topic Re: Wal Mart cash advance PIF in Credit Cards

Wal Mart cash advance PIF

money_talks — Tue, 01 Apr 2014 00:25:18 GMT

Is it true Wal Mart treats cash advances do not accrue interest daily as long as you PIF? But what does it mean to PIF?

Scenario:

Month #1 statement balance: $1

The next day after Month #1 statement cuts, you take out $100 in cash advance when making a purchase at a Wal Mart cash advance.

So as long as you make a payment of $1 before Month #2 statement cuts, you won't pay interest on the $100 cash advance as long as you PIF the amount shown on Month #2 statement before the Month #3 statement cuts, correct?

Re: Wal Mart cash advance PIF

gdale6 — Tue, 01 Apr 2014 00:07:02 GMT

To avoid interest on purchases you must pay the statement balance in full by the due date. Now on the cash advances if you take them at Walmart with a purchase they are considered a purchase and there is no interest as long as it is paid off by the due date. If those cash advances are taken at an ATM or bank there is no grace to avoid an interest charge.

Re: Wal Mart cash advance PIF

SunriseEarth — Tue, 01 Apr 2014 00:08:58 GMT

@gdale6 wrote:
To avoid interest on purchases you must pay the statement balance in full by the due date. Now on the cash advances if you take them at Walmart with a purchase they are considered a purchase and there is no interest as long as it is paid off by the due date. If those cash advances are taken at an ATM or bank there is no grace to avoid an interest charge.

+1. They show up as "Quick Cash" on the statements and are treated as a purchase. It's a nice feature that's helping keep Wally out of my SD.

Re: Wal Mart cash advance PIF

money_talks — Tue, 01 Apr 2014 00:19:51 GMT

Yes, I forgot to mention. Assuming all cash advances are done with a purchase at a Wal Mart register, not an ATM. So I edited some of my scenarios above since there's no way you could have taken out cash without a purchase using this assumption.

Re: Wal Mart cash advance PIF

Anonymous — Tue, 01 Apr 2014 00:29:40 GMT

This may be similar to the Discover "cash over" feature, where you get an amount like $60 with a purchase at the supermarket.

This is not really a cash advance, but is treated like a purchase.

Re: Wal Mart cash advance PIF

krial — Tue, 01 Apr 2014 01:28:47 GMT

@Anonymous wrote:
This is not really a cash advance, but is treated like a purchase.

Except in regards to the interest free promotions that are always available in the store. I wasn't sure so we tried it out a few weeks ago, and the $200 regular purchases were given a 6 month no interest promotion. The $60 quick cash that we got at the same time was not included.

Re: Wal Mart cash advance PIF

B335is — Tue, 01 Apr 2014 02:04:48 GMT

I always felt this benefit was underrated with Walmart and Sams credit cards. I dont pull out more than $100 at a time but it saves a separate trip to the bank.