Cap One no interest on Cash advance if PIF is normal?

[youngandcreditwrthy]

Hey yall,

Got a question:

I normally pay my Quicksilver balance in full and have been since I opened it almost 7 months ago now.

Very happy with the card. I needed some cash, so I took a cash advance and got them to waive the cash advance fee. I made a payment within a week to lower the balance and reduce the interest that began accruing daily.

I noticed my payment did not get applied towards my cash advance line, so I called customer service to ask why.

they told me that since I've been paying in full from the beginning, I will not be charged daily interest on the cash advance as long as I continue to pif. they told me in the future I will have to pay the fees though (but I dont plan on doing this again LOL)

so my question is: am I in for a surprise interest charge here? or is the CSR correct? since i pif, will the cash advance balance be afforded a grace period in which to PIF just like my normal balance? noteworthy that the rates are the same 30.74% HAH but still Im hoping on this upcoming statement that I dont have a surprise. I can already see that my min pmt is higher but statement wont generate til tomorrow. 

the CSR even pointed out to me on the statement where it reads exactly what she said in legal jargon. basically again, if you've been pif'ing, you wont be charged interest on the cash advance and its treated like your normal balance and pif. (again cash advance fees wont be waived though but mine was 3% and I got them to waive it this once!)

[Brian_Earl_Spilner]

According to their terms and conditions, interest accrues from transaction date on all segments but is waived for the PURCHASE segment if the card is paid in full. There is no grace period for a cash advance. 

[ptatohed]

I've never heard of this.  It sounds like you got lucky.  I'd try not to make a habbit out of taking CAs. 

[Traveler101]

I've never heard of that. I would watch to see if you get a small charge on your next billing statement to be safe. You definitely don't want to make a mistake and miss an unpaid bill. That and capital one is not happy when you take out cash advances. They cited that as a denial for a cli with my venture card. 

[youngandcreditwrthy]

@Brian_Earl_Spilner  yeah that's obvious. purchases get a grace period, CAs do not.

what Im explaining here is that there's an exception to daily interest accruing immediately beginning on the trans date for the CA, and that is.. if you've been PIF all balances, and I have.

I know it sounds crazy, but that is what the CSR told me. Cause I tried to go ahead and pay off the cash advance part of my balance within a few days of using it... and she said there was no need and that since I've been pif, Ill also have the opprtunity to pif the cash advance part of my New Balance by the usual due date with the usual grace period.

sounds so strange. She made it seem like since I have been PIF and handling the account so well that its like a benefit basically of pif?

dunno guess we will see when Im able to get my statement generated at 2 am tonight lol

I haven't taken a cash advance in ten years lol I'm well aware its frowned upon (and it even gets recorded in your sagestream report which has its own score I think). actually the last cash advance I took ten years ago, barclay's got mad and CLD me from 12700 on barclay arrival card to 8300 (but I got them to cli it to 20k after a call haha)

[Brian_Earl_Spilner]

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@youngandcreditwrthy wrote:

@Brian_Earl_Spilner  yeah that's obvious. purchases get a grace period, CAs do not.

what Im explaining here is that there's an exception to daily interest accruing immediately beginning on the trans date for the CA, and that is.. if you've been PIF all balances, and I have.

I know it sounds crazy, but that is what the CSR told me. Cause I tried to go ahead and pay off the cash advance part of my balance within a few days of using it... and she said there was no need and that since I've been pif, Ill also have the opprtunity to pif the cash advance part of my New Balance by the usual due date with the usual grace period.

sounds so strange. She made it seem like since I have been PIF and handling the account so well that its like a benefit basically of pif?

dunno guess we will see when Im able to get my statement generated at 2 am tonight lol

I haven't taken a cash advance in ten years lol I'm well aware its frowned upon (and it even gets recorded in your sagestream report which has its own score I think). actually the last cash advance I took ten years ago, barclay's got mad and CLD me from 12700 on barclay arrival card to 8300 (but I got them to cli it to 20k after a call haha)

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If you read the terms and conditions it specifically states interest accrues starting immediately on all segments and is only waived for the purchase segment if all segments are paid in full. The CSR is wrong per the terms and conditions. 

[Kforce]

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@youngandcreditwrthy wrote:

Dunno guess we will see when Im able to get my statement generated at 2 am tonight lol

Bet you get charged interest.

Most customer service representatives are wrong 50% of the time.

Have stopped calling for an answer to any question.

Only call an issuer to close a card or fraud.

Hope you are correct but, would not bet money on it.

Let us know the outcome tomorrow   

[Anonymous]

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@Kforce wrote:

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@youngandcreditwrthy wrote:

Dunno guess we will see when Im able to get my statement generated at 2 am tonight lol

Bet you get charged interest.

Most customer service representatives are wrong 50% of the time.

Have stopped calling for an answer to any question.

Only call an issuer to close a card or fraud.

Hope you are correct but, would not bet money on it.

Let us know the outcome tomorrow   

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Right, seems too good of an income stream to give up, especially as a PIFr, you haven't been making them that much money.    But do let us know.

[Xanthos472]

I wonder if they perhaps lump it in as a BT. I've done a very short term BT on one of their cards and as long as you PIF it's treated like a purchase that doesn't rewards. There is no BT fee and no interest IF the balance is PIF but they really, really, don't like if you do it a lot. Some old DP's of this buried somewhere here on the boards but can't recall exactly where I found it since it was several years ago and it was already an old DP then.

[CorpCrMgr1]

The only CA that I'm aware of is the few dollars one can request on a Wal-Mart store card when making a payment. It's treated as a purchase. 

Good luck!