391 — Tue, 01 Mar 2016 01:54:56 GMT

Personally, I can't stand cash and look forward to a time when we're truly a cashless society. Obviously I'm biased, but do you really need to carry it at all? I don't and it's virtually never an issue. The 2 or 3 times a year (generous estimate) I come across somewhere that only takes cash I just roll my eyes and do without. OF course I'm sure it depends on your lifestyle and preferences.

Anyway, as mentioned previously, a cash advance is a very poor substitute for a debit card.

Re: Cash advance credit card

ddemari — Tue, 01 Mar 2016 03:22:37 GMT

Ive never taken a cash advance from a credit card but my PenFed Visa Gold offers no Cash Advance Fees and then a 11.9% apr on purchases and cash advances. you might be better off opening a line of credit. PenFed is really easy to deal with, do u have anything with them?