First Credit Card–Cash Advance Question?
daroyalle4 asked:
Hubbie and I have gotten our first credit card together.
With Christmas coming up, how can we get a cash advance on the card? How much do they usually advance you?
Is it as simple as walking up to the ATM and entering the desired amount? Currently, we have maxed out the card.
If you're maxed out you won't be able to get a cash advance on it. I suggest you watch Suze Orman and learn how to be responsible with money.
If the card is maxed out you cannot get a cash advance. You must have money left in your credit limit and whatever you have you can get a cash advance on usually. Cash advances are very unwise as the interest rate is about 28% most of the time. I would suggest getting a personal line of credit at a bank. The interest rate will be much lower.
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Take a look at your credit card statement. You will see that your cash advance limit is less than your overall limit. You will also see that interest on cash advances is much higher. Read the fine print on your agreement and you will also find that there's a fee, usually 3% for transfers and cash advances.
Maxing out the card already is a very bad plan. You have to pay it off before you can charge anything more, including getting a cash advance.
The best way to use a credit card is to ONLY charge what you can afford to pay in full that month. Credit cards should be considered a short term convenience, not long term financing.