[pico]

what is the best and the cheapest way to get cash advance from your CC?

the only time i tried it is at the casino cage. anyone who knows a good way to do it?

i am pretty sure the atm limit is only 500 usd.

[imgv94]

Is there a cheaper way?

Thought it was the same no matter what. Cash Advances suck horse rooster because they charge obscene int rates and will keep charging that amount until you have a zero balance.

CC companies are thieves.

[pico]

Is there a cheaper way?

Thought it was the same no matter what. Cash Advances suck horse rooster because they charge obscene int rates and will keep charging that amount until you have a zero balance.

CC companies are thieves.

yeah, i remmeber it cost me like 80 dollars in fees to get 500 dollars worth of cash advance.

[pico]

Cost of cash advances
By Bankrate.com
Q. How do cash advances from a CC work?

Many consumers are unaware that every time they use their ************ to withdraw cash, extra fees kick in:

Cash advances carry an upfront fee of 2 percent to 4 percent of the amount advanced.


They have a higher interest rate than regular card charges.


They carry no grace period; interest charges begin to mount as soon as the money spits out of the ATM.


Many issuers also require you to pay down the balances for purchases before you pay down the higher-interest cash advance balance.
- advertisement -



"Using cash advances is like borrowing money when you can't afford it," says Steve Rhode, president and co-founder of Myvesta.org, a nonprofit group providing help for difficult financial problems. "You're setting yourself up for failure. It's convenient, and people don't care about the fees associated with it."

The fees and charges applied to cash advances are not hidden fees. By law, card issuers are required to disclose information about fees and charges associated with all of their services. This information is typically displayed on the back of the solicitation form and on the monthly statements.

Card issuers say they have two reasons to charge the additional fees. Cash transactions cost more to process than regular CC purchases, and there's a higher frequency of default among frequent cash-advance users. The higher costs and increased delinquency risk are passed along to the consumer.

[pico]

CC cash: Instant gratification can lead to long-term problems
By Vikki Ramsey Conwell • Bankrate.com
That $300 cash advance you just put on your CC could end up costing you a lot more in fees.

Many consumers are unaware that every time they use their ************ to withdraw cash, extra fees kick in:

- advertisement -


Cash advances carry an upfront fee of 2 to 4 percent of the amount advanced.
They have a higher interest rate than regular card charges.
They carry no grace period; interest charges begin to mount as soon as the money spits out of the ATM.
Many issuers also require you to pay down the balances for purchases before you pay down the higher-interest cash advance balance.
"Using cash advances is like borrowing money when you can't afford it," says Steve Rhode, money coach and co-founder of Myvesta, a nonprofit debt-counseling service. "You're setting yourself up for failure. It's convenient, and people don't care about the fees associated with it."

Your costs will vary
Because CC issuers are private businesses, they set their own standards and fees according to marketplace competition, internal strategies and the states that govern them. The fees also vary by your credit history and the type of card you have, so even within the same lending institution, there may be different fees and rates that apply for various cards.

Most of the nation's CC issuers offer cash advance features.

"It's a convenience that we're providing," said Judy Tenzer, a spokeswoman with AMX, whose "Express Cash" carries a 3 percent fee. "We're not a bank, so there is a fee associated with making the service available to customers just like with ATMs or other conveniences."

Out in the open
The fees and charges applied to cash advances are not hidden fees. By law, card issuers are required to disclose information about fees and charges associated with all of their services. This information is typically displayed on the back of the solicitation form and on the monthly statements.

"Our philosophy is that consumers should know all the terms when they are solicited so we try to provide a full discussion of terms during solicitation," says David Webster, senior vice president of business affairs for Chase Card Services. "When people use a CC for a purchase or a cash advance, they know they are using credit. It's not their money; it's a loan from the bank."

Card issuers say they have two reasons to charge the additional fees. There is a greater cost to process cash transactions than to process regular CC purchases, and there's a higher frequency of default among frequent cash-advance users. The higher costs and increased delinquency risk is passed along to the consumer.

Consumers are accustomed to knowing that certain transactions and services come with a fee, Tenzer says. When using a cash advance, they are aware of the fees and they make adjustments accordingly.

An unpleasant surprise
But some people don't read their CC agreements carefully -- if at all.

"Plastic is not the problem. People are the problem," Rhode says. "You can make the small print as large as you want, but the problem is that people don't want to read it. That way, they won't have to take responsibility for their spending."

Cash advances -- made directly from the ATM machine or through "convenience checks" -- were designed for people to use when paying by credit is not an option -- not for people to use without having a way to quickly repay.

To avoid getting in over your head, credit counselors recommend that you not only read the agreement carefully, but ask questions if you don't understand the terms. If you cannot get the answers you desire, then continue shopping around for a better, easier-to-understand card issuer.

Before taking a cash advance, ask yourself if it's really necessary, says Rhode.. "If you're using it to float a bill, buy groceries or to replace income, then there's a big problem. You need to see a credit counselor."

[Seattle Slew]

Don't take cash advances from ************!!

If you have decent credit, they often will send you access checks that give you a low interest rate, sometimes for 6 months, at 3 to 5 percent. Those are not bad, but you have to read the find print to find out the transaction fee.

One trick they use is they give you the low rate until "the close of your billing cycle." The trick is the higher interest rate kicks in when your statement closes in that month. It's usually a week before you get the bill and you'll have another 2 weeks to pay. That means they will whack you for 20 percent over 3 weeks when you're not expecting it.

Bottom line, don't use them unless you know how to play the game and read the fine print.

To answer the original question, you can get the advance at your bank by showing them the CC and telling them you want an advance.

[robmpink]

At least a couple places by me allow you to reload the ********** **** DC with your CC. Basically I could load my ******** card for up to $400 a shot with the cost being $3.95. I then withdraw the money on the **** at an ATM for $3. It is recorded as a regular purchase.

[pico]

Don't take cash advances from ************!!

If you have decent credit, they often will send you access checks that give you a low interest rate, sometimes for 6 months, at 3 to 5 percent. Those are not bad, but you have to read the find print to find out the transaction fee.

One trick they use is they give you the low rate until "the close of your billing cycle." The trick is the higher interest rate kicks in when your statement closes in that month. It's usually a week before you get the bill and you'll have another 2 weeks to pay. That means they will whack you for 20 percent over 3 weeks when you're not expecting it.

Bottom line, don't use them unless you know how to play the game and read the fine print.

To answer the original question, you can get the advance at your bank by showing them the CC and telling them you want an advance.

atm, casinos lets you do couple of hundred. since i have a CC with 50k cash advance limit. i am just curious if i can go to a bank and ask them to take out 50k in hundreds

it is crazy, i am not going to do it, but just wondering if it can be done...in amount that exceeds 10-20k.

[durito]

Get a new card with a 0% APR on balance transfers for a year. Make sure they will send you a courtesy check to use for the transfer. Double check the fees (if your credit is good enough you can find cards with no fees). Write yourself the check. You now have an interest free loan for a year.

[pokernut9999]

you can get s a cash advance at any bank up to your limit.

[pico]

Get a new card with a 0% APR on balance transfers for a year. Make sure they will send you a courtesy check to use for the transfer. Double check the fees (if your credit is good enough you can find cards with no fees). Write yourself the check. You now have an interest free loan for a year.

this is what my friend did actually. but one bad weekend ****ed him over, and it took him 4 months to pay it off.


yeah, gambling on credit is very very bad. cash advance is pretty similar to loan sharks...they loan you money when you can't pay.

[pico]

you can get s a cash advance at any bank up to your limit.

nice to know. i doubt anyone will ever try this. maybe if their country become political unstable and they need to run.

[jjgold]

Pico you must be fukkin buried, I knew it was a matter of time they got you. Where did you lose it all??

NBA??

[durito]

Don't borrow money for gambling

[pico]

Pico you must be fukkin buried, I knew it was a matter of time they got you. Where did you lose it all??

NBA??

NBA

[rake922]

convenience checks provided by the CC are the way to go....

[rake922]

Get a new card with a 0% APR on balance transfers for a year. Make sure they will send you a courtesy check to use for the transfer. Double check the fees (if your credit is good enough you can find cards with no fees). Write yourself the check. You now have an interest free loan for a year.

This is also known as a convenience checks.....

[brock]

Is there a cheaper way?

Thought it was the same no matter what. Cash Advances suck horse rooster because they charge obscene int rates and will keep charging that amount until you have a zero balance.

CC companies are thieves.

Think your right on

[zerocage]

I hope you win with the advance to cover the fees.

[Cabo]

I think the bank of JJGOLD is offering free advances.

[imgv94]

Int Rates on Cash Advances are usually around 23-24% no matter how good of CC you have.

Just got my father out of a CC that he's been paying $17 a month interest on because he had an emergency and needed cash awhile ago. I helped him transfer the entire balance to another card that is 0% interest til Apr 09. He's going to save about $200 because of this.

[pico]

like i said before, the only time it is a good strategy to use cash advance is that if you're running some illegal operation in the states, and the DOJ is on your ass....so before you leave the states permanently (in the HG's case, with his boy toy), max out every one of those ****ers...take a dump in those CC bills and send it back.

other than that, i think you're better off using a loan shark or bet on credit.

i hope that undercover FBI agent is reading this.

[jjgold]

Why do I get the feeling this was not a happy ending

Another deperate gambler swinging for the fences and striking out.