cash advances

Discussion in 'Credit Talk' started by Mike, Mar 23, 2001.

  1. Mike

    Mike Well-Known Member

    I think I've only made one or two cash advances in the past and I know I was charged a fee for this by the credit card company. Does anyone know if you also get charged for using the ATM for the advance by the bank that owns the ATM? I don't remember being charged for this a couple of years ago, but has the policy changed recently?
  2. JacquiG

    JacquiG Well-Known Member

    Yes, you also get charged the $1.50 fee for using the ATM.
  3. sam

    sam Well-Known Member

    sure do, its easier to just walk in the bank and do it.

    Or if you are really smart, use c2it, yahoo paydirect or similar online transaction services to launder the cash as a charge :)
  4. Aux

    Aux Well-Known Member


    If I send the money thru c2it by charging my credit card. Does it consider as a cash advance or purchase on my credit card??

  5. JacquiG

    JacquiG Well-Known Member

    OK Sam,

    How does the PayDirect service work? Is it like PayPal, where you can send someone money charged against your credit card? I assume you can't send the money to yourself or transfer to your own checking acct? ;)
  6. sam

    sam Well-Known Member

    Re: Yes it works as purchase

    Purchase. I send $900/month using c2it.
    ** $2 fee per transaction after 90 day setup.

    Yahoo Paydirect = purchase up to $1000/month

    Paypal (2%) fee after certain CC limit is reached.

    It works, i did it to fund purchase of a project car recently during
    the time i sold my other old car, i used the 25 day interest free loan, and now am financing a very small balance at 11.9% apr..

    Mr Creditworks here will attest to the ease and success of
    such methods :) Only time you need to pay for cash advance fee's is if you are in a massive emergency to need cash? This method could take up to a week, but the benefits are huuge: No Cash advance fee, no cash advance APR, 25 day grace.

  7. sam

    sam Well-Known Member

    Re: Yes it works as purchase

    Most of the times i'll recommend two accounts, with a close friend to handle the money. Its against their policy to take money from one card to deposit in checking or another credit card. They may catch you. But if you send someone else the money, they can't get mad.

    But yes, paydirect, you can actually do it with one account, i don't recommend it however.
  8. Saar

    Saar Banned

    JacquiG wrote:
    "I assume you can't send the money to yourself or transfer to your own checking acct? ;)"

    That's against their policy, and I don't advocate breaking it. However, it is not against PayDirect's policy to pull money from card A and then credit it to card B. What do you get? An interest-free, fee-free balance transfer, plus Amex BlueLoot points (in my case). In your case it could be air mileage, Membership Rewards or whatever. Also useful for "inflating" balances with creditors who do not report limits.

  9. JacquiG

    JacquiG Well-Known Member

    Thanks sam and Saar. I'm still kinda clueless, but maybe I'll read PayDirect's info when I'm not at work...
  10. Cadillac408

    Cadillac408 Well-Known Member

    Cobalt Card

    What I do is I use my Am/Ex Cobaltcard to move money around. I have it linked to my checking, Am/Ex Gold, Providian Gold and MC, and my Citibank Visa. If I need to shuffle money around, I send money to Cobalt and then withdraw from the ATM. That way, I avoid cash advace fees and interest rates. Whatever card I use to send money to Cobalt, it appears as a regular charge and just says "Cobaltcard". Currently, I'm looking into transfering money from Providian Gold, to Cobalt, to Citibank. Citibank has a higher interest rate than all of my other cards (believe it or not) so I want to pay Citibank off (about $500). But I think Cobaltcard has a daily ATM limit of $100. Not sure though...I have to check on that.
  11. sam

    sam Well-Known Member

    hay mp$40

    Can you cash advance from cobalt card at a bank?

    They MUST do it (without pin #) for free as part of their visa/mc/amex agreements. Even if you are not an accountholder.

    Might try that trick! I doubt cobaltcard charges a cash advance fee since it is an atm card right?
  12. Cadillac408

    Cadillac408 Well-Known Member

    Re: hay mp$40

    No, Cobaltcard doesn't charge any fee. The only fee you pay is the fee at the ATM. I can't see why you wouldn't be able to walk into a bank and get the money for free? Haven't tried that. Maybe I will? Humm....
  13. creditwork

    creditwork Well-Known Member

    Re: hay mp$40

    Yes, I agree. It is a wonderful world since the Internet came into play. I have built a credit empire that I use on a daily basis. I am hoping to some day work at just moving credit around.

    CreditWorks, LLC.
  14. TommyC

    TommyC Guest

    Re: hay mp$40

    Hi MP$40,
    In reference to the Cobalt Card, I spoke with a customer service rep. last night, when I couldn't figure out why my Cobalt Card wouldn't give me a withdrawal. The rep. told me that the Cobalt Card has a maximum of $300.00 that can be withdrawn in a 7-day period, and a daily maximum of $100.00. You can put a maximum of $2,000.00 on the Cobalt Card, but you can only get a cumulative total of $300.00, over a 7-day period. In my case, it turned out that my favorite ATM, doesn't have the AmEx logo, so I couldn't withdraw from that one. Other than that, it's a great card for transferring money to and withdrawing without cash advance fees. Best wishes, TommyC
  15. MikeB

    MikeB Banned

    Re: hay mp$40

    Yahoo Paydirect does say you cannot use their service to "pay" monthly credit card bills or for cash advances, but since it does say that you can move money between accounts (cards and bank), I don't see how they will enforce that. Thanks for mentioning the Paydirect service, it looks very good for balance transfers and such.

  16. Cadillac408

    Cadillac408 Well-Known Member

    Tommy C

    Where you able to find out what the rules are if you walk into a bank and get cash? I would assume that the same rules apply ($100/day and $300/week). It would be nice if it didn't.
  17. creditwork

    creditwork Well-Known Member

    Re: Tommy C

    When you walk into a bank, you can get the maximum allowed by your credit limit. ATM daily or weekly limits are for your protection.

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