Hey guys, very interested in any info regarding using this feature on Navy Federal credit cards. Ive actually used this twice in last 2 weeks to help out my Ex in the US , tried Zelle for first time lol. She needed a few bucks , Navy has a minimum $50 to take out of credit card. It was super quick but i was really worried that interest starts day one so i tried to pay it back almost as fast as i took it out from my personal checking. Just had to wait for it to post.
Didnt see any trailing interest so just wondering if anyone knows the downlow on this, the rules etc. I coild call in but meh, dont feel like it tonight. Thanks for any insight.
You're a better man than I am.
Sorry that your sister is having trouble.
I have no experience with a Navy cash advance.
(Edit: I mean Ex)
Based on the fees and APR, if I was gonna take out a cash advance on a card, it would be on my navy. I'm curious if there's any drawbacks to using it. Obviously immediate interest, but I mean is it frowned upon like with Amex?
The interest will post after the payment due date, I use it occasionally when I know I have a bonus from work coming to fund my investments. Usually only for a few days (draw on Monday, paid by Friday.) Interest is nominal. I think last time was $.17 for $1200.
Thank you JMC907 Yeah i was reading up on it at Navy website. Even sent a sm. Good to know. Ill update if they tell me anything different.
Lol Tcbofade, we are still on good terms though i was shocked at first she only ssked for $10 lol. Turned out i had to take out $50 sent it to my Navy checking then signed up and used Zelle . Sent the remaining $40 to my personal checking then paid $50 back to my card. Guess ill just wsit for the interest to post
Oooo ... h, AJC are you "poking the pig" ...?
The interest should be very minimum. I took out 900 last June and paid it back in July and the it did not trail. Any amount already there(not cash advance) will be paid second to cash advances. I have done smaller ones but pay it back ASAP(within a week or two). I think they run these like CLOC where interest is charged from day one.