NFCU feelings about cash advances

[Anonymous]

NFCU or PENFED could care less if you take out a small or very large cash advance. Especially if they trust you. The don't care if you PIF or carry a balance for 10 years. As long as you pay them and pay them on time you are good to go.

DCU always pushes and loves when you use their card for cash advances.

Just don't ever do cash advances with virtually any other bank like AMEX or Chase....of course unless you want your accounts closed.

[Anonymous]

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I’m interested in what ATM will give you 3.5k!!

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You can do a cash advance from your credit card and transfer it right into your Penfed or NFCU checking or savings account. Or you simply go into any bank and tell them you want a cash advance.

Simple

[Anonymous]

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Hey everyone,

I'm thinking about taking a 20ish day cash advance from either Penfed or NFCU to cover a portion of my Father's upcoming medical expenses. I have the Cash Rewards Card/15K and will draw around $3500. I have a 15k CLOC with them as well but prefer to use the card cash advance because I'll pay it back before the statement cuts.  I've had the CLOC for 5 months and the card for 6 weeks. Will it look funny or hurt future CLI requests if I take a cash advance on a new account but pay it back within 3 weeks? 

I also have  Penfed card but the CL is only $5000.00 so I'm not sure what they would think about a cash advance that size on an account thats 5 months old.

Thoughts? Am I overthinking it? 

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I’m surprised anyone hasn’t brought this up but a cash advance usually starts accruing interest from the date you take it. And the interest rate is usually 25% or higher. So that’ll be 20 days of insane interest. I’d advise not using a credit card cash advance. Unless they give a grace period. Which I don’t know any that do. But anything is possible. M advise use the CLOC.

[Anonymous]

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wrote:

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wrote:

Hey everyone,

I'm thinking about taking a 20ish day cash advance from either Penfed or NFCU to cover a portion of my Father's upcoming medical expenses. I have the Cash Rewards Card/15K and will draw around $3500. I have a 15k CLOC with them as well but prefer to use the card cash advance because I'll pay it back before the statement cuts.  I've had the CLOC for 5 months and the card for 6 weeks. Will it look funny or hurt future CLI requests if I take a cash advance on a new account but pay it back within 3 weeks? 

I also have  Penfed card but the CL is only $5000.00 so I'm not sure what they would think about a cash advance that size on an account thats 5 months old.

Thoughts? Am I overthinking it? 

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I’m surprised anyone hasn’t brought this up but a cash advance usually starts accruing interest from the date you take it. And the interest rate is usually 25% or higher. So that’ll be 20 days of insane interest. I’d advise not using a credit card cash advance. Unless they give a grace period. Which I don’t know any that do. But anything is possible. M advise use the CLOC.

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NFCU's APR for cash advances is 2% more than your purchase rate. So if your purchase APR is 9.90 your cash advance APR is 11.90.

Penfeds cash advance APR is the same as your purchase APR.

We are talking about credit union cash advance that are very different from big banks. They do accrue interest immediately.

[Anonymous]

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wrote:

Hey everyone,

I'm thinking about taking a 20ish day cash advance from either Penfed or NFCU to cover a portion of my Father's upcoming medical expenses. I have the Cash Rewards Card/15K and will draw around $3500. I have a 15k CLOC with them as well but prefer to use the card cash advance because I'll pay it back before the statement cuts.  I've had the CLOC for 5 months and the card for 6 weeks. Will it look funny or hurt future CLI requests if I take a cash advance on a new account but pay it back within 3 weeks? 

I also have  Penfed card but the CL is only $5000.00 so I'm not sure what they would think about a cash advance that size on an account thats 5 months old.

Thoughts? Am I overthinking it? 

---

I’m surprised anyone hasn’t brought this up but a cash advance usually starts accruing interest from the date you take it. And the interest rate is usually 25% or higher. So that’ll be 20 days of insane interest. I’d advise not using a credit card cash advance. Unless they give a grace period. Which I don’t know any that do. But anything is possible. M advise use the CLOC.

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NFCU's APR for cash advances is 2% more than your purchase rate. So if your purchase APR is 9.90 your cash advance APR is 11.90.

Penfeds cash advance APR is the same as your purchase APR.

We are talking about credit union cash advance that are very different from big banks. They do accrue interest immediately.

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Even 2% more is too much. If a cash advance and a CLOC are the same, well it doesn’t matter. But any higher interest would be throwing money away. Always go with whatever the lowest interest rate is. Makes this a much simpler convo then. If they are the same go with whichever you like. Doesn’t matter. 20 days of a cash advance shouldn’t cause any problems with a card closure if that’s a worry. 

[Anonymous]

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wrote:

Hey everyone,

I'm thinking about taking a 20ish day cash advance from either Penfed or NFCU to cover a portion of my Father's upcoming medical expenses. I have the Cash Rewards Card/15K and will draw around $3500. I have a 15k CLOC with them as well but prefer to use the card cash advance because I'll pay it back before the statement cuts.  I've had the CLOC for 5 months and the card for 6 weeks. Will it look funny or hurt future CLI requests if I take a cash advance on a new account but pay it back within 3 weeks? 

I also have  Penfed card but the CL is only $5000.00 so I'm not sure what they would think about a cash advance that size on an account thats 5 months old.

Thoughts? Am I overthinking it? 

---

I’m surprised anyone hasn’t brought this up but a cash advance usually starts accruing interest from the date you take it. And the interest rate is usually 25% or higher. So that’ll be 20 days of insane interest. I’d advise not using a credit card cash advance. Unless they give a grace period. Which I don’t know any that do. But anything is possible. M advise use the CLOC.

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NFCU's APR for cash advances is 2% more than your purchase rate. So if your purchase APR is 9.90 your cash advance APR is 11.90.

Penfeds cash advance APR is the same as your purchase APR.

We are talking about credit union cash advance that are very different from big banks. They do accrue interest immediately.

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Even 2% more is too much. If a cash advance and a CLOC are the same, well it doesn’t matter. But any higher interest would be throwing money away. Always go with whatever the lowest interest rate is. Makes this a much simpler convo then. If they are the same go with whichever you like. Doesn’t matter. 20 days of a cash advance shouldn’t cause any problems with a card closure if that’s a worry. 

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Either bank wouldn't care if They carried a balance from a cash advance for years and years. I hope one wouldn't do that but just saying.

[Anonymous]

Also the Navy CLOC doesn't report on the statement cut date. It reports on the 1st of the month.

[Anonymous]

Breezy- Does it report the CLOC balance that’s outstanding at the time of the cut date or the balance that’s outstanding on the 1st?

[Anonymous]

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Breezy- Does it report the CLOC balance that’s outstanding at the time of the cut date or the balance that’s outstanding on the 1st?

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The outstanding balance when they report.

[Anonymous]

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They don't care...  I don't carry ATM cards with me 99% of time and usually have 20-100 dollars in my wallet at most times, but if I do run out NFCU is the card I use to take a cash advance as they only charge 50 cents plus any interest accrued for the time of the cash advance.  I have on many occasions since I dont carry my ATM card anywhere with me usually I do carry one of my NFCU cards usually though and take out 40-100 dollar cash advances and when they post I simply pay them off the day they posts and no issues..  Fairly cheap other then the ATM fee you will incur and CU's are alot better then big banks w/regards to cash advances on CC.

If you have the CLOC you can write yourself a check with one of their CLOC checks as well as kinda what it is meant for?

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You're correct that they don't care about cash advances but you cannot write a check to yourself from your CLOC and then deposit it into your checking account with them.  You would have to deposit it into another checking account. They are different from PenFed in that regard because with PF you can transfer money from your PLOC directly to your checking account with them.