Pull Cash off Credit Cards

[Anonymous]

---

@Anonymous wrote:

You don't even need checks. You can take the credit card to your bank and have them run a cash advance transaction and deposit the money in your account. BUT, the amount cannot exceed your cash advance limit.

---

With some the BT checks, the user is allowed to go over their credit limit / cash advance limit.  So this may work better for OP.  A good example is Chase.  Most of the BT checks will tell you how much you can write the check for.

[Gunnar419]

For small amounts you can just use the cc to draw money out of an ATM. (You must have a PIN for the card.)

For larger amounts, just go to your bank. The cashiers or manager will know how to do a large cash advance. I've done this before and it was easy.

As others have said, some cc issuers will send you checks you can use for this purpose. But you must understand what type of check you've got before you use them. Some are balance transfer checks that you can use for any purpose, including writing a check to yourself. These usually have good terms. Other banks will issue you cash advance checks whose terms are terrible (though no more terrible than any other cash advance).

Understand that cash advances nearly always have upfront fees and terrible interest rates (unless you can use BT checks or get some other special deal; BT checks usually have upfront fees but good interest terms). Never take a large cash advance unless you can either manage to get BT terms OR you have a plan to pay it off or BT it quickly.

A few years ago, I bought a fixer house for cash and used a combo of straight cash advances and BT checks to get part of the money. But I did this ONLY because I knew I could pay everything back in a few months.

[Creditaddict]

I would not take a cash advance!!!

If you have a business Amex, you can pay a personal paypal account for $4500 and it will probably be okay.

or if you have a personal credit card and a business square account, you can probably be okay with a $4500 charge....  it's when you start trying to process multiple charges over $5k that you will have issues (possibly) it's still a computer system that has to flag you for a review so it's not everyone everytime.

[Anonymous]

Thanks everyone for your advice and info. But to add to info of this post. Amex cancelled both my business and personal for Using Square. I was one of the un lucky ones who it didn't work. Amex biz really hurts because it wasn't reporting on personal end. I sent all funds back and left with good standing and can re apply in the future. But now I have to start over with a new game plan to get capital for my biz. I have Cap One Spark but they report on personal.

Only will pull from cards like advised in this post when a deal is real close and I know I can pay balances back quick. Starting off and trying to have verification of funds is difficult in the beginning. Hard lesson learned......

[Creditaddict]

you have to register the square account in someone elses name... same with paypal, then you can usually slip by... you can't charge your card to your own square account... of course it will be caught.

[Anonymous]

Ok I know now. I never knew that was wrong. Didn't pay close attention to terms and disclosures. I will get them back one day. Just wanted to know exactly how to do it for next time. Thanks Credit Addict!!!

[TheConductor]

If you are needing cash to close a business deal, I'd give some consideration to taking out a personal loan instead of using cash advances. You will definitely get a better interest rate that way, as long as you can qualify for one. Just look for a loan that has no penalty for prepayment.  

My Prosper loan was used to finance a business purchase, and I had the funds within a week. If you go to a local bank or credit union, it is often possible to have the funds the same day.

In general (with rare exceptions on cards like Barclaycard RIng that have very favorable cash advance terms) cash advances are not a good means of financing a large expenditure.

In addition, if you don't have an installment loan on your report currently, taking out the personal loan could actually help your FICO score growth.

[Creditaddict]

Last resort... Kabbage!

[CreditUnionFan]

---

@Anonymous wrote:
How do you pull cash off cards. Someone told me if you try to use PayPal or Square they may cancel Ur account. Is this True?

---

Depending on how much cash you want and the bills you're paying, an alternative might be to pay with the credit card for items or services that you'd otherwise be paying for by check or cash. Then, use the cash you would've used for that bill for what you absolutely need cash for.

Even if there is a service charge from the payee, that fee might be less than the cash advance fee(s), and the interest rate may be higher for a cash advance versus a normal transaction.