How does this affect your balance? Is it just the same as a purchase? For example, if I have a card that allows me to withdraw $1,000 in cash, but a much higher (obviously) limit (say $5,000), would it negatively affect my credit to withdraw the entire $1,000?
Credit Card Question... Cash Withdrawal?
- Thread starter DrYeRLiNt
- Start date
YesterdayAgain
Banned
Your credit is only going to be affected if you miss a payment or raise your utilization too high.
But if you're already doing crap like this at your age, credit should be the least for your financial concerns.
But if you're already doing crap like this at your age, credit should be the least for your financial concerns.
^^^+1
And look at your interest rates.
Most will have like 9% on purchases but like 23% on cash advances.
And look at your interest rates.
Most will have like 9% on purchases but like 23% on cash advances.
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YesterdayAgain
Banned
Did I miss something?
That was for the op
sorry
sorry
OP - I'll lend ya the $$$ for 3 % points less than your credit card will. We can call it our own little mutual fund. I'm gonna be reeeiiich!! I mean.. Lemme know what you decide.
dude your gonna get raped on an APR for cash withdrawls from a credit card. I'd be heading to just about anywhere short of a loan shark before i'd be taking cash out of a credit card.
This shouldn't be anything you don't know tho. If it is, then maybe you shouldn't using that credit card afterall :shrug:
keep up with the payments and your credit shouldn't suffer too much. However, if this becomes a common occurance, you're credits gonna drop at an ungodly speed.
This shouldn't be anything you don't know tho. If it is, then maybe you shouldn't using that credit card afterall :shrug:
keep up with the payments and your credit shouldn't suffer too much. However, if this becomes a common occurance, you're credits gonna drop at an ungodly speed.
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What's the point on taking out cash instead of just paying with the card? Are you buying crack or something?
I don't know where you work but don't get started down that path. Absolutely don't EVER pull cash advances on a credit card unless it's an absolute EMERGENCY.
They are probably taking money out of their bank account... I never see anyone taking money out of their credit card due to the rediculously high interest rates
Never, never, never, never take a cash advance on a CC. Did I say never!!! You might as well just go and get pre-lubed for the rim job you are gong to get ...
YesterdayAgain
Banned
I figured they were.
The reason I ask is.... I had been trying to buy this car which I am going to buy on Sunday. The problem being my g/f's car needed new tires... $540 later... Here we are. Her mother assures me she will pay me back (no time soon), because they are paying her way through college (must be nice).
So anyway, I'm a bit short on what I need to buy the car, and while I get paid Thursday, I don't want to live off $100 for 2 weeks (bills included).
I think I'll go down to the bank and try to get a personal loan for the full amount and use what I do have to pay down on it and make it easy for me to pay on for like 6 months.
I asked because I never understand how the cash allowance thing worked, and I did NOT want to get raped with that 23% interest rate!
The reason I ask is.... I had been trying to buy this car which I am going to buy on Sunday. The problem being my g/f's car needed new tires... $540 later... Here we are. Her mother assures me she will pay me back (no time soon), because they are paying her way through college (must be nice).
So anyway, I'm a bit short on what I need to buy the car, and while I get paid Thursday, I don't want to live off $100 for 2 weeks (bills included).
I think I'll go down to the bank and try to get a personal loan for the full amount and use what I do have to pay down on it and make it easy for me to pay on for like 6 months.
I asked because I never understand how the cash allowance thing worked, and I did NOT want to get raped with that 23% interest rate!
YesterdayAgain
Banned
Call me selfish, but your girlfriend needing new tires doesn't have much to do with you. If you couldn't afford to loan her the money, then you exercised poor financial planning in loaning her the money (for 0% interest), then having to go get a loan yourself (not for 0% interest) to get by for the next two weeks.
Lesson learned (hopefully).
Lesson learned (hopefully).
I'm sure they're taking money out with their debit cards. My debit cards all say mastercard/visa but they aren't credit cards.
maybe you shouldnt be buying this car if youre in such a financial mess, that car is gonna cost thousands to get running and you dont have thousands right now...
im your age and have made the mistakes, drive the honda and save for a while.
and the people at your work were probably withdrawing with theyre debit cards that are just using theyre bank accounts.
im your age and have made the mistakes, drive the honda and save for a while.
and the people at your work were probably withdrawing with theyre debit cards that are just using theyre bank accounts.
I agree, but given the circumstances.... it wouldn't have gone the way it did had I known.
She has needed tires for weeks and weeks and weeks, and I was expecting her parents to buy them like they said they would. Her car was beginning to be uncontrollable on the roads in cold/adverse weather.
I had been looking for an old coupe to restore for the last few months, but all I ever find is a total rust bucket for like $4,000.00. So, when she needed tires I figured I could reclaim the money from her mother by the time I actually found a decent deal.
Then, what do you know I find a great deal even if it is in rough shape. I can't pass the deal up, because it will be a long time before I find another one for a reasonable price given its condition.
Lesson learned the hard way...
She has needed tires for weeks and weeks and weeks, and I was expecting her parents to buy them like they said they would. Her car was beginning to be uncontrollable on the roads in cold/adverse weather.
I had been looking for an old coupe to restore for the last few months, but all I ever find is a total rust bucket for like $4,000.00. So, when she needed tires I figured I could reclaim the money from her mother by the time I actually found a decent deal.
Then, what do you know I find a great deal even if it is in rough shape. I can't pass the deal up, because it will be a long time before I find another one for a reasonable price given its condition.
Lesson learned the hard way...
heck yea i live off my debit card...and that's only because it's that...debit.
Sounds like your definately seeing a lot of debit action. Either that or the people your working with are some of the stupidest people alive. i'd say a fair equation would be that for every cash withdrawl you make at an ATM from CC, you may as well leave a limb in the deposit box
Sounds like your definately seeing a lot of debit action. Either that or the people your working with are some of the stupidest people alive. i'd say a fair equation would be that for every cash withdrawl you make at an ATM from CC, you may as well leave a limb in the deposit box
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