I just got my first credit card and need 600 dollars cash. I was wondering if I could get the cash from the credit card and pay it back as if it was a purchase? And how?
2007-12-10 17:43:56 · 5 answers · asked by CHoP 1 in Business & Finance ➔ Credit
Yes you can its called a cash advance. In order to do this however you need to be at an ATM. Most credit cards have higher interest rates and fees associated with this practice but not all. For example, credit unions tend to not charge more for this type of transaction. If you have a rewards card and you use a cash advance it will not count towards your rewards points.
Also remember...if its your first credit card you probably only have a $1000 limit. Using more than half of your available credit negatively impacts your credit score, also with this being your first transaction it could make you look like a risky borrower causing your credit limit to increase if the card has a variable interest rate. I suggest you read your credit card disclosure to find out the interest rates for a cash advance on your card and also to check it for a universal default clause which would mean if you default on any payment you owe to any debtor(even if not your credit card company) your interest rates will go up. If reading the disclosure is too much you can always call your bank and they will be happy to answer your questions, but make sure you call at least two people as some employees are misinformed and the institution isnt going to modify for your policy if their employees make an error.
2007-12-10 18:10:40 · answer #1 · answered by tosimple2xplain 2 · 0⤊ 0⤋
It depends on the card. Some will give cash advances, but likely at a higher interest rate. I would see if there is a possibility to pay for whatever it is you are looking at buying with the cash with the credit card. I would also ask myself if I really needed it.
2007-12-10 17:53:03 · answer #2 · answered by kevin h 5 · 0⤊ 0⤋
Sure...and they will LOVE you for doing what is called a "cash advance"....Cash advance interest rates are almost always much higher....in the 24 - 32% interest range in addition to a 3% cash advance fee....Credit card companies make tons of money off of this.
2007-12-10 18:00:15 · answer #3 · answered by CatDad 7 · 0⤊ 0⤋
is it a visa or m/c you can go to any bank and have them run the card for cash. i didn't said a ATM. The branch of bank any bank. there is not a fee. but you will need id
2007-12-11 05:19:58 · answer #4 · answered by Curtis R 4 · 0⤊ 0⤋
You are gonna get raped with interest charges.
2007-12-11 03:34:51 · answer #5 · answered by heybulldog 5 · 0⤊ 0⤋