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You can withdraw cash or transfer to your bank account from credit cards (at least in Canada).
by aianus 10y ago
You can withdraw cash or transfer to your bank account from credit cards (at least in Canada).
- tedmiston 10y agoInteresting. Is that different than a cash advance on the CC? My cards which are otherwise great have ridiculously high fees for cash advances (20%+).
- aianus 10y agoNo, it's not different. That's not a fee, that's the interest rate. You would pay 20% over a year of interest. There are many many cards with promotional rates between 0% and 5% per year.
- tedmiston 10y agoIt's the cash advance fee (different from the normal interest rate on the card). Source: I used it once to get money out like a debit card... without realizing there would be a fee, and got charged the nasty fee. For the card I tried it on at the time, the fee was somewhere between $10–20 on a $100 withdraw. Never tried it again.
- aianus 10y agoOh, on my card it's a 1% fee with a $5 minimum. Still totally worth it if they're doing the 0% interest promotion.
- tedmiston 10y agoYeah, interesting "loophole" in the whole loans system. I'll have to do more research.
- sethhochberg 10y agoYep, my scenario was exactly like aianus's above. 1% transfer fee was much better than 6% interest since I planned to pay the balance off within the 18-month zero-interest period anyways. The card company issued paper checks specifically for the purpose of a balance transfer.