How do you get a cash advance on a credit card?
agirlygirlinlovewithaboy asked:
I know this is probably a stupid question. I called my credit card company and they said I could get $900.00. Do I go to an ATM? Or do I go inside a bank and get it? Because I'm using it as a downpayment on a car. and I'd like to get it today, as I am car-less right now.
Thanks.
I'm buying from a person. the car is 2000, I only have 1100 cash…..
You just go into your bank to get cash advances.
DO NOT DO A CASH ADVANCE!!!
The credit card companies rip you off with that. If you are buying a car from a dealer, just use the card to do a $900 down payment just like a charge. This way you don't have to pay the cash advance fee's from the credit card company which are really steep!
The car dealer should take the card as partial payment. If they absolutely must have the down-payment in cash, and I don't know why, and you have no choice, then do it. Otherwise, you are wasting cash on a cash advance fee.
Avoid it if you can. I would also suggest using a credit union to finance the car, as they are a heck of a lot cheaper than the loans the car dealers have.
DO NOT DO IT. There interest rate they will charge you for a cash advance is much much much higher than the interest rate for purchases.
As you can see…majority is saying "NO"… I say NO as well because if you read the fine print on your CC statement, you'll see for yourself how high a Cash Advance interest rate is. Since you will now have a car…your note + insurance + the interest from the CC cash advance…..you'll really have a huge dent in your wallet.
Why can't the dealer use the car as collateral?
The other way to go about getting the cash from your card without an advance……(if you've exhausted all other options – including getting a co-signer or borrowing from a family member)…..is….
I'm not sure if you have Credit Card checks, which you can make one payable to yourself and deposit the check in your checking account and wait for it to clear and then withdraw from your checking account.
Good Luck with your decision all the same!
Why don't you just charge the down pymt? Most car dealerships accepts that. Other than that, you can usually withdrawal max 300 at the atm and up to the 900 at the bank, just take you card/pic id inside bank. However, I don't recommend the cash advance b/c you're interest will go up and it does send a red flag to the fraud dept to check your acct and possibly stop the card. So, be careful with the cash advance.
The interest rates are very high on cash advances. All in all a bad idea.
Here is an article about cash advances:
It depends on how the terms are listed. If you have a limit of $25 you can only take up to that amount, this is the most common. If it says your limit is $25 per day, then you can take up to $25 each day. The most common is that it is giving you a total cash advance limit not the per day limit.
However, Cash Advances are very costly for you and very profitable for the bank. The Credit Card Company will charge you a fee to do this, then the ATM you get the money out of will also charge you a fee. There is also NO grace period on Cash Advances so the interest starts the day you take the money. That $20 ATM trip will probably end up costing you $30 or more. So it is something you really need to think about before taking any money out
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