Navy federal Amex question

[povertybro]

I got a Amex go rewards card. Says I can take 6k for cash advance at 16%.

currently I have a 5k debt on a 20k balance. Going to be paying down to 2.5 k this month and 0 the next. 

the situation . I seen a used car for 3k. I will be selling my car to get it because it'll be upgrading at the same price. If I take the cash advance for 3k to immediately buy the car then pay off the 3k toward the additional debt, can I have it target the cash advance debt only or how is it allocated or calculated. 

I worry  the additional debt will blend in with the original debt and I will not pay it off In full and get charged that daily interest rate

[Shooting-For-800]

I would not recommend ever taking a cash advance.

It can throw up some red flags.

Is it a dealership?  Do they take Amex?

Have you received any balance transfer checks?

[Anonymous]

I completely agree with @Shooting-For-800. 

[povertybro]

Private party

what do you mean throw red flags? I have not received balance transfer checks.

[Anonymalous]

Why not apply for a loan?

[povertybro]

I have a baddie I think is preventing me from getting approved from navy federal. 

irritating because I was approved for 20k cc and just upgraded to a 2k cc recently. 

i was denied a loan and refinancing, so my goal is to buy a used car that is a upgrade from our current paid off one. Goal is to get rid of the financed vehicle

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@Anonymalous wrote:

Why not apply for a loan?

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[Ilinferno]

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@povertybro wrote:

Private party

what do you mean throw red flags? I have not received balance transfer checks.

If someone is taking a cash advance on their credit card it can look risky to the lender when they periodically review accounts and could result in some adverse action on their part such as balance chasing etc. That is why members of the forum are saying to fund the car in a different way if possible. Could set you back on your credit journey. Obviously no way to tell for sure but you would be rolling the dice.

[povertybro]

I have an Amex from navy federal and read that you can send people money via paypal or Venmo with no fee, due to Amex's send and split feature. Does anyone know how this work and if my card falls under this?

[simplynoir]

This is a feature that only comes with credit cards backed by American Express. The NFCU Amex Rewards card only uses the AMEX payment network to process transactions, the card is financially backed by NFCU. You would need an actual AMEX card to take advantage of that program

https://www.americanexpress.com/us/services/amex-peer-to-peer/send-and-split/

[FinStar]

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@povertybro wrote:

I have an Amex from navy federal and read that you can send people money via paypal or Venmo with no fee, due to Amex's send and split feature. Does anyone know how this work and if my card falls under this?

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@povertybro -- it looks like we're back to square one with your original post.

You'd have to decide on whether the cash advance route at ~16% (commingled with the rest of your current balance for X period of time) is worth it versus using PayPal (2.9% + a fixed fee of .30¢) to process the P2P money transfer using your NFCU AmEx credit card.