Cash Advance On Credit Card Archives

Q&A: how to pay off cash advance on credit card?

Question by ryan h: how to pay off cash advance on credit card?
say i have $ 100 as cash advance on credit card and $ 5000 debt on that card also. i can’t pay the card off entirely, but how do i pay off the cash advance first while still paying the credit card itself?
can i call the credit card company and get them to do it? or is that not possible?

Best answer:

Answer by vincentv247
You can’t, the credit card company determines which part of the debt gets paid off first, and guess what, they always choose the low interest portion.

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Question by Nicolas R: is there a difference between a cash advance credit card debt and a regular purchase debt?
like, if i owe a lot of money to 3 or 4 credit card companyes (like 4k each) on cash advances I know the interest rates are higher by a lot but is there a difference if the debt was for regular purchases? will they come after me more than if they were’nt cash advances? can I still file bankrupcy to get out of the debt?

Best answer:

Answer by Koku
Absolutely! Your cash advance debt is billed at a much higher rate, and your payments to each card will be applied to the lower debt rate.

Say you cash advanced $ 1000 at 24.99% APR
but had an existing balance of $ 3000 at 9.99% APR

When you get ready to pay the bill, and attempt to pay the total cash advance balance, you’ll be in for a rude awakening. The credit card will apply the $ 1000 (+ fees) to the lesser APR, and if you continue to take out cash advances, eventually all of your debt will consist of the cash advance rate.

ALSO, your cash advance fees are more than likely immediate– unlike carrying a traditional balance where you can avoid the finance charges if you pay before the bill date. Cash advances should be a very last ditch, emergency option. They will increase your debt tenfold if you’re unable to manage them.

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