Cash Advance

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Replied by hjm331 on topic Re: Cash Advance

We're waitin' on ya smcc. :white-flag:
11 years 11 months ago #16
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Replied by RivasGlo on topic Re: Cash Advance

I have the same question as HJM. Im just confused whether you paid it and caused a *credit balance* or you just returned it and now you have a *zero balance*........

Oh and smcc, a bank is a bank and trust me if you were to do the cash advance they will still charge you a fee to do it. I know it sounds silly cause its your money, but they gots to get their money somehow. And if you dont have plans on using the card. Then just request a *credit balance check*.
11 years 11 months ago #17
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Replied by hjm331 on topic Re: Cash Advance

Smcc, did you the pay off the $615 balance before your card was credited with the refund? If you didn't, that should leave you with a $0 balance. If you did, then that would give you a $-615 where you can have BOA send you a check in that amount or transfer it to your checking account with them, if you have one that is. I wouldn't do a cash advance in this situation.
11 years 11 months ago #18
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Replied by smcc on topic Re: Cash Advance

I'm always learning and that's a great idea. Will call BOA in the morning and see if they can either issue me a check for the credit balance or transfer the balance to a savings or checking acct I have with the bank.

What I can't understand Meya is it isn't that I owe money and want an advance but the opposite, I have a credit balance (I'm in the black for $615) Your going to charge me a fee(s) for taking a cash advance and bringing my current balance to $0 ? Not that I don't believe you Meya because I do, just seems kinda strange. How or why should I have to pay anything back if when the advance is approved my balance at that moment is zero? Let me ask you this Meya, if I were to close my acct, would not the bank have to issue me a check for that amount after all is said and done? Then on the flip if I never used the card, you have a credit balance which the bank is making no money on and you could at least get the money back and put it in some kind of savings acct?

Hjm331, I had a zero balance before the purchase, since the purchase I had not charged anything else, so all that was owed on my card was the purchase. When I returned the purchase it gave me a credit balance of $615.
11 years 11 months ago #19
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Replied by RivasGlo on topic Re: Cash Advance

my bad guys, I purchased some jewelry for $615 with my credit card. I returned it weeks later and the $615 was credited back to my credit card. I now have a $615 credit balance on my credit card. Can I take a cash advance of $615 from this credit card and not be charged a fee since I have a credit balance?


Credit Card ----> BOA BankAmericard


If you have a *credit balance of $615* (-615), with most creditors, you can call them up and tell them to send you a check in the amount of your credit balance. If you have made any purchases since then your *credit balance* will be reduced by that amount.

If you want that money back, dont make any purchases. Call them and tell them to issue you a check in the amount of your *credit balance*.

I tried looking up the terms for the BOA BankAmericard and couldnt find them. SRY. Even if you have a credit balance you will be charged higher APR and yes a FEE to do the cash advance.
11 years 11 months ago #20
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Replied by hjm331 on topic Re: Cash Advance

Meya is right. You will be charged all types of fees and high interest so it's not a wise economical move to make unless you really need the cash right away and can afford to pay it back in the near future.
11 years 11 months ago #21
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Replied by Meya on topic Re: Cash Advance

My credit cards charge me cash advance fees. I went into the bank and used it for $100 once, every since then, I don't be bothered with them because of the price. I would rather pay a finance charge. If you have a purchase balance, and then you make a cash advance, the creditor will charge you a finance charge for purchase balance, a cash advance fee, and will charge you a finance charge on the cash you borrowed until you pay it back.
11 years 11 months ago #22
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Replied by hjm331 on topic Re: Cash Advance

Smcc, I don't understand why you would want to take a cash advance for that amount. Let's see if I am able to clarify this here. You made a purchase of $615 and then you were refunded the full amount of $615. My question to you is did you have a balance on the Americard before you made the purchase? If you didn't, did you pay the $615 off in full before you were reimbursed for your money?
11 years 11 months ago #23
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Replied by cireone on topic Re: Cash Advance

I highly doubt that you wont be charged a fee. A cash advance is one of the easiest ways a credit card company can make money off of you if you dont pay the balance in full. Some companies such as Capital 1 offer purchase checks that work like a regular credit transaction without the fees. you can deposit the check into your checking or other bank account for cash. The apr will still be the same provided that yur account does not go into default.
11 years 11 months ago #24
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Replied by smcc on topic Re: Cash Advance

my bad guys, I purchased some jewelry for $615 with my credit card. I returned it weeks later and the $615 was credited back to my credit card. I now have a $615 credit balance on my credit card. Can I take a cash advance of $615 from this credit card and not be charged a fee since I have a credit balance?


Credit Card ----> BOA BankAmericard
11 years 11 months ago #25
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Replied by hjm331 on topic Re: Cash Advance

Are you going to take a cash advance from another card to pay for the jewelry?
11 years 11 months ago #26
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Replied by RivasGlo on topic Re: Cash Advance

I recently returned some jewelry puchased on my credit card valued at $615. Now I have a $615 credit on my credit card. If I take a cash advance of $615 will I be charged any fees?

Thanks


So you, made a purchase of $615, paid it off, and returned it which caused a *credit balance* of $615... Or did you... make the purchase of $615 and returned it, cancelling each other out, bringing it a zero balance?

SRY, im just a little bit confused.

But anyways, depending on the bank and the terms of your card it may charge you up to 5% of $615 and not only that but it will charge you higher APR.

Which CC is this?
11 years 11 months ago #27
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was created by smcc

I recently returned some jewelry puchased on my credit card valued at $615. Now I have a $615 credit on my credit card. If I take a cash advance of $615 will I be charged any fees?

Thanks
11 years 11 months ago #28