Tech Support Guy banner
1 - 8 of 8 Posts

·
Registered
Joined
·
190 Posts
Discussion Starter · #1 ·
I know it's not the best idea, but nevertheless, I think in my current situation, I *might* need to consider it....so I want to get some information on how it will work out.

So I think I will need to get a few thousand dollars out of my credit limit, and I want to know what this will do to me.

-first of all, the interest. So just for example, if I cash advance about 4000 dollars, and the interest is 20%. when my credit card bill comes, it will show the 4000, and then + 20% right? and then the next month, it will show 4000+20%, and then, tack on another 20% of that right?

-and the interest will be 20% until my full balance is 0 right?

people say that cash advance will really ruin me, and to avoid it at all costs. The only reason i'm thinking about doing it is because if I cash advance now, I know that I can get the money back in about 3 months....so I dont know how this will work out.

I mean, are their any other things I need to know before I do cash advance?
 

·
Registered
Joined
·
18,196 Posts
What "people" said is right. Bad idea. You have all the information you need. Go sell some plasma or somethin. Local news station just did a story about a man who got $200 in cash advance. Ended up costing him about $1800 before it was all said and done. Maybe I can find the story for you....
 

·
Always remembered in our hearts
Joined
·
82,160 Posts
If there is any way around it I'd avoid it! ;) And yes each month the 20% will keep on being added as you pay the bill down....your "regular" charges will continue being charged the original interest on your card. ...good luck ever getting ahead of the interest! On my card there is also a one time 3% transaction fee....you might want to check that out too. If your credit is good...have you considered a bank loan? Good luck!! Those interest charges can keep you in debt unless you can pay a larger amount each month than the minimum payment due!
 

·
Always remembered in our hearts
Joined
·
82,160 Posts
Hi Di!!! :D
 

·
Registered
Joined
·
7,218 Posts

·
Retired Trusted Advisor
Joined
·
4,042 Posts
Also, check your cash advance limit. It is usually NOT the same as your credit limit, so if you have a card with $5000 worth of credit, that's not the same as having $5000 worth of cash advance availability.

And, as you already know but we can't state strongly enough, if there's any way you can avoid it, you should.
 
1 - 8 of 8 Posts
This is an older thread, you may not receive a response, and could be reviving an old thread. Please consider creating a new thread.
Top