Credit Cards

Is there a way to get points from a credit card cash advance?

  • Last Updated:
  • Jun 1st, 2019 9:49 am
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[OP]
Member
Jul 6, 2008
210 posts
13 upvotes
Toronto

Is there a way to get points from a credit card cash advance?

Unfortunately I have to take a cash advance for one month to carry some costs until I'm paid by my client.

I know that you can't collect points on a straight cash advanced but I thought I'd ask you guys if there was a way
around that? Perhaps by purchasing a pre-paid debit card or something to that effect.
Considering how much interest I'm about to pay the bank, it would be nice if I could get some points out of it.

Thanks!
8 replies
Deal Fanatic
Nov 22, 2015
5729 posts
5213 upvotes
chixdiggit wrote: Unfortunately I have to take a cash advance for one month to carry some costs until I'm paid by my client.

I know that you can't collect points on a straight cash advanced but I thought I'd ask you guys if there was a way
around that? Perhaps by purchasing a pre-paid debit card or something to that effect.
Considering how much interest I'm about to pay the bank, it would be nice if I could get some points out of it.

Thanks!
Points/rewards? Not really

You might be able to find a low or zero-interest balance transfer promotion on a credit card...
Deal Expert
Aug 22, 2011
35223 posts
21206 upvotes
Center of Universe
CNeufeld wrote: But can you get cash from the pre-paid credit cards? Just asking, never bought one...

C
Yes, but ATM fees applies.
Also IIRC, too many withdrawals or too large of an amount, may result in the card being locked.
Jr. Member
Sep 16, 2013
148 posts
77 upvotes
Calgary, AB
vkizzle wrote: Yes, but ATM fees applies.
Also IIRC, too many withdrawals or too large of an amount, may result in the card being locked.
This. Once you pay the card activation fee and pay the ABM fee plus any applicable cash advance fees you are probably basically breaking even with the cash back from the credit card you used to buy the prepaid VIsa. You might come out ahead a couple dollars depending on cash back percentage which doesn't seem like it's worth the time and potential issues like card locking as you've pointed out.

I'd advise OP to see if they can get an MBNA card with 0% interest balance transfer to their bank account. In the future, OP may want to consider getting a line of credit from their bank which will carry a lower interest rate than credit card. If you never use it, great. If you have another shortfall like this then it will be way better than a credit card cash advance and the funds will be there since you went ahead and got it set up before needing it so there's no scrambling or stress when the time comes.
Member
Dec 26, 2015
467 posts
266 upvotes
Manitoba
maybe its just me, but this sounds like a terrible idea for "making ends meet" even if its only for a short time.

I'd definitely look into a balance transfer or LOC
Deal Guru
User avatar
May 8, 2009
14072 posts
11726 upvotes
Not Leask
OP what you seek is an outlet for manufactured spend in order to get pts or rewards. While info about it is freely available on Reddit and sprinkled into threads here, we certainly won't be giving away unicorns in threads that scream manufactured spend in thread title.

If you're looking for a cost-effective means of borrowing from a credit card, there are a plethora of balance transfer offers. You can "BT" from one credit card to another, or to a bank account where you can do what you will with the funds.
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Sr. Member
Aug 5, 2018
538 posts
751 upvotes
To echo what others have said:

1. no reward on cash advance + huge interest

2. Buy certain kinds of GC with credit card, with ~2% fee and $3 fee for ATM. Some do not allow ATM withdraw, and/or credit card purchase.

3. Manufactured spend is not very advisable. (2 is somewhat in that region already.)

4. Clearly balance transfer promo is the way to go.

Currently the best offer is:
CIBC dividend 1% fee, 0% for 10 months
There are 3 more cards from cibc promo, so you can most likely cycle between them after 10 months.

If you need more cash, seaech for balance transfer thread on RFD.

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