Ring cash advance question

Anonymous · ‎05-03-2015

The ring has always intrigued me. Can anyone answer some questions about the cash advance policies. I think it is $1 fee for advances however if they issue say a 10K limit is the cash advance limit much lower? Also does interest start charging on the day of advance or is there a grace period?

Anonymous · ‎05-03-2015

@Anonymous wrote:
The ring has always intrigued me. Can anyone answer some questions about the cash advance policies. I think it is $1 fee for advances however if they issue say a 10K limit is the cash advance limit much lower? Also does interest start charging on the day of advance or is there a grace period?

Interest starts charging day 1. The limit I'm not sure of but it's lower than your total CL.

CreditCuriosity · ‎05-03-2015

@Anonymous wrote:
@Anonymous wrote:
The ring has always intrigued me. Can anyone answer some questions about the cash advance policies. I think it is $1 fee for advances however if they issue say a 10K limit is the cash advance limit much lower? Also does interest start charging on the day of advance or is there a grace period?
Interest starts charging day 1. The limit I'm not sure of but it's lower than your total CL.

usually 20% of your CL, not sure as I have the ring, but awaiting for it to arrive recent appproval.. CU usually can do 100% of CL such as NASA FCU.. Guessing 20% of CL though. Others such as Baller might be able to ring in on this (no phun intentended )

Anonymous · ‎05-03-2015

@CreditCuriousity wrote:
@Anonymous wrote:
@Anonymous wrote:
The ring has always intrigued me. Can anyone answer some questions about the cash advance policies. I think it is $1 fee for advances however if they issue say a 10K limit is the cash advance limit much lower? Also does interest start charging on the day of advance or is there a grace period?
Interest starts charging day 1. The limit I'm not sure of but it's lower than your total CL.
usually 20% of your CL, not sure as I have the ring, but awaiting for it to arrive recent appproval.. CU usually can do 100% of CL such as NASA FCU.. Guessing 20% of CL though. Others such as Baller might be able to ring in on this (no phun intentended )

If Nixon were here you'd get an immediate answer. I seem to remember him talking about a Ring Cash Advance he did in Vegas

taxi818 · ‎05-03-2015

Very interesting question. i would probably say it is 20 percent of limit. like other barclay products. the fact you have ring would not change what they do in general. sure. lower interest rates. but they are not going to just give away free money long term. as for as entire limits be available. I have noticed it is becoming more of a trend.

3 of my own personal cards come to mine.

Diners Club. entire limit is available for cash.

Cap one quicksilver. Entire limit is available for cash.

My credit union visa. Entire limit available for cash.

In all cases interest accrues on day one. but hey its not like the rates that high. cough cough. so say i take out 1k cash. @ 25percent apr. im just gonna guess that would be 250 per year in interest on that 1k. but if i pay it off in a month. i would dived that 250 by 12. and that is what i pay. about 21 dollars a month in interest on 1k. thanks for the thread op. give me something to think about in the future.

elim · ‎05-03-2015

Credit Line $5,500.00

Credit Available $5,500.00

Cash Credit Line $2,200.00

Cash Credit Available $2,200.00

cash line is 40% of my CL and yes it's $1 fee @ 8% from day 1.

that's $6.58 per month on any 1k remaining balance.

i love this monthly calculator

baller4life · ‎05-03-2015

40%

CreditCuriosity · ‎05-03-2015

Not bad @1 @8%APR... If I ever need to take a cash advance on a CC I know which one I am reaching for.

Anonymous · ‎05-03-2015

But what is your total limit and what is your cash advance limit?

CreditCuriosity · ‎05-03-2015

@Anonymous wrote:
But what is your total limit and what is your cash advance limit?

If you had a 10k limit your cash advance limit would be 4k. 40%