May need CC cash advance, ATM card stolen

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May need CC cash advance, ATM card stolen

Postby seldomsean » Mon Feb 02, 2015 9:49 am

I had my wallet stolen along with my debit/credit card. Fortunately I kept a couple of credit cards in a separate location. However I may need to make a sizable cash advance to pay my rental costs. I am writing for advice on this. The interest rate is very high, over 22% for cash advance. I understand that these interest rates can start to accumulate immediately. Will I avoid this totally by paying off the cash advance immediately? I'm thinking that perhaps if I get the cash advance (about $500 American) and pay off that amount the same day I may avoid these fees but this is unclear to me.
Any advice is much appreciated!

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Postby popamode72 » Mon Feb 02, 2015 11:47 am

If you really do have to get a cash advance and have no other options like a personal line of credit you can use, pay it off ASAP.

Really if you can, just use the card itself to pay for the rent so you don't have to do any cash advances in the first place. Assuming you don't have a balance on the card, you get much more of a grace period to pay off the amount you charged.

I'm also sure there are ways you can load something like Amex Serve and use that to pay your rent too and withdraw the money you need from it too. I'd look into doing that instead of taking a risk on the cash advance. Just be careful with that too though because with some cards, they can also treat that as a cash advance and I'd also advise not using any Amex cards to do it either to be safe.
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Postby PlyrStar93 » Mon Feb 02, 2015 12:26 pm

The method mentioned by popamode72 can actually be a very good one, provided you have the cards listed here that categorize the loads as purchase. Basically, do not use BofA/Citi/PNC/US Bank Visa cards as they treat the transactions as cash advance. Without Softcard/Serve, your cc load limit is $200/day and $1000/mo, which means you need three consecutive days to get to $500. During the second load, you are mostly required to upload the photo of your credit card and a form of ID, so you need not to have your ID stolen.

On the other hand, with any credit card including the ones post Serve loads as cash advance, you can go to a grocery store to buy $500 Visa gift cards, or some $200 ones. Presumably you buy 3 $200 cards, and the fee would be 3x$6.95=20.85, it's probably still lower than cash advance fee, not even mentioning CA interest. Then, load the VGC(s) onto Serve/Bluebird at Walmart, or buy a money order with the VGC (I have never bought an MO, and it is very YMMV when it comes to stores allowing you to buy one using VGC). You most likely have to bring your ID, so make sure that is not stolen. Or, use the Target Prepaid Redcard, go to Target and load directly with cc. Again, these techniques are basically about circumventing the cash advance and disguising as purchase, and VERY YMMV. You may not be able to achieve based on your location and/or store policy.
Back to your situation, you may be able to just get to your bank and ask them to get you a replacement card immediately. From my experience, Citibank gives you a temporary debit/ATM card immediately, with the card number and other information printed and not embossed. Chase is able to make a permanent debit card with the information embossed immediately at branches. Anyway, you should ask your bank first to see if they can do that for you.

Then, if the above is not true, see if it's possible to get cash at a bank teller without a card. Bring your ID (if that's not stolen as well) and take down your checking & savings account number & card number (in case of identity verification). If they let you withdraw by this means, then you are fine.
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Postby MB131174 » Mon Feb 02, 2015 7:16 pm

Square. Best route in a situation like this. Transactions are all treated as a purchase, and the fee is 2.75%. Swipe my own card through my own reader (or invoice myself) and the money is in my account the next day. Go to branch and make a withdraw in person. Granted, you lost 2.75% of the money, but, you don't pay cash advance fees and standard purchase APR. Plus, you get any rewards and cash back your credit card offers. I've done this when I need to "top off" a minimum spend to get a bonus and won't make it with regular spending. Granted, in that case, you need to make sure the bonus will outweigh the 2.75% lost.
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Postby oldsoldier » Tue Feb 03, 2015 10:43 am

My thoughts would be to stay as far away from cash advances as possible. You should try and see if the bank would grant you a temp debit/credit card as the earlier poster stated if not. Try and see if they would give me some temp checks and go the old school rout to take care of the rental cost.
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Postby seldomsean » Tue Feb 03, 2015 10:48 am

Thank you all for the replies. To be clear I am an American in South Africa. The bank ATM card is from the US. I still have a passport for ID so at least there is that. The bank will charge me something to send via FedEx a replacement debit card but say I must activate with a phone call. Of course my American phone doesn't work here.

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