Credit Card Cash Advance Tips
Author: dave
Posted: Wed Jul 07, 2004 1:43 pm
Post subject: Credit Card Cash Advance Tips
2/23/2002 1:17 pm CDT
I don't understand why some people on this board are shocked that credit card companies apply payments first to lower APR balances first. It is customary for companies to do that and every agreement I've ever read allows for it.
Anyone who wants a cash advance should take it on a zero balance card. That way, the entire payment goes to the cash advance.
Another option (at least with some companies) is to send in a separate payment designated for the cash advance portion of the balance. This is sometimes called "exception processing."
To avoid the problem altogether, find a company like MBNA that charges the same rate for purchases and cash advances. Then it doesn't matter how the payment is credited.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Wed Jul 07, 2004 1:44 pm
Post subject: Credit Card Cash Advance Tips
2/23/2002 3:02 pm CDT
MBNA AMERICA will do a balance transfer into your checking account...$40.00 @ what ever the purchase rate is, or at the BT rate if they give you a promo rate.
Author: dave
Posted: Wed Jul 07, 2004 1:44 pm
Post subject: Credit Card Cash Advance Tips
2/23/2002 10:42 pm CDT
Mouse,
I agree with you that this is true with most banks. MBNA seems to be the exception. I get convenience checks from them with every statement and another batch half way through the statement period. Usually, they offer attractive rates like 1.7 APR for a limited time. Mostly I use the card for cash advances or balance transfers. This is because my business income is uneven and sometimes I have to borrow some short term funds and I can't think of a cheaper place to get it. Getting money at 1.7 is certainly attractive. MBNA is the only bank I've seen that encourages cash advances. I've gotten several CL increases using the account this way but I also pay down large debt in short periods of time.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Doug
Posted: Wed Jul 07, 2004 1:44 pm
Post subject: Credit Card Cash Advance Tips
2/24/2002 3:45 am CDT
Other my credit union card, MBNA VISA is my favorite. Their customer service has been the best and will actually work with you if you are in a bind.
I would still stay away from convenience checks, too many risks involved with being catapulted into a high APR.
Posted: Wed Jul 07, 2004 1:43 pm
Post subject: Credit Card Cash Advance Tips
2/23/2002 1:17 pm CDT
I don't understand why some people on this board are shocked that credit card companies apply payments first to lower APR balances first. It is customary for companies to do that and every agreement I've ever read allows for it.
Anyone who wants a cash advance should take it on a zero balance card. That way, the entire payment goes to the cash advance.
Another option (at least with some companies) is to send in a separate payment designated for the cash advance portion of the balance. This is sometimes called "exception processing."
To avoid the problem altogether, find a company like MBNA that charges the same rate for purchases and cash advances. Then it doesn't matter how the payment is credited.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: mouse
Posted: Wed Jul 07, 2004 1:44 pm
Post subject: Credit Card Cash Advance Tips
2/23/2002 3:02 pm CDT
MBNA AMERICA will do a balance transfer into your checking account...$40.00 @ what ever the purchase rate is, or at the BT rate if they give you a promo rate.
Author: dave
Posted: Wed Jul 07, 2004 1:44 pm
Post subject: Credit Card Cash Advance Tips
2/23/2002 10:42 pm CDT
Mouse,
I agree with you that this is true with most banks. MBNA seems to be the exception. I get convenience checks from them with every statement and another batch half way through the statement period. Usually, they offer attractive rates like 1.7 APR for a limited time. Mostly I use the card for cash advances or balance transfers. This is because my business income is uneven and sometimes I have to borrow some short term funds and I can't think of a cheaper place to get it. Getting money at 1.7 is certainly attractive. MBNA is the only bank I've seen that encourages cash advances. I've gotten several CL increases using the account this way but I also pay down large debt in short periods of time.
CardRatings.com is the most comprehensive source for comparing credit card offers. Please visit CardRatings.com to view the best rated credit cards!
Author: Doug
Posted: Wed Jul 07, 2004 1:44 pm
Post subject: Credit Card Cash Advance Tips
2/24/2002 3:45 am CDT
Other my credit union card, MBNA VISA is my favorite. Their customer service has been the best and will actually work with you if you are in a bind.
I would still stay away from convenience checks, too many risks involved with being catapulted into a high APR.
posted by CardRatings.com at 12:51 PM
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