Cash advance question

[Anonymous]

I took out a cash advance on a credit card that had a small balance to start with. When I get paid next week I can pay off the entire balance  (purchases and cash advance.)

I know that credit cards make you pay down the lowest interest rate balances first. If I pay off the entire balance, and know that I have a zero balance, can I then start using my credit card again knowing that I will be back to normal (as if I didn't take out a cash advance at in terms of interest), or do I have to wait until  the next billing cycle?

Thanks

[MidnightVoice]

Normasllt cash advances start charging interest as soon as they are taken out, so make sure that gets paid as well.

[athensguy]

I would recommend paying it off and not using it until after your statement hits. PIF the New Balance on that, and hopefully you'll be done with the finance charges from the advance.

[Marvintran]

If you have a balance transfer check I would use that or go online and do a balance transfer to  your

Personal checking account. That would save you more money on the cash advance fees and

interest.

[Anonymous]

depends on the amount.  do they charge you a flat fee of 5.00 per hundred.  you'll have to pay that no matter what and then depending on your int rate it will start ticking away.  Good to pay your whole balance asap.  You probably will owe some int after the fact.  No biggie.  I've done it before.  cap one has a really low int for cash advances.

[haulingthescoreup]

I agree with er's post above: expect to make two payments to make sure that it's truly dead and buried. There was a post the other day (can't begin to remember where) by someone who thought that they had cleared it off, and it blew up in some spectacularly ugly way, related to the way the interest charges from the moment it's used.

I'd want to see those zeroes on the statement before firing it up again.

[Anonymous]

Agreed. I would over pay just to make sure you covered unseen interest. Wait for a pos bal to show and a good week for it to post and clear. Then you should be ok. That's what I do. But some crazy banks (super sub primers) might have a rule that you need to let your statement close. I haven't heard of that, but be careful with super sub prime banks. Otherwise you should be ok after payment posts and clears from normal banks. Just make sure you cover unbilled interest too.

[tattooedhusker]

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@peepers wrote:
is it always a HP for first CLI request regardless of the time account been open?

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From my understanding yes, I haven't gotten one yet and I've had mine for a year. I sent them a message on the subject this morning, as soon as I hear back from them I will upate.