Credit Cards

Credit card for Cash

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  • Jul 1st, 2018 9:27 am
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[OP]
Newbie
May 14, 2018
6 posts
2 upvotes

Credit card for Cash

Hi,

I need $1000 urgently, I have $2500 on my credit card but I want to avoid charges if I withdraw cash.
I'm looking for a way to withdraw the money without big fees.
Does anyone know a way?
Like paying yourself either with Payoneer or Paypal and transferring it into your chequing account, without it being detected as a withdrawal which will generate the fees I try to avoid, but as a purchase.

Thank you!
Last edited by GogoL415 on May 15th, 2018 11:26 am, edited 1 time in total.
24 replies
Deal Addict
Jan 19, 2017
1006 posts
313 upvotes
GogoL415 wrote:
May 15th, 2018 11:26 am
Hi,

I need $1000 urgently, I have $2500 on my credit card but I want to avoid charges if I withdraw cash.I'm looking for a way to withdraw the money without big fees.
Does anyone know a way? Like paying yourself either with Payoneer or Paypal and transferring it into your chequing account, without it being detected as a withdrawal which will generate the fees I try to avoid, but as a purchase.

Thank you!
Cash advance fee is usually about $5 + interest charges. is it a big fee for you?
Sr. Member
Feb 4, 2010
984 posts
336 upvotes
ml88888888 wrote:
May 15th, 2018 1:20 pm
Cash advance fee is usually about $5 + interest charges. is it a big fee for you?
At 20% or more interest rate, yes I would say that's a pretty big fee depending on when he gets around to paying it back.
[OP]
Newbie
May 14, 2018
6 posts
2 upvotes
Yeah it's not $5!
Last time I withdrew $12.46 to complete something and was charged right away $3.5. Which is 28.09% in my case!
From RBC visa credit card.
Member
Oct 14, 2014
212 posts
139 upvotes
Southern Ontario
RBC... do you check your offers? Every two months I get a discount cash advance offer: up to 2% upfront fee, and up to 1.99% interest for 10 months. Figures vary per offer
Deal Expert
Aug 22, 2011
22149 posts
8798 upvotes
Ottawa
Is this a normal occurance?
How about overdraft or LOC?
[OP]
Newbie
May 14, 2018
6 posts
2 upvotes
If you ask if my situation is normal, no.
I've already used my overdraft and do not have LOC.
Deal Addict
Jan 19, 2017
1006 posts
313 upvotes
GogoL415 wrote:
May 15th, 2018 2:58 pm
Yeah it's not $5!
Last time I withdrew $12.46 to complete something and was charged right away $3.5. Which is 28.09% in my case!
From RBC visa credit card.
But you need $1000 this time. It is still $3.50 cash advance fee.
Deal Addict
Mar 11, 2007
3296 posts
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QC
GogoL415 wrote:
May 15th, 2018 3:25 pm
If you ask if my situation is normal, no.
I've already used my overdraft and do not have LOC.
Overdraft used and need cash from CC, that doesn't look good.

GL
Member
Jan 16, 2009
285 posts
85 upvotes
I would think Paypal or gofundme yourself could work in your case, if you are ok with the upfront fees.
Also the credit card interest once grace period expires...but at least you aren't paying it right away if you do cash advance.
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May 8, 2009
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GogoL415 wrote:
May 15th, 2018 3:25 pm
If you ask if my situation is normal, no.
I've already used my overdraft and do not have LOC.
Omg I would love the story! What kind of mess is this? OP were you scammed?
jfmartel wrote:
May 15th, 2018 4:22 pm
Overdraft used and need cash from CC, that doesn't look good.

GL
+1
wayneg9999 wrote:
May 15th, 2018 8:00 pm
I would think Paypal or gofundme yourself could work in your case, if you are ok with the upfront fees.
Also the credit card interest once grace period expires...but at least you aren't paying it right away if you do cash advance.
No grace period on cash advance.

OP, the longer you can wait for the cash, the better...but here are your options:
  1. if you can't wait at all, do the cash advance
  2. If you can wait 2-5 business days, do a balance transfer. Will likely be cheaper than a cash advance
  3. Now if you can wait at least a month, you've got a plethora of options...
  4. apply for MBNA PP (make sure you use GCR). Only need $1k? Bah, they'll pay you to borrow that small amount
  5. Still want the cash advance? Get a low fee credit card for that purpose (though generally there are better promo's on balance transfers)
  6. Get a second job
  7. Churn cellphones. While a novice might not earn quickly this way, a guru can pump $1k-3k within six weeks by churning phones. Awesome promo's will likely hit in June.
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Aug 24, 2016
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jfmartel wrote:
May 15th, 2018 4:22 pm
Overdraft used and need cash from CC, that doesn't look good.

GL
+1
This has financial train wreck written all over it.
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Dec 27, 2013
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GogoL415 wrote:
May 15th, 2018 3:25 pm
If you ask if my situation is normal, no.
I've already used my overdraft and do not have LOC.
You don't really have many options then.. you can try to find a friend who is going to buy something for $1K, buy it for them using your credit card and ask them to reimburse you in cash.. And I agree with the above comments.. sounds like your financial situation is starting to spiral out of your control.
[OP]
Newbie
May 14, 2018
6 posts
2 upvotes
Thanks @titaniumtux I'm gonna try to digest all this.
what do you think of Paypal or gofundme ?

@ml8888888888 I think you're right the $3.5 was the fixed amount charged for each transaction and not the percentage. This means that the percentage for one day is very low.

I called the Bank earlier to find out my options, I was told that I did not have a cash advance offer. But I have a limit increase offer +$3000!
I thought for a second and half, and I said Oh YES! :twisted: But this is probably a trap.
Anyway, I don't need it right now.

Let's get back to business, since I need it this Thursday night, I think the only option I have left is the cash advance.

But I need a clarification:
If I withdraw $1000 for a rate of 22.9% I would pay $229 a day?

To get an idea I asked the agent and he said it's very low for one day.
And I ask him if I take $1,000, that would be $229 a day, he says yes. WTF!
I'm a little confused.

You should know this is my first credit card.

Thanks!

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