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Old 11-29-2008, 01:01 PM   #1
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visa cash advance

say you take out $1000 in cash advance from your visa, how does the interest rate of 19.50% work out to be?


is the interest charged over a month rate or over a everyday period that's borrowed?
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Old 11-29-2008, 01:02 PM   #2
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19.50 over the span of 1 year.

so the will just factor it down to the day. i think its a daily charge.
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Old 11-29-2008, 01:11 PM   #3
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what !SG said.
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Last edited by CRS; 11-29-2008 at 01:11 PM.
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Old 11-29-2008, 01:15 PM   #4
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what !SG said.
so if i take out $1000 in cash from my visa today, over a year i pay an extra $200?
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Old 11-29-2008, 01:18 PM   #5
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I think it would be easier to just borrow the money. I don't understand why you would ever need a cash advance unless the banks hate you. Especially for only $1000.
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Old 11-29-2008, 01:38 PM   #6
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i think credit cards charge an immediate 1% for giving u a cash advance
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Old 11-29-2008, 01:39 PM   #7
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You pay $1000 x (1/12 x 19.5%) per month.

Interest is charged and compounded monthly. Simple interest says $200, but every month you don't reduce the amount, that amount is added.

ie:

$1000 initial
+1.65% interest ($16.25)
=1016.25 first month.

$1016.25
+1.65% interest ($16.77)
=1033.02

If you were just going by simple interest, it'd be lower. And this is why credit card companies sucker you in, because you figure "it's just X per year, it's not that bad."


Oh, and cash advance rates are always higher than purchase rates.
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Old 11-29-2008, 01:50 PM   #8
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Sell your Benz.
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Old 11-29-2008, 01:56 PM   #9
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Sell your Benz.
Better yet, lose your gambling habits.
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Old 11-29-2008, 01:58 PM   #10
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ill lend u 1000$ @ 8% .... all i need is some sort of collateral like your - car , house , i also accept humans.. pm me - we'll talk ..
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Old 11-29-2008, 02:25 PM   #11
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a while back i had a guy buy a motor from me with money he advanced from his visa. i never understood his logic, but he really wanted to buy my swap. 2400cdn on a cash advance...ouch.
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Old 12-09-2008, 01:50 PM   #12
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ill lend u 1000$ @ 8% .... all i need is some sort of collateral like your - car , house , i also accept humans.. pm me - we'll talk ..
@ humans
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Old 12-09-2008, 01:54 PM   #13
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Better yet, lose your gambling habits.
No doubt, if you're using this for the Casino (which some of your past posts may indicate) you know you have a serious problem. If that's what it is seriously do yourself a favor and get some help.
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Old 12-09-2008, 03:17 PM   #14
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so, as soon as u get the advance, u'll get charged interest?

What about those credit card cheques? are they the same as cash advance? or r they like using ur credit car & charge interest if u dun pay during ur next cycle?
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Old 12-09-2008, 03:36 PM   #15
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credit cards are just a bad idea all together...I dont even carry mine around anymore
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Old 12-09-2008, 03:49 PM   #16
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credit cards are just a bad idea all together...I dont even carry mine around anymore
well, they'r great if u just somehow ran outta money. It happens. I remember I forgot to bring my USD to SanDiego & I'm in desparate need of cash when I landed. Good thing there's cash advances. Ridiculous interest but it beats having no $$ wutsoever.
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Old 12-09-2008, 04:07 PM   #17
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credit cards are just a bad idea all together...I dont even carry mine around anymore
if you pay it every month. CC's save / make you money.
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Old 12-09-2008, 04:56 PM   #18
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i put everything on your credit card and than pay it off every month the credit card will do wonders for you get approved for anyhting and make you money in the end
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Old 12-09-2008, 05:55 PM   #19
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credit cards are just a bad idea all together...I dont even carry mine around anymore
have fun buying a house/car/large purchase

i've had a CC since the day i turned 18 and just checked my credit score today, was over 790

i'm pretty much automatically approved for a 20g line of credit

Credit > you
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Old 12-09-2008, 06:14 PM   #20
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^true dat

credit cards are awesome, saved my ass a few times. U only really need one thing when using it, common sense.
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Old 12-09-2008, 06:21 PM   #21
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stop gambling! You know your FUCKED if you start using credit cards to gamble.
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Old 12-09-2008, 06:37 PM   #22
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Credit cards aren't bad, you just have to be disciplined as we everything in life. If you pay off your bill on a monthly basis, you can rapidly build your credit score.
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Old 12-09-2008, 07:15 PM   #23
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^ Werd!

Creditcards aren't bad. Don't use your creditcards unless you have money to pay off the balance at the end of the month. Getting free points/mileage on stuff that I normally have to buy is nice.

For real though OP, get some help. You will lose that 1000 dollars and be in a shitload of debt once you start on that route.
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Old 12-09-2008, 07:41 PM   #24
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Quote:
Originally Posted by q0192837465 View Post
so, as soon as u get the advance, u'll get charged interest?

What about those credit card cheques? are they the same as cash advance? or r they like using ur credit car & charge interest if u dun pay during ur next cycle?
Yes..CC cheques have the same interest as cash adv.

I always thought cash adv interest was daily hahahha

1.65% monthly compound interest isn't so bad

but i rather be able to pay everything off and get a good credit.

Last edited by twitchyzero; 12-09-2008 at 08:06 PM.
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Old 12-09-2008, 10:21 PM   #25
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yo man, apparently u have a gambling problem. some of us have gone through it, and of course it sucks. If u dont plan on quitting at all, atleast get some help to tone it down.

Give Bill Brinton a call hes a gambling counselor
604-316-7501

he helped me alot.

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