Here's the deal....

I'm constantly getting (I'm sure you get them too) credit card offers
in the mail offering pretty good interest rates for a limited time
(6 months to one year).  Okay, I can deal with that, cause I know the 
trick of transferring a balance to a new low-introductory-rate card
just when the low rate of one card is about to expire....

But what I could use right now is some cash, and nobody cuts you any
slack on the cash-advance APRs....

Is there so trick for getting cash at the low rate available for
purchases?

Post replies here, or email me....

C.J. Wilson
<tardisi@email.unc.edu>
 

I work for a credit card comapny, and unfortunately, I am not aware of 
any offers for lower apr cash advances, unless that is included in the 
introductory rate (ie:all purchases and cash advances are at intro rate)

On 4 Jul 1996 14:51:50 GMT, tardisi@email.unc.edu (Jeff Wilson) wrote:

> Is there so trick for getting cash at the low rate available for
> purchases?

Depends on how your cash flow works.  Can't you just pay for something
you would normally pay for with cash, with a credit card, thus freeing
up the cash?  Check your budget.  You *DO* have a budget, right?


-- 
* Frank J. Perricone * hawthorn@sover.net * http://www.sover.net/~hawthorn
Just because we aren't all the same doesn't mean we have nothing in common

 

Jeff Wilson wrote:

> Is there so trick for getting cash at the low rate available for
> purchases?
> Generally I agree with the other posters so far, about not being 
"dependent" on cash advances, and trying to control debt overall. I can 
see a potential emergency situation where a cash advance would be 
necessary, and charging it not possible.

One way (havent tried it though) is to make the cash advance on a second 
credit card. Then transfer the balance ASAP to the low interest card.  
That way its considered a "balance transfer" even though that balance 
consists of a cash advance.

Becky
who is in debt :(
but slowly getting out :)

---
 

koogles@startext.net wrote:
> 
> >   Ryan Burger <prodj@ix.netcom.com> writes:
> >  One way (havent tried it though) is to make the cash advance on a second
> >  credit card. Then transfer the balance ASAP to the low interest card.
> >  That way its considered a "balance transfer" even though that balance
> >  consists of a cash advance.
> 
> How do you transfer the balance without getting a new low-interest card each time?
> 

For example, say you have mastercard & visa. Visa is your "low interest 
card". Mastercard's APR isnt a major concern. You do the cash advance on 
mastercard. Then send visa a note/form/whatever to "transfer the 
balance" from mastercard to visa. (If cash advances charge interest from 
Day One, do this ASAP). Always use the same mastercard for your cash 
advances, and immediately "balance transfer" it to the same low-apr 
visa.  You're only using 2 credit cards: one that you make the advance 
on, and the low-apr card.

Hope the example helps
Becky
<~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~~> 

Folks, all that'll do is transfer the amount you took from 
the ATM to the second card and leave the cash advance fee
on the first one.  If you shop around you'll probably find
a bank that will give you an ATM card and a checking account
for no charge.
I live in northeast Baltimore and in my neighborhood alone
the banks run a wide spectrum as far as what fees they charge.
On the bad end of the spectrum is Nations Bank.  They charge
a ridiculous fee just for the privilege of having an account
with them and still have the nerve to make you maintain a
minimum balance of hundreds of dollars.  You get free ATM
withdrawals at NB ATMs, but get charged for doing any other
type of transaction on their own ATM!  They charge several 
dollars for withdrawals on other banks ATMs.
On the good end is Heritage S&L which has no charge for 
checking (unlimited) and they give you a free ATM card for
use anywhere with no fee.  No, I'm not a Heritage employee
and I don't have an account there either.
The point being that banks differ dramatically and sometimes
being frugal means being an informed and concientious consumer.
You just have to make good choices. 

<flame>
uhh, hello?  they're talking about cash advances from a credit card because
they need to _borrow_ money.  where are they supposed to get the money to
open a checking account?
</flame>

Someone else posted about Citibank sending cash advance checks which can
be used just like personal checks, e.g. for cash at a bank, and incur only
the introductory interest rate.  I got the same deal from mbna america, 
plus they waived the transaction fee for a number of the checks (which can
be hefty if you need a substantial amount of cash, like i did).

Wachovia Bankcard Services offers several cards that offers the same low rate 
on Cash as they do on purchases and cash advances.

1.  Prime for Life Card:  For people who consistently carry a large balance or 
want to consolidate higher rate cards or LOCs.  It is at the Prime rate 
(currently 8.25%) for the life of the card.  It doesn't matter what you put on 
the card you always pay the prime rate with nothing added to it.  It is a very 
stable rate also.  In the past 10 years the average rate has been 8.68%.  
There is a $48.00 annual fee on this card but it works out to be a good value 
for the right people.  On a $5000 balance transfered from a 17% card you save 
around $40.00 a month in interest even after pay the $4.00 a month on the fee. 
 This card is not recommended for people who pay off their balances each month.

2.  First Year Prime card:  This card is at the prime rate for the first year 
and then after that it will go to prime + 5.9 = 14.15 with no annual fee or 
you can choose it to go to Prime +3.9 = 12.15 with an $18 annual fee.

All of these cards have a 25 day grace period and charge the same rate for 
cash, purchases and balance transfers.  There is no fee for balance transfers 
but there is a 4% fee for cash advances.  That is a higher fee but with such a 
low APR it works out to be a very fair deal depending on how long you carry 
the balance.  Money Magazine, USA Today, Prime Time Live and Good Morning 
America has rated this card the best overall value in credit cards in the 
nation.  

You can call Wachovia at 1-800-241-7990 to get more information or to apply 
for the card.  You have to tell them which card you want or they will just 
tell you about the cards they are currently offering.  They do have fixed rate 
cards also but they are around 14% with an annual fee so its not really worth 
it.  

I do have a Wachovia card and I am very happy with it.  If you need to 
consoliate the Prime for Life is the best card.  The fee sounds scary but when 
you work it out you work it out for your situation it really helps I think the 
lowest amount you would have to transfer from a 17% card before you start 
saving money is $1500.  

Dee Kilgore

With most of the "transfer your balance for a limited time low APR" deals,
the method that they give you to transfer your balance is they send you
checks.  They don't care who you make the checks out to, so they can be
made out to your bank, who will cash it like a check and hand you the
money.  I recently transferred a balance to a Citibank card and they sent
me checks that I can use up until September 30th and still get the low APR
thru the end of 1996.  If you have to carry a balance for whatever reason,
taking advantage of these deals is definitely the way to go.