How to get Cash from your Credit Card...?

Discussion in 'Community Discussion' started by fab5freddy, Nov 4, 2007.

  1. fab5freddy macrumors 65816

    fab5freddy

    Joined:
    Jan 21, 2007
    Location:
    Heaven or Hell
    #1
    i was wonder ing the best way to pull cash from your credit card....?

    i am in a cash crunch, and i have a credit card with Citibank with $ 15,000 credit limit.......

    What is the best way to pull cash from this card....?

    i guess they charge a high interest rate..?

    thanks for any suggestions!
     
  2. mkrishnan Moderator emeritus

    mkrishnan

    Joined:
    Jan 9, 2004
    Location:
    Grand Rapids, MI, USA
    #2
    You are correct; avoid doing it at all costs. Interest on cash advances from most cards begins accruing at the high rate *IMMEDIATELY* -- not after you get the next statement. It's bad news.

    What other options do you have?
     
  3. jeremy.king macrumors 603

    jeremy.king

    Joined:
    Jul 23, 2002
    Location:
    Fuquay Varina, NC
    #3
    Not sure why you are asking us the terms of your account???

    I consistently get offers for VERY low fixed rate balance transfers/blank checks.

    See if Citibank offers you a similar deal, and always consider the consequences of doing so.
     
  4. Sun Baked macrumors G5

    Sun Baked

    Joined:
    May 19, 2002
    #4
    It is Citibank, it isn't like American Excess which runs after the individual and files criminal charges if you rack up a large bill and skip town.
     
  5. Kamera RAWr macrumors 65816

    Kamera RAWr

    Joined:
    May 15, 2007
    Location:
    I'm where I need to be
    #5
    Bad, bad, bad idea. But if you're really in a very bad situation... do what you must.

    Isn't there a way to do it through an ATM? I remember using mine in an ATM some years ago... just don't remember how :eek:
     
  6. robbieduncan Moderator emeritus

    robbieduncan

    Joined:
    Jul 24, 2002
    Location:
    London
    #6
    Yep, that counts as a cash advance. Interest from the second you do it (not from the date on the next statement like a purchase) and normally at a high rate too.
     
  7. Maui macrumors 6502a

    Maui

    Joined:
    May 18, 2007
    #7
    Read your agreement before you do this. In addition to higher interest, most issuers also will charge you a transaction fee when you withdraw cash, usually between 1% and 4% of the cash you withdraw, with a $20 minimum fee. Also, when you make payments back to the credit card company, they will apply 100% of your payment to credit card purchases first, not the cash withdrawal, so if you have used the card for any product purchases, and don't pay off the total each month, you will end up paying the higher interest on the cash withdrawal for a long time.

    This is a really, really expensive way to get cash.
     
  8. Macky-Mac macrumors 68030

    Macky-Mac

    Joined:
    May 18, 2004
    #8
    you stick your card in the ATM, key in your PIN and proceed following the on-screen instructions.....pretty much the same as using your ATM card except at some point in the transaction you'll have to select "credit card" instead of "checking" or "savings"

    you might have to set up a PIN if the CC company didn't issue one with the card

    also, a lot of CC issuers will give you checks that you can use with your CC account.....they do charge you a nice fee to use these of course
     
  9. Maui macrumors 6502a

    Maui

    Joined:
    May 18, 2007
    #9
    Yes, the checks are treated as a cash advance for purposes of the interest, fee, and repayment terms.
     
  10. adk macrumors 68000

    adk

    Joined:
    Nov 11, 2005
    Location:
    Stuck in the middle with you
    #10
    FYI: The average APR on cash advances is about 24%
     
  11. adroit macrumors 6502

    adroit

    Joined:
    Sep 28, 2005
    Location:
    Victoria, BC
    #11
    Another thing to be aware of is that to stop the interest in that cash advance you will have to pay your ENTIRE balance on the card. I'm not sure if you're carrying any balance in your credit card right now, but just be aware that cash advances usually have different interest rate (could be either higher or lower than regular credit card rate).

    If you really need the money, then you probably have no choice. Just make sure you read the fine print.
     
  12. Stampyhead macrumors 68020

    Stampyhead

    Joined:
    Sep 3, 2004
    Location:
    London, UK
    #12
    Contact the CC company to get a PIN number and then use your credit card in an ATM. Pretty easy. Too easy, in fact...
     

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