Amazon Chase Visa cash advance

Feb 1st, 2017 3:31 pm

#1

wasape [OP]: Member; Dec 21, 2009; 333 posts; 103 upvotes; Toronto

Feb 1st, 2017 3:31 pm

Scenario 1:
Assume I have a zero balance. I am going to travel to USA and use amazon chase visa to take money out from ATM using cash advance of some other currency say $100usd.
This way I will need to pay the amount $100usd in cad + cash advance fee (1% / min $5) + cash advance interest (19.99%).

Now, scenario 2:
Say I pay my credit card $1000 cad before I go to USA. Now my card balance has a credit of $1000. Then I am doing the same thing as scenario 1.

Anyone know if this will waive the cash advance interest? Anyone tried this before?

Thanks

Feb 1st, 2017 6:10 pm

#2

Fileboy: Newbie; Oct 21, 2013; 12 posts; 4 upvotes; New Westminster, BC

Feb 1st, 2017 6:10 pm

I have tried scenario 2 while I was in Japan last year. I only got charged for the cash advance fee($5), no interest.

+1

Feb 1st, 2017 9:32 pm

#3

doberman_baby: Deal Addict; Nov 12, 2006; 1899 posts; 466 upvotes

Feb 1st, 2017 9:32 pm

OP, if you have the money to pay scenario 2, why not just take the money with you and save the $5 cash advance fee?

Feb 1st, 2017 10:39 pm

#4

slowtyper: Deal Guru; Sep 2, 2008; 12476 posts; 2213 upvotes

Feb 1st, 2017 10:39 pm

doberman_baby wrote: ↑ OP, if you have the money to pay scenario 2, why not just take the money with you and save the $5 cash advance fee?

Better exchange rate? There is no forex charges with the amazon card I believe.

Feb 2nd, 2017 1:50 am

#5

aznrsx1979: Sr. Member; May 11, 2008; 847 posts; 383 upvotes; Vancouver

Feb 2nd, 2017 1:50 am

I did scenario 2 for 2 1/2 months while traveling around Southeast Asia in 2015.
You won't be charged interest, just the cash advance fee.

Feb 2nd, 2017 9:45 am

#6

a63ga78aa: Banned; Jun 8, 2008; 3977 posts; 1423 upvotes; Toronto

Feb 2nd, 2017 9:45 am

I just did scenario two - was charged the cash advance fee but no interest.

Feb 2nd, 2017 11:21 am

#7

eblend: Deal Addict; Jul 21, 2005; 2069 posts; 1115 upvotes; Alberta

Feb 2nd, 2017 11:21 am

This is good to know. I was planning on doing this exact thing for my trip to Brazil in a few months, don't want to carry too much cash with me, but will require lots for the trip in general as Brazil is expensive. This cash advance fee, is that per transaction?

Feb 2nd, 2017 11:44 am

#8

Psychopathetic: Deal Addict; Jun 29, 2010; 1290 posts; 476 upvotes

Feb 2nd, 2017 11:44 am

I sorta did Scenario 2 in Italy, where I advanced €100, then immediately went to EasyWeb and fired off an overpayment of CAD 175 to cover it. I didn't get interest, just the fee.

Feb 2nd, 2017 12:24 pm

#9

Mayoo: Deal Fanatic; Jun 22, 2007; 6908 posts; 3194 upvotes; Caledon

Feb 2nd, 2017 12:24 pm

I have been doing Option 2 since 2007.. its just ease of use.. no need to convert and then reconvert of unused .. easy to withdraw when in need .. its a good old trick .. always load up ur credit card ..

My Tesla Model3 Maintanence History and Battery Health

Feb 2nd, 2017 2:09 pm

#10

wasape [OP]: Member; Dec 21, 2009; 333 posts; 103 upvotes; Toronto

Feb 2nd, 2017 2:09 pm

Thank you everyone. I will do Scenario 2 next time I go travel =)

Better rates and safe (dont have to carry cash and scared of thief)

Feb 2nd, 2017 10:03 pm

#11

slowtyper: Deal Guru; Sep 2, 2008; 12476 posts; 2213 upvotes

Feb 2nd, 2017 10:03 pm

The only thing is that I tried scenario 2 a couple times in the US and it did not work. I forgot which banks I tried. Are there only certain machines I can use? I was using a Marriot Chase Visa (canadian).

One of the banks I tried was bank of america.

Feb 3rd, 2017 11:39 am

#12

wasape [OP]: Member; Dec 21, 2009; 333 posts; 103 upvotes; Toronto

Feb 3rd, 2017 11:39 am

Fileboy wrote: ↑ I have tried scenario 2 while I was in Japan last year. I only got charged for the cash advance fee($5), no interest.

wondering if you rmb which atm you used? 7-11 or banks?

Feb 3rd, 2017 11:40 am

#13

wasape [OP]: Member; Dec 21, 2009; 333 posts; 103 upvotes; Toronto

Feb 3rd, 2017 11:40 am

slowtyper wrote: ↑ The only thing is that I tried scenario 2 a couple times in the US and it did not work. I forgot which banks I tried. Are there only certain machines I can use? I was using a Marriot Chase Visa (canadian).

One of the banks I tried was bank of america.

hm....what do you mean it did not work. You cant get money out or they charged u interest?

Feb 3rd, 2017 12:58 pm

#14

Fileboy: Newbie; Oct 21, 2013; 12 posts; 4 upvotes; New Westminster, BC

Feb 3rd, 2017 12:58 pm

wasape wrote: ↑ wondering if you rmb which atm you used? 7-11 or banks?

I used 7-11 ATM machine. I read a forum message from another post that 7-11 and Post office ATM's are best ones to use in Japan, so I adhered to that.

Feb 3rd, 2017 1:58 pm

#15

slowtyper: Deal Guru; Sep 2, 2008; 12476 posts; 2213 upvotes

Feb 3rd, 2017 1:58 pm

wasape wrote: ↑ hm....what do you mean it did not work. You cant get money out or they charged u interest?

it would not allow me to take any money out. I remember now, I tried Bank of America and Chase bank machines in the US.

I needed the money, so I just used my debit and bit the bullet on the fees and bad exchange.

Feb 3rd, 2017 9:24 pm

#16

CNeufeld: Deal Guru; Mar 23, 2008; 13006 posts; 9976 upvotes; Edmonton

Feb 3rd, 2017 9:24 pm

Check with your bank about your liability for negative balances on your card. You may not be protected.

C