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How do I pay off a Cash Advance?

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Anonymous
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How do I pay off a Cash Advance?

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 

Message 1 of 8
7 REPLIES 7
Anonymous
Not applicable

Re: How do I pay off a Cash Advance?

"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. 

Message 2 of 8
Credit4Growth
Senior Contributor

Re: How do I pay off a 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.?

Message 3 of 8
Credit4Growth
Senior Contributor

Re: How do I pay off a Cash Advance?

👍@Saeren

 

Great breakdown!

Message 4 of 8
Anonymous
Not applicable

Re: How do I pay off a Cash Advance?


@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. 

Message 5 of 8
SouthJamaica
Mega Contributor

Re: How do I pay off a Cash Advance?


@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.


Total revolving limits 741200 (620700 reporting) FICO 8: EQ 701 TU 704 EX 685

Message 6 of 8
M_Smart007
Legendary Contributor

Re: How do I pay off a Cash Advance?

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."

Message 7 of 8
Kforce
Valued Contributor

Re: How do I pay off a 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

 

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