Payday Loans and Fast Cash Guide

Credit Card Cash Advance

A credit card cash advance is a reliable way to get fast cash.  It certainly has its risks, but if you have a credit card it’s always available.  When used responsibly, there is no reason why a cash advance on a credit card should be avoided.  This article will look at how they work and how to make sure they aren’t abused.

The main benefit of a cash advance on credit cards is that money can be had “on demand.”  All you need is an ATM that accepts your type of card (Visa, Mastercard, etc.) or call the phone number on the back of the card to get your money.  If you call the number on the back of the card, your money will usually be transferred directly into your bank account.

Credit card cash advance fees are very high.  There will usually be a fee that you pay when the money is received, and a monthly fee may also be charged for using it, and the fee is usually the same no matter how much you’re advanced.  Some credit cards offer awesome deals on cash advances, but unfortunately most don’t.  The credit card companies that charge higher rates will usually charge higher interest than your APR on purchases, so you’re getting the double whammy.  To make things worse, when interest rates are tiered like this your monthly payment will go toward paying the lower APR first, and let the higher interest part keep building up.

In order to make sure that you don’t abuse cash advance credit cards and put yourself into worse debt, do your best to not use that card again until the cash advance is paid back.  This will help keep your balance lower and allow your next monthly payment to pay towards the advance rather than the purchases that you would’ve made.

I’ve read stories of people taking a cash advance from credit cards to pay their credit card bill!  I don’t think I need to tell you how bad of an idea this is, but when it comes to money people can do some dumb things.  Another place where cash advances are seriously abused is at the casino.  With the hundreds of ATM’s on the floor and the slight chance of being able to make more money, people easily fall into this trap.  I did it once, and regretted it after the hangover wore off!  Please don’t become a funny story like this and use your cash advance responsibly!

When used responsibly, credit card cash advances are another great way to get fast cash when you need it.

Thanks for reading,

Lydia

Getting Cash From A Credit Card

Getting cash from a credit card is something that many people forget about when they’re in need of fast cash.  I’ve written before about credit card cash advances, and their pitfalls, but for some situations it’s the best way to get the money that you need.  You’ll end up paying more interest on a credit card cash advance than you would on a normal purchase, but you have the option to repay it over an extended period of time.  This is a clear benefit over a payday loan or title loan, but still use these cash advances very carefully.

In order to get cash from a credit card you (obviously) have to be below your credit limit on the card.  To get cash you’ll need the pin number that you received when you first got your credit card.  You probably don’t know it off the top of your head or don’t know where your original paperwork is.  In this case, call the customer service phone number on the back of your credit card.  They’ll put you through a long process to determine you’re actually the owner of the card, but they’ll eventually cough the number up.

Once you have the pin number all you have to do is go to an ATM that has the logo of your credit card (Visa, Mastercard, etc.) and follow the instructions to get cash with your credit card.  Some ATM’s are going to put a $300 limit on the amount you can withdraw.  In this case you can either call your credit card company (again) to get them to raise the amount or go inside the bank to see what they can do.  Most banks will not have a problem with your credit card cash advance, but be prepared to go through a long process to prove your identity.

The fees are certainly high on a cash advance.  You’ll first have to pay the two or three dollar fee at the ATM and then pay interest through your credit card company.  Some credit card contracts have a clause that says that when you make a payment the money goes towards paying for purchases first and advances second.  This means that if you have a total balance of $300 and $200 is from purchases and $100 from advances, a $250 payment will pay off the purchases and only $50 on the advance.  They do this because the interest rate is usually higher on the cash advance.

Getting cash from a credit card can help you out in a pinch, but I recommend checking out some other avenues first.  In the end you’ll have to pay it back, so it’s a good idea to see what other ways you can get fast cash cheaper.

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