Fee-free cash advance from credit card?
J. asked:
I notice that there are a lot of banks, even large national ones, that allow people to open a checking account with them online and fund the account using any Visa or Mastercard. It's my understanding that this is treated as a "purchase" by the credit card companies. Doesn't this mean that someone could just use this as a way of getting a fee-free cash advance by simply withdrawing the money from the newly opened checking account a few days later?
If you've found a loophole that works, more power to you.
But, you're still borrowing money and will be paying interest if you hold onto it for any length of time. You'll be better off figuring out how to live within your means.
It may be fee-free, but it is NOT interest free. You will be paying 19.99% or worse, from the moment the cash enters your checking account.
I have used cash advances on the internet before. Check out