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This might be a dumb question but I'm a noob. I did a cash advance on my credit card for $40 last monday, as I was in a bit of an emergency for cash and didnt have my debit card with me. I'm trying to pay it off, but not sure how? Is this cash advance debt just grouped altogether with my credit card statement? Or is there a separate way I can just pay off that cash advance by itself?
I have a navy federal account if that matters
"How are my payments applied? In general, we will apply your minimum payment first to interest and then to fees before applying it to transaction balances. If your account has transaction balances with different APRs, we will apply the minimum payment first to the balance with the lowest APR before balances with higher APRs. Any payment amount received in excess of the minimum payment will be allocated to the balance with the highest APR and any remaining portion to the other balances in descending order based on the APR"
https://www.navyfederal.org/pdf/creditcards/NFCU_573A.pdf
If you weren't carrying a balance, you just need to pay the $40 and then wait for the trailing interest to come on the next statement. If you were carrying a balance, any amount beyond your minimum will be applied to the cash advance.
If you are able to pay the entire balance of the card then doing so, immediately, is the best and easiest route take... regardless of the issuer.
Is this something you can manager a.s.a.p.?
👍@Saeren
Great breakdown!
@Credit4Growth wrote:If you are able to pay the entire balance of the card then doing so, immediately, is the best and easiest route take... regardless of the issuer.
Is this something you can manager a.s.a.p.?
It's not really a big deal with NFCU. They pretty much encourage the use of their cards for cash advances. Seems to be a theme with any good CU. Worst thing that happens is some trailing interest at 2% more than base APR.
@Anonymous wrote:This might be a dumb question but I'm a noob. I did a cash advance on my credit card for $40 last monday, as I was in a bit of an emergency for cash and didnt have my debit card with me. I'm trying to pay it off, but not sure how? Is this cash advance debt just grouped altogether with my credit card statement? Or is there a separate way I can just pay off that cash advance by itself?
I have a navy federal account if that matters
Just make a payment to your account. There's no separate or special way to pay it.
It's generally not a good idea to mix cash advances and purchases on the same card, because the cash advance can kill your grace period for purchases.
Ok, forgive me .. Kind of missing @AverageJoesCredit's humor here ...
So I just have to ..
"I thought you pay off a cash advance, with another cash advance."
(Last Statement Minimum) + (Last Statement Balance * (Interest Rate/12))+(Cash Advance)+(Cash Advance Fee)+(Cash Advance * (CA Interest Rate/12)
* Example
25 min, 1000 balance, 18%, 20%, 3 fee. 100 cash advance
{ 25 +(1000 *(0.18/12)) + 100 + 3 + (100*(0.20/12) }
More never hurts