Does it count as a cash advance if you are only transfering funds to another acount.. for example If your credit card is with the same bank as your checking account and you transfer funds form your credit card to your checking account does it count as a cash advance?? Do cash advances hurt your credit score?
2006-12-13 06:29:59 · 9 answers · asked by Anonymous in Business & Finance ➔ Credit
Any cash you take or transfer off the card is a cash advance and it is subject to high interest rates. The credit card companies love it when you do it!
2006-12-13 06:32:26 · answer #1 · answered by Gone fishin' 7 · 0⤊ 0⤋
YES, it is considered a cash advance. And most likely you will be charged extremely high interest rates 20%+ on the amount you advance. It cannot hurt your score, unless of course you don't make your credit card payment on time, which is independent of a cash advance.
2006-12-13 06:59:31 · answer #2 · answered by Anonymous · 0⤊ 0⤋
I'm sure that's treated as a cash advance, and therefore subject to the extra fees and higher interest rates that come with it.
It would not affect your credit score though. The scoring system doesn't care whether you bought baby food or lap dances.
It only looks at the balance to limit ratio (never exceed 50% of your limit or your score will drop), payment history, and overall usage.
2006-12-13 06:35:33 · answer #3 · answered by Anonymous · 1⤊ 0⤋
it will be considered cash advance plus they will add service charge for transferring the funds. so if you have to use the card, withdraw it ursf and pay over the counter or through the fas service if that is an option.
cash advances do not hurt your credit score. once you make pymts on time.
2006-12-13 06:39:10 · answer #4 · answered by stacy 4 · 0⤊ 0⤋
If it was not a purchase, it was a cash advance.
Your credit will not know the difference. But your interest rate & payments will.
2006-12-13 06:55:13 · answer #5 · answered by ricks 5 · 0⤊ 0⤋
Yes
No
Cash Advances are added to the "back" of your payments. This means they are paid off after your purchases are paid off. They also accrue interest daily.
2006-12-13 06:42:29 · answer #6 · answered by Anonymous · 1⤊ 0⤋
It's a good question
2016-09-19 14:48:03 · answer #7 · answered by patience 4 · 0⤊ 0⤋
Michael Dove and Jamie Lewis posted the same question. You should see their answers side by side.
2016-08-23 12:48:36 · answer #8 · answered by Anonymous · 0⤊ 0⤋
It's definitely possible, that's for sure
2016-08-08 21:31:55 · answer #9 · answered by Cortney 3 · 0⤊ 0⤋