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?

19.50 over the span of 1 year.

so the will just factor it down to the day. i think its a daily charge.

what !SG said.

so if i take out $1000 in cash from my visa today, over a year i pay an extra $200?

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.

i think credit cards charge an immediate 1% for giving u a cash advance

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.

Sell your Benz.

Better yet, lose your gambling habits.

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 ..

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.

:lol @ humans

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.

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?

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.

if you pay it every month. CC's save / make you money.

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

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

^true dat

credit cards are awesome, saved my ass a few times. U only really need one thing when using it, common sense.

stop gambling! You know your FUCKED if you start using credit cards to gamble.

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.

^ 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.

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.

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.