Shld I take a cash advance from my credit card or use all of the cash in my savings acct to repair my car?
Yemi asked:
I have 800 dollars in my savings acct and my credit card will charge me 24dollars as cash advance fee when i withdraw from the credit card. My car needs repairs urgently. I will be have the 800 dollars on my next paycheck 15th. Any sound financial advice is much appreciated.!
credit limit on the card is 3500. i have 2900 available
Cash advance is not wise, as interest rates will be high.What is your credit limit of your card,That would work out cheaper
Credit cards should never be used as a loan! In addition to that $24 fee, you'll pay monthly interest on that debt that will ratchet up your debt quickly. The interest on a savings account is pretty measley right now—if you have no other cash, that is probably your best option.
use the savings. If you charge it you lose $24 plus the interest.