Just noticed on my Household Bank statement (which is now Cap One) that my cash advance APR is 24.99 while my purchase APR is 28.99 and has been for the last agonizing 4 1/2 yrs. I have never seen a cash advance rate below the purchase rate anywhere ever. I have not used the cash advance feature at all. I will be calling them to try to get interest reduced, but last time they refused. I am a good customer with no lates and pay way more than the minimum every month. Any comments?
I have never seen a cash advance rate below the purchase rate either. Are you planning on using the card and keeping a balance on the card? I would call and ask for interest rate reduction. If you don't get one then I would use the cash advance feature and you will save 4% in interest. Thanks! Heather with BoostMyScore.NET
The only thing I can figure out is if the purchase APR is variable and the cash advance is fixed. That still doesn't seem right, probably a clerical error?
It might be worth asking for a rate reduction once more, but in all honesty I would transfer a hefty amount (and maybe all) of that debt to a new card with a 0% interest period on BT's. You're not going to get your interest reduced to zero (that would be pretty cool, though), if at all. So why not transfer the balance to a new card, keep the card you already own (never a good idea to close a credit card) and quit paying interest for 12-18 months? I'm happy to recommend some credit cards if that's the route you take.
mijd, You could look on creditnet.com and find a new credit card with an 0% interest period. There is a lot of useful information right here!!!! Thanks! Heather with BoostMyScore.NET
