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How do you get cash advacnes on your credit cards?

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Asked by Anonymous at 10:00 PM on Jan. 29, 2010 in General Parenting

Answers (4)
  • Never get a cash advance. The interest is outrageous!

    Answer by Anonymous at 10:14 PM on Jan. 29, 2010

  • Take the card to your bank and have them swipe it for you..or request a pin number from your credit card company and youll be able to get money from an ATM i DO NOT recomend you doind this..the interest rate is usually much higher for cash advances..but hey when all else fails...

    Answer by sweetstkissez22 at 10:15 PM on Jan. 29, 2010

  • Using a cash advantage on a credit card is the worst idea ever! Been there, done that, got the t-shirt and the bankruptcy.

    Answer by Anonymous at 10:35 PM on Jan. 29, 2010

  • I'm with the other ladies.. cash advances are a BAD idea. Not only is the interest outrageous (much higher than your interest on regular charges) but most cards will make you pay off the high interest charges before you can start paying the regular charges again.
    Lets say you have a $500 balance at 10% and you make a monthly payment of $100. But you take out a cash advance of $700 at 20% (which is about average). You'll have to pay back the whole $700 hundred, plus any interest charges at the 20% rate BEFORE any of your payment goes towards the regular charges. And since the interest is higher, less goes to the principle (sp?) It takes you longer to pay off and costs you more money. If you can avoid it, I would.
    By the way, if I explained it wrong or some one can explain it better, please do.. this is just how I understand it from having credit cards myself and what I've learned from my mom doing a couple to help my sis.

    Answer by Megs5384 at 12:27 AM on Jan. 30, 2010

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