I have a credit card that I can get cash back on. Is it legal to take cash advances to built up your points?
ByI can go to a place that has no cash advance fees but would like to build up points to purchase things. I just want to make sure I am not breaking any law
There’s nothing illegal about it. But it just doesn’t workthat way. Go back and read the fine print on your credit card agreement. Those reward points only apply to purchases, not cash advances.
Also, if you take a cash advance, the credit card will charge you a cash advance fee of 3% to 5%. cash advances are ususally at a higher interest rate and interest starts to accrue immediately. The interest free grace period is only for purchases.
Some rewards programs will allow you to pay utility bills and treat the charge as purchase. But double check with the utility company. A lot depends on how they process the charge.
8 Comments
January 11th, 2010 at 3:49 pm
um… it is legal. Nobody care why you get a cash advance.
References :
January 11th, 2010 at 4:38 pm
probally not -usually cash advances dont count for points,, I’m gussing you have the discover card
you would best check with the credit card company and also any agreements you signed..
the terms would have been there
References :
January 11th, 2010 at 4:53 pm
You may not get points on cash advances, plus you may be charged for the cash advances. Not a good idea.
References :
January 11th, 2010 at 5:09 pm
you CAN NOT GET points for cash advances they are not that stupid
+ they charge 29.99% interest rate from day one on the cash advance
you would end up paying more any how then the points are worth
References :
January 11th, 2010 at 5:27 pm
Check your cards terms,,,
Cash advances rarely count toward any reward points,,,, and if they did, the interest you pay on the cash advance will defeat any rewards you gain,,,
References :
January 11th, 2010 at 5:35 pm
There’s nothing illegal about it. But it just doesn’t workthat way. Go back and read the fine print on your credit card agreement. Those reward points only apply to purchases, not cash advances.
Also, if you take a cash advance, the credit card will charge you a cash advance fee of 3% to 5%. Cash advances are ususally at a higher interest rate and interest starts to accrue immediately. The interest free grace period is only for purchases.
Some rewards programs will allow you to pay utility bills and treat the charge as purchase. But double check with the utility company. A lot depends on how they process the charge.
References :
BD
January 11th, 2010 at 6:15 pm
hi
If you looking for a legitimate payday loans upto $1000 in 1 Hour .once approved your loan will be transferred directly to your checking account promptly, and securely. Now you’ll be able to use the cash for all your necessities.
http://bestpaydayloancompanies.com
• 100% secure and processing
• No faxing -No credit check
• Immediate online approval
• Excellent customer service
• Get Cash in Minutes!
Good luck…
References :
January 11th, 2010 at 6:43 pm
james925915, Try finding other methods to get the cash first. Payday loan companies offer a great service, but it’s not something just anyone should get invovled with. If you do take a loan, pay it back quickly. http://www.americastopchoice.com/Payday-Loan.html
References :