topic PenFed Cash Advance Question in Credit Cards

PenFed Cash Advance Question

Anonymous — Sun, 08 Jan 2017 10:13:17 GMT

So my school closed for a few days last week which delayed my financial aid so I had to get a cash advance of $300 on my PenFed Promise so I could pay rent. I just got the cash but im wondering if:

Since I already had a $400 balance then can I pay $300 so the interest doesn't stack like crazy and have the CA paid off

Since I already had a $400 balance that PenFed will apply my payment to my previous balance and charge me interest everyday

I guess what im asking is if I need to pay the full $700 or if I can do $300 and not get charged everyday. Thanks

Re: PenFed Cash Advance Question

UncleB — Sun, 08 Jan 2017 11:23:19 GMT

@Anonymous wrote:
So my school closed for a few days last week which delayed my financial aid so I had to get a cash advance of $300 on my PenFed Promise so I could pay rent. I just got the cash but im wondering if:

Since I already had a $400 balance then can I pay $300 so the interest doesn't stack like crazy and have the CA paid off

or

Since I already had a $400 balance that PenFed will apply my payment to my previous balance and charge me interest everyday

I guess what im asking is if I need to pay the full $700 or if I can do $300 and not get charged everyday. Thanks

Simply put, any amount you pay over the minimum is required (by the CARD act) to go towards the highest APR balance first.

http://www.creditcards.com/credit-card-news/payment-allocated-different-interest-rates-1586.php

Re: PenFed Cash Advance Question

Anonymous — Sun, 08 Jan 2017 12:09:32 GMT

@Anonymous wrote:
So my school closed for a few days last week which delayed my financial aid so I had to get a cash advance of $300 on my PenFed Promise so I could pay rent. I just got the cash but im wondering if:

Since I already had a $400 balance then can I pay $300 so the interest doesn't stack like crazy and have the CA paid off

or

Since I already had a $400 balance that PenFed will apply my payment to my previous balance and charge me interest everyday

I guess what im asking is if I need to pay the full $700 or if I can do $300 and not get charged everyday. Thanks

How much interest did you pay?! I'm just curious... cause if I had know about this earlier I would have advice an alternative option lol. It's way cheaper to borrow my way than any other way I've found

Re: PenFed Cash Advance Question

elim — Sun, 08 Jan 2017 13:21:49 GMT

@Anonymous wrote:
@Anonymous wrote:
So my school closed for a few days last week which delayed my financial aid so I had to get a cash advance of $300 on my PenFed Promise so I could pay rent. I just got the cash but im wondering if:

Since I already had a $400 balance then can I pay $300 so the interest doesn't stack like crazy and have the CA paid off

or

Since I already had a $400 balance that PenFed will apply my payment to my previous balance and charge me interest everyday

I guess what im asking is if I need to pay the full $700 or if I can do $300 and not get charged everyday. Thanks
How much interest did you pay?! I'm just curious... cause if I had know about this earlier I would have advice an alternative option lol. It's way cheaper to borrow my way than any other way I've found

curiouser and curiouser

Re: PenFed Cash Advance Question

AverageJoesCredit — Sun, 08 Jan 2017 13:30:10 GMT

Its my understanding that if you take money out of your card that the interest starts as soon as you do which has prevented me from trying to do so in first place. On top of that what was mentioned from Uncle B is another factor to consider.

Re: PenFed Cash Advance Question

Anonymous — Sun, 08 Jan 2017 13:56:30 GMT

@elim wrote:
@Anonymous wrote:
@Anonymous wrote:
So my school closed for a few days last week which delayed my financial aid so I had to get a cash advance of $300 on my PenFed Promise so I could pay rent. I just got the cash but im wondering if:

Since I already had a $400 balance then can I pay $300 so the interest doesn't stack like crazy and have the CA paid off

or

Since I already had a $400 balance that PenFed will apply my payment to my previous balance and charge me interest everyday

I guess what im asking is if I need to pay the full $700 or if I can do $300 and not get charged everyday. Thanks
How much interest did you pay?! I'm just curious... cause if I had know about this earlier I would have advice an alternative option lol. It's way cheaper to borrow my way than any other way I've found
curiouser and curiouser

I share my secrets seldomly lol. I will tell you the perks though less than 2%, maximum of $1000 but hey, you can borrow as much as you have but that's up to you and whether you'd like to fly under the radar. On top of that, LONGER PAYMENT TIME. I'm talking 6 months at the least. Interesting right? I've learned so much from this forum that I've found very creative things I can do with my credit cards. It's great when you are in a pinch and I would know because I was a college student living on ramen with no job!!!!

Re: PenFed Cash Advance Question

UncleB — Sun, 08 Jan 2017 14:08:56 GMT

@Anonymous wrote:
@elim wrote:
@Anonymous wrote:
@Anonymous wrote:
So my school closed for a few days last week which delayed my financial aid so I had to get a cash advance of $300 on my PenFed Promise so I could pay rent. I just got the cash but im wondering if:

Since I already had a $400 balance then can I pay $300 so the interest doesn't stack like crazy and have the CA paid off

or

Since I already had a $400 balance that PenFed will apply my payment to my previous balance and charge me interest everyday

I guess what im asking is if I need to pay the full $700 or if I can do $300 and not get charged everyday. Thanks
How much interest did you pay?! I'm just curious... cause if I had know about this earlier I would have advice an alternative option lol. It's way cheaper to borrow my way than any other way I've found
curiouser and curiouser
I share my secrets seldomly lol. I will tell you the perks though less than 2%, maximum of $1000 but hey, you can borrow as much as you have but that's up to you and whether you'd like to fly under the radar. On top of that, LONGER PAYMENT TIME. I'm talking 6 months at the least. Interesting right? I've learned so much from this forum that I've found very creative things I can do with my credit cards. It's great when you are in a pinch and I would know because I was a college student living on ramen with no job!!!!

As long as it's legal, why not share?

We're all here to swap 'war stories' and help each other learn better ways to do things, after all.

Re: PenFed Cash Advance Question

Anonymous — Sun, 08 Jan 2017 14:13:14 GMT

Perfectly legal but frowned upon. I'm sure my creditor would take my card if they knew what I was up too LOL Its essential a cash advance without the high interest attached. It's similar to MS... except I'm not using it for rewards, points, etc. Just paying am extremely smaller fee for a cash advance.

Re: PenFed Cash Advance Question

AverageJoesCredit — Sun, 08 Jan 2017 14:15:41 GMT

I wonder how your creditor could not possibly know what you are doing with their card if they would have records of any transactions of said card. Interesting indeed

Re: PenFed Cash Advance Question

Anonymous — Sun, 08 Jan 2017 14:25:24 GMT

Well... that's the thing. My transactions are nothing strange I'll put it this way, I could simply buy a TV with my card and sell it and make money. My creditor can only see that I bought the TV but will never know I sold it it's something along those lines LOL and stop with the questions haha IT'S MY SECRET LOL

Re: PenFed Cash Advance Question

AverageJoesCredit — Sun, 08 Jan 2017 14:32:23 GMT

Lol, ok i get it, or at least i think i do, i guess its best to let sleeping dogs lie So.....Penfed....

Re: PenFed Cash Advance Question

UncleB — Sun, 08 Jan 2017 14:33:26 GMT

@Anonymous wrote:
Well... that's the thing. My transactions are nothing strange I'll put it this way, I could simply buy a TV with my card and sell it and make money. My creditor can only see that I bought the TV but will never know I sold it it's something along those lines LOL and stop with the questions haha IT'S MY SECRET LOL

LOL... I hate to tell you but your 'secret' has been out for a while now... probably as long as credit cards have existed.

Your not even on your card issuers radar if you're talking about normal dollar amounts, and remember your anonymous here in any case. If you started doing this in the tens of thousands each month that might be a different matter altogether (and suitable for a post in the Business Credit forum) but for the occasional need this won't even make the radar.

BTW, plenty of people have made (and do make) substantial purchases for friends/relatives (for cash back or whatever) and that's OK, too - even the issuers are fine with it. It's not the same as MS and is fine to discuss on here.

Re: PenFed Cash Advance Question

Anonymous — Sun, 08 Jan 2017 14:45:38 GMT

Well I've put a lot of research into it lol. And I fear my account might be flagged if I talk about something related to MS. And I think my method is more refined because it's more cost efficient. I've tried it with one other card and it came out to somewhere near 6%. Yikes! I've never tried it with my normal cards like discover, chase, boa, amex, etc. I would have to do research on those ones... but yes, on to the OP'S question lol

Re: PenFed Cash Advance Question

Anonymous — Sun, 08 Jan 2017 14:48:13 GMT

Personally, I would love to share my secret because pay day loans and cash advances are stupid in my opinion. If there is another way around, I'll take that route and I have lol However, some poor soul will ruin my specific method... gosh. Don't make me spill my secret lol It's exactly how you would do it except with very slight variations and better interest rates LOL

Re: PenFed Cash Advance Question

elim — Sun, 08 Jan 2017 15:02:44 GMT

Twin Ventures always worked for me for interest free stuff. Make the purchase/payment with Venture #1 and grab the 2% rewards, Deposit a BT check with Venture #2 with 2% fee. It's not profitable but it's free $$. I have done this for up to 5k in winters when I build boats (for sale in the spring).

Re: PenFed Cash Advance Question

Anonymous — Sun, 08 Jan 2017 15:17:12 GMT

@elim wrote:
Twin Ventures always worked for me for interest free stuff. Make the purchase/payment with Venture #1 and grab the 2% rewards, Deposit a BT check with Venture #2 with 2% fee. It's not profitable but it's free $$. I have done this for up to 5k in winters when I build boats (for sale in the spring).

Speaking of boats..I sold mine elim after dumping another 13k into it, got tired of the go fast stuff. Now in the market for a family cruiser. whatch got for me

Re: PenFed Cash Advance Question

UncleB — Sun, 08 Jan 2017 15:28:50 GMT

@elim wrote:
Twin Ventures always worked for me for interest free stuff. Make the purchase/payment with Venture #1 and grab the 2% rewards, Deposit a BT check with Venture #2 with 2% fee. It's not profitable but it's free $$. I have done this for up to 5k in winters when I build boats (for sale in the spring).

LOL... 'back in the day' I did the same; I got my hands on some no-fee checks for a few months and did quite well for myself. It also helped my credit line to double... back then apparently that 'counted' as usage - recent experience indicates this is no longer the case, though.

Good times...

Re: PenFed Cash Advance Question

Anonymous — Mon, 09 Jan 2017 07:37:46 GMT

@Anonymous wrote:
@Anonymous wrote:
So my school closed for a few days last week which delayed my financial aid so I had to get a cash advance of $300 on my PenFed Promise so I could pay rent. I just got the cash but im wondering if:

Since I already had a $400 balance then can I pay $300 so the interest doesn't stack like crazy and have the CA paid off

or

Since I already had a $400 balance that PenFed will apply my payment to my previous balance and charge me interest everyday

I guess what im asking is if I need to pay the full $700 or if I can do $300 and not get charged everyday. Thanks
How much interest did you pay?! I'm just curious... cause if I had know about this earlier I would have advice an alternative option lol. It's way cheaper to borrow my way than any other way I've found

The interest rate was 15.24%

Re: PenFed Cash Advance Question

rlx01 — Mon, 09 Jan 2017 07:57:34 GMT

OP: your two balances (purchases and CA) are in different "buckets". Your payment should be applied to the CA first.