Comments on: Credit Card Cash Advance Pitfalls http://www.youngmoney.com/credit_debt/credit_basics/040216_01/ Money: Earn it, Invest it, Spend it Sun, 05 Feb 2012 17:05:17 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: David Smith http://www.youngmoney.com/credit_debt/credit_basics/040216_01/comment-page-1/#comment-6745 David Smith Sun, 11 Jul 2010 08:16:39 +0000 http://75.145.89.9/?page_id=339#comment-6745 Get a cash advance before payday and borrow up to £750.00. No credit checks, no faxing and no hassle. & Get an immediate cash loan today and borrow up to £750.00. No credit checks, no faxing and no hassle. Get a cash advance before payday and borrow up to £750.00. No credit checks, no faxing and no hassle. & Get an immediate cash loan today and borrow up to £750.00. No credit checks, no faxing and no hassle.

]]> By: spidey http://www.youngmoney.com/credit_debt/credit_basics/040216_01/comment-page-1/#comment-6302 spidey Sat, 26 Jun 2010 17:06:46 +0000 http://75.145.89.9/?page_id=339#comment-6302 well me personally I think everyones situation is different.IE if your pros out way the cons. do it.. if you have a 300 dollar bill due.and if it's not paid the collection agency turns it into 600 dollars like they are going to do me.i would rather pay that extra 30 bucks loan fees through my bank than deal with collectors.This is great advice but everyones ones situation with advance needs for $$$ will be different. keep up the good work well me personally I think everyones situation is different.IE if your pros out way the cons. do it.. if you have a 300 dollar bill due.and if it’s not paid the collection agency turns it into 600 dollars like they are going to do me.i would rather pay that extra 30 bucks loan fees through my bank than deal with collectors.This is great advice but everyones ones situation with advance needs for $$$ will be different. keep up the good work

]]> By: Lise G. http://www.youngmoney.com/credit_debt/credit_basics/040216_01/comment-page-1/#comment-3708 Lise G. Wed, 03 Mar 2010 02:16:45 +0000 http://75.145.89.9/?page_id=339#comment-3708 Answering to Brenda Earls : I have the same problem, exactly the same, with Bank of America. I spend one hour trying to know WHY they are charging a cash advance on my credit card , they were rude, they did not know what to say - I am 72 years old and I am going to investigate tomorrow morning :: enough is enough ! look for my name on the news ! PTW why you people do not answer our questions ? Answering to Brenda Earls : I have the same problem, exactly the same, with Bank of America. I spend one hour trying to know WHY they are charging a cash advance on my credit card , they were rude, they did not know what to say – I am 72 years old and I am going to investigate tomorrow morning :: enough is enough ! look for my name on the news !

PTW why you people do not answer our questions ?

]]> By: Kay http://www.youngmoney.com/credit_debt/credit_basics/040216_01/comment-page-1/#comment-3591 Kay Sun, 14 Feb 2010 19:35:09 +0000 http://75.145.89.9/?page_id=339#comment-3591 Um...the one situation where it makes sense to me to use a cash advance is to speed up paying off a loan, as I did. I always hear financial advisors warn to pay off the higher interest stuff first (i.e. cash advance, credit card) and pay the minimum on low interest loans. However in my case, over the course of one year the interest/finance charges on a credit card balance of $2000 with an APR of 22% works out to significantly less than the interest accrued on a student loan of $65,000 with an APR of 6.8%. In other words, by using cash advances for a few months to pay more than the minimum on my student loan, i'm actually saving thousands of dollars in interest by decreasing my loan balance as quickly as possible. This seems like an especially good SHORT TERM solution for people who have very little credit debt, lots of loan debt. For example, with the cash advances, in the above example my credit card interest will be approx $48/mo. Whereas my current student loan interest amounts to $370/mo. So doesn't it make sense to pay off the largest debt first, regardless of interest rate? Or am I missing something? Um…the one situation where it makes sense to me to use a cash advance is to speed up paying off a loan, as I did. I always hear financial advisors warn to pay off the higher interest stuff first (i.e. cash advance, credit card) and pay the minimum on low interest loans. However in my case, over the course of one year the interest/finance charges on a credit card balance of $2000 with an APR of 22% works out to significantly less than the interest accrued on a student loan of $65,000 with an APR of 6.8%. In other words, by using cash advances for a few months to pay more than the minimum on my student loan, i’m actually saving thousands of dollars in interest by decreasing my loan balance as quickly as possible.
This seems like an especially good SHORT TERM solution for people who have very little credit debt, lots of loan debt. For example, with the cash advances, in the above example my credit card interest will be approx $48/mo. Whereas my current student loan interest amounts to $370/mo. So doesn’t it make sense to pay off the largest debt first, regardless of interest rate? Or am I missing something?

]]> By: corneliu http://www.youngmoney.com/credit_debt/credit_basics/040216_01/comment-page-1/#comment-2659 corneliu Sun, 15 Nov 2009 19:47:19 +0000 http://75.145.89.9/?page_id=339#comment-2659 how is work ..if you take cash money from the credit card? if they send you check cash? they put the balance on the visa..? & how is working with the fee? if you transfer the cash mony from the visa with cash too ather visa with 0% apr is it mot fees how is work ..if you take cash money from the credit card? if they send you check cash? they put the balance on the visa..? & how is working with the fee? if you transfer the cash mony from the visa with cash too ather visa with 0% apr is it mot fees

]]> By: BRENDA EARLS http://www.youngmoney.com/credit_debt/credit_basics/040216_01/comment-page-1/#comment-2468 BRENDA EARLS Tue, 03 Nov 2009 15:00:50 +0000 http://75.145.89.9/?page_id=339#comment-2468 IF U HAVE NEVER USED A CASH ADVANCE ON YOUR CREDIT CARD, THEY ARE NOT ALLOWED TO CHARGE U FOR A CASH ADVANCE ARE THEY? I USE TO HAVE PROVIDIAN BUT CLOSED THE ACCOUNT YEARS AGO, BUT STILL PAYING ONTIME, THEN CHASE TO THEM OVER AND I HAVE NOTICED THAT CHASE CHARGES A CASH ADVANCE BUT I HAVE NEVER USED A CASH ADVANCE IS THIS POSSIBILY THAT CHASE IS ALOUD TO DO THIS. THANK U IF U HAVE NEVER USED A CASH ADVANCE ON YOUR CREDIT CARD, THEY ARE
NOT ALLOWED TO CHARGE U FOR A CASH ADVANCE ARE THEY? I USE TO HAVE
PROVIDIAN BUT CLOSED THE ACCOUNT YEARS AGO, BUT STILL PAYING
ONTIME, THEN CHASE TO THEM OVER AND I HAVE NOTICED THAT CHASE
CHARGES A CASH ADVANCE BUT I HAVE NEVER USED A CASH ADVANCE IS THIS POSSIBILY THAT CHASE IS ALOUD TO DO THIS. THANK U

]]> By: Dipesh Shrestha http://www.youngmoney.com/credit_debt/credit_basics/040216_01/comment-page-1/#comment-2263 Dipesh Shrestha Thu, 22 Oct 2009 01:23:29 +0000 http://75.145.89.9/?page_id=339#comment-2263 It was very helpful to me to. The line subjected "Other finance charge pitfalls involve grace periods ......." was exactly the same that happened to me. This article gave me te lesson that I needed to learn. Thank you very much. I will be careful from today in money transfers and the leading consequences of cash advance fees and it's interset. Best regards. It was very helpful to me to. The line subjected “Other finance charge pitfalls involve grace periods …….” was exactly the same that happened to me. This article gave me te lesson that I needed to learn. Thank you very much. I will be careful from today in money transfers and the leading consequences of cash advance fees and it’s interset.
Best regards.

]]> By: Name http://www.youngmoney.com/credit_debt/credit_basics/040216_01/comment-page-1/#comment-1726 Name Thu, 01 Oct 2009 09:52:01 +0000 http://75.145.89.9/?page_id=339#comment-1726 Great Atricle Great Atricle

]]> By: stupid genius http://www.youngmoney.com/credit_debt/credit_basics/040216_01/comment-page-1/#comment-1160 stupid genius Thu, 18 Jun 2009 12:44:22 +0000 http://75.145.89.9/?page_id=339#comment-1160 Couldn't you put excess money on your credit card, so when you used cash advance, it is paid off immediately. This would especially be great if you collect point on your credit card (e.g. paying rent) Couldn’t you put excess money on your credit card, so when you used cash advance, it is paid off immediately. This would especially be great if you collect point on your credit card (e.g. paying rent)

]]> By: Jack http://www.youngmoney.com/credit_debt/credit_basics/040216_01/comment-page-1/#comment-1134 Jack Tue, 09 Jun 2009 15:54:18 +0000 http://75.145.89.9/?page_id=339#comment-1134 Incorrect. Credit Card Checks are not always treated as Cash Advances regarding fee's. They're sometimes (fee wise) treated as normal purchases (same rate, no fee, grace included), and as such, a viable solution to the Cash Advance fee's problem. Reference; Capitol One. Incorrect. Credit Card Checks are not always treated as Cash Advances regarding fee’s. They’re sometimes (fee wise) treated as normal purchases (same rate, no fee, grace included), and as such, a viable solution to the Cash Advance fee’s problem.

Reference; Capitol One.

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