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creditmix
U POSTER
Joined: 07 Feb 2008
Posts: 55
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 Posted: Thu Feb 14, 2008 4:02 pm Post subject: pitfalls of cash advance from credit card |
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Dear readers and members,
I'd like to talk about the possible drawbacks of a cash advance from a credit card. Sometime we have to go to our old plastic "friend" for cash in an emergency, but I think that we should remember that there are some pitfalls that we have to keep in mind.
Any of you tried to take a cash advance and keep the balance for some time? What is the true cost of a cash advance from a credit card?
All opinions welcome, I'll post more fact in a near future. |
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Steve B
Joined: 06 Feb 2008
Posts: 46
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| Posted: Mon Feb 18, 2008 10:49 am Post subject: |
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Most common knows problems with cash advance are:
higher APR,
your payment goes towards the lower APR balance first, then your cash advance balance...so it takes longer to pay it off.
it'll get really expensive to have the cash advance balance on the card. |
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malina
Joined: 04 Feb 2008
Posts: 25
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| Posted: Sun Mar 02, 2008 2:09 am Post subject: |
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| it'll get really expensive to have the cash advance balance on the card |
I agree, in order to make more money, credit card companies are offering more and more features and services for their customers, such as cash advance and super checks.
Actually, sliding your credit card into an ATM and pulling out some cash may feel as harmless as debiting it from your checking account but really, you’ve just signed yourself up for a rollercoaster of fees and interests. |
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Steve B
Joined: 06 Feb 2008
Posts: 46
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| Posted: Mon Mar 10, 2008 10:07 pm Post subject: |
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 Credit card cash advances can provide consumers with convenient and instant access to "cold cash" in times of financial need, but cash advances should be avoided if at all possible. Informed consumers realize that cash advances are typically accompanied by fees and exorbitant interest rates! |
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Claudia
U POSTER
Joined: 11 Feb 2008
Posts: 40
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| Posted: Wed Mar 12, 2008 12:46 am Post subject: |
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mpo, don't deal with cash advances neither big, nor small. it's just the most disturbing  kind of money borowing. if you don't understand why, just believe me! |
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cardexpert
Joined: 04 Feb 2008
Posts: 21
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| Posted: Tue Mar 25, 2008 8:30 pm Post subject: |
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Some people do not understand cash advance feature of credit cards!
We recieved a lot of question due to this problem.
Now, in US credit cards accepted almost everywhere probably with expetion with very small businesses. If you really need you can use your credit card for regular payments. In this case you will be owe only balance +APR and no cash advance fees!
Cash advance may be is not the best feature and we recommend to use it only in emergency situations (not in casino  )
be careful, do not play with your credit history! |
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