I have a credit card that I can get cash back on. Is it legal to take cash advances to built up your points?
james925915 asked:
I can go to a place that has no cash advance fees but would like to build up points to purchase things. I just want to make sure I am not breaking any law
um… it is legal. Nobody care why you get a cash advance.
probally not -usually cash advances dont count for points,, I'm gussing you have the discover card
you would best check with the credit card company and also any agreements you signed..
the terms would have been there
You may not get points on cash advances, plus you may be charged for the cash advances. Not a good idea.
you CAN NOT GET points for cash advances they are not that stupid
+ they charge 29.99% interest rate from day one on the cash advance
you would end up paying more any how then the points are worth
Check your cards terms,,,
Cash advances rarely count toward any reward points,,,, and if they did, the interest you pay on the cash advance will defeat any rewards you gain,,,
There's nothing illegal about it. But it just doesn't workthat way. Go back and read the fine print on your credit card agreement. Those reward points only apply to purchases, not cash advances.
Also, if you take a cash advance, the credit card will charge you a cash advance fee of 3% to 5%. Cash advances are ususally at a higher interest rate and interest starts to accrue immediately. The interest free grace period is only for purchases.
Some rewards programs will allow you to pay utility bills and treat the charge as purchase. But double check with the utility company. A lot depends on how they process the charge.
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