Credit card cash machine at casino?

For just about anything you want to get off your chest about credit cards.
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Battery111
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Re: Credit card cash machine at casino?

Postby Battery111 » Tue May 12, 2015 8:54 pm

Nixon wrote:
lobbythis wrote:If you treat a CC like a debit card on a regular basis, your credit card companies must be laughing all the way to the bank.

I've never met anyone so paranoid about carrying cash or a debit card. What's even more funny is that you're willing to pull out big CASH advances, but bringing cash from home or a debit card is blasphemy. How does that make any sense? Only in the Church of MyFICO.


The only debit I carry with any degree of regularity is my Discover Checking. There is a small sum in there, and I use this card only for sub $2 purchases. 10c minimum cashback per swipe/use. 20c currently. ;)

In short. I'm about the rewards. My Chase, NFCU, DATCU debit cards offer no such rewards, so I simply DO NOT carry them along with having that liability out there.


I will say that in regards to NFCU, they will send you a CUCard if you ask, which is just a basic ATM card that can't be used for pinless transactions. It's a decent compromise for being able to get cash when necessary.

Regarding the casino realm, I'll propose something that may be unpopular here. Casino credit. This is only useful if you typically only frequent a particular casino or in some cases a casino chain. It's same as cash in that there are no finance charges for it, and in most regards is the same thing as writing a check. In fact, in order to qualify for a particular amount of credit line they will actually verify your average daily balance is at least that much. I personally use it at my favorite casino in Vegas so I don't have to travel with a lot of cash. I have the money in my account, and it ends up being no different than writing a check to the casino cost wise. But it saves me from the potential issues of ATM limits and fees depending on your personal financial situation and personal discipline.
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Nixon
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Re: Credit card cash machine at casino?

Postby Nixon » Tue May 12, 2015 9:31 pm

Battery111 wrote:
Nixon wrote:
lobbythis wrote:If you treat a CC like a debit card on a regular basis, your credit card companies must be laughing all the way to the bank.

I've never met anyone so paranoid about carrying cash or a debit card. What's even more funny is that you're willing to pull out big CASH advances, but bringing cash from home or a debit card is blasphemy. How does that make any sense? Only in the Church of MyFICO.


The only debit I carry with any degree of regularity is my Discover Checking. There is a small sum in there, and I use this card only for sub $2 purchases. 10c minimum cashback per swipe/use. 20c currently. ;)

In short. I'm about the rewards. My Chase, NFCU, DATCU debit cards offer no such rewards, so I simply DO NOT carry them along with having that liability out there.


I will say that in regards to NFCU, they will send you a CUCard if you ask, which is just a basic ATM card that can't be used for pinless transactions. It's a decent compromise for being able to get cash when necessary.

Regarding the casino realm, I'll propose something that may be unpopular here. Casino credit. This is only useful if you typically only frequent a particular casino or in some cases a casino chain. It's same as cash in that there are no finance charges for it, and in most regards is the same thing as writing a check. In fact, in order to qualify for a particular amount of credit line they will actually verify your average daily balance is at least that much. I personally use it at my favorite casino in Vegas so I don't have to travel with a lot of cash. I have the money in my account, and it ends up being no different than writing a check to the casino cost wise. But it saves me from the potential issues of ATM limits and fees depending on your personal financial situation and personal discipline.


I've thought about Casino Credit before. :)
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CarefulBuilder14
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Re: Credit card cash machine at casino?

Postby CarefulBuilder14 » Tue May 12, 2015 10:11 pm

Nixon wrote:The only debit I carry with any degree of regularity is my Discover Checking. There is a small sum in there, and I use this card only for sub $2 purchases. 10c minimum cashback per swipe/use. 20c currently. ;)

In short. I'm about the rewards. My Chase, NFCU, DATCU debit cards offer no such rewards, so I simply DO NOT carry them along with having that liability out there.


You know you're a credit geek...

...when you have a special card to earn $0.20 of cash back but like to stay at Ritz-Carlton properties.
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Nixon
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Re: Credit card cash machine at casino?

Postby Nixon » Tue May 12, 2015 10:24 pm

CarefulBuilder14 wrote:
Nixon wrote:The only debit I carry with any degree of regularity is my Discover Checking. There is a small sum in there, and I use this card only for sub $2 purchases. 10c minimum cashback per swipe/use. 20c currently. ;)

In short. I'm about the rewards. My Chase, NFCU, DATCU debit cards offer no such rewards, so I simply DO NOT carry them along with having that liability out there.


You know you're a credit geek...

...when you have a special card to earn $0.20 of cash back but like to stay at Ritz-Carlton properties.


Every 20c counts. :p
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kdm31091
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Re: Credit card cash machine at casino?

Postby kdm31091 » Tue May 12, 2015 10:36 pm

Nixon wrote:
lobbythis wrote:If you treat a CC like a debit card on a regular basis, your credit card companies must be laughing all the way to the bank.

I've never met anyone so paranoid about carrying cash or a debit card. What's even more funny is that you're willing to pull out big CASH advances, but bringing cash from home or a debit card is blasphemy. How does that make any sense? Only in the Church of MyFICO.


The only debit I carry with any degree of regularity is my Discover Checking. There is a small sum in there, and I use this card only for sub $2 purchases. 10c minimum cashback per swipe/use. 20c currently. ;)

In short. I'm about the rewards. My Chase, NFCU, DATCU debit cards offer no such rewards, so I simply DO NOT carry them along with having that liability out there.


Yeah, I get that, but it seems a bit extreme to not carry a debit card because they don't offer rewards. Having access to money in an emergency, APR free, is still valuable. It's not like it would come up often. But to each their own I guess.

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Re: Credit card cash machine at casino?

Postby Nixon » Tue May 12, 2015 11:04 pm

kdm31091 wrote:
Nixon wrote:
lobbythis wrote:If you treat a CC like a debit card on a regular basis, your credit card companies must be laughing all the way to the bank.

I've never met anyone so paranoid about carrying cash or a debit card. What's even more funny is that you're willing to pull out big CASH advances, but bringing cash from home or a debit card is blasphemy. How does that make any sense? Only in the Church of MyFICO.


The only debit I carry with any degree of regularity is my Discover Checking. There is a small sum in there, and I use this card only for sub $2 purchases. 10c minimum cashback per swipe/use. 20c currently. ;)

In short. I'm about the rewards. My Chase, NFCU, DATCU debit cards offer no such rewards, so I simply DO NOT carry them along with having that liability out there.


Yeah, I get that, but it seems a bit extreme to not carry a debit card because they don't offer rewards. Having access to money in an emergency, APR free, is still valuable. It's not like it would come up often. But to each their own I guess.


Most banks I know of have daily withdrawal limits from ATM (~$1,000). I can withdraw more cash daily from my Ring (Cash limit is $3,000) than that and make a payment from my bank account immediately which will post the next day if I need access to that kind of cash. With this method, I save myself the valuable wallet space taken up by a debit card. And I add a layer of protection to my bank accounts.
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Re: Credit card cash machine at casino?

Postby whit » Wed May 13, 2015 12:52 am

Nixon wrote:
kdm31091 wrote:
Nixon wrote:The only debit I carry with any degree of regularity is my Discover Checking. There is a small sum in there, and I use this card only for sub $2 purchases. 10c minimum cashback per swipe/use. 20c currently. ;)

In short. I'm about the rewards. My Chase, NFCU, DATCU debit cards offer no such rewards, so I simply DO NOT carry them along with having that liability out there.


Yeah, I get that, but it seems a bit extreme to not carry a debit card because they don't offer rewards. Having access to money in an emergency, APR free, is still valuable. It's not like it would come up often. But to each their own I guess.


Most banks I know of have daily withdrawal limits from ATM (~$1,000). I can withdraw more cash daily from my Ring (Cash limit is $3,000) than that and make a payment from my bank account immediately which will post the next day if I need access to that kind of cash. With this method, I save myself the valuable wallet space taken up by a debit card. And I add a layer of protection to my bank accounts.


If you're looking for alternatives may I suggest chase liquid, the cash advance is same as your ring (3k) but you don't get charged apr for that since its a prepaid card--yes, it's one more card in your wallet but you can always put cards that are able to on virtual wallets like Google wallet or Apple pay..to condense the number of cards, if not coin.

But also note, depending on the account and usually the average balance kept, you can get the withdrawal limit over 1k a day

To say you're getting upwards of 20 cents back per swipe, let's say it's a 1 or less, that's 20% cashback now, or 10% later..how many swipes would you need to get it even with the apr accessed immediately when you're using cash advance? Even a day, cancels out whatever cash back you earned.

But to each their own. If your system works, that's :cool:

Not judging here, just looking at it from another perspective.

Also wiring in cash may be a lot cheaper, a one time wire fee versus the % cash advance, or be baller like a hedge fund manager I know and roll in with briefcase of 100s :D

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lobbythis
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Re: Credit card cash machine at casino?

Postby lobbythis » Wed May 13, 2015 3:13 am

Nixon wrote:
Most banks I know of have daily withdrawal limits from ATM (~$1,000). I can withdraw more cash daily from my Ring (Cash limit is $3,000) than that and make a payment from my bank account immediately which will post the next day if I need access to that kind of cash. With this method, I save myself the valuable wallet space taken up by a debit card. And I add a layer of protection to my bank accounts.


There are debit cards that offer rewards programs and ATM withdrawal limits can always be raised. You just have to apply for it.

While I know this won't change your mind, I'm letting you know that all the things you think don't exist, actually do.

kdm31091
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Re: Credit card cash machine at casino?

Postby kdm31091 » Wed May 13, 2015 8:13 am

Ok, you have 20 some cards and are worried about wallet space taken up by ONE debit card?

You can have whatever reason you like; it's your life and your money. But to complain about wallet space wasted by one card? One card is extremely insignificant.

If you want to withdraw cash from your Ring have at it. I don't see anyone here who really agrees with your line of thought (and almost no one ever recommends cash advances), but you have to do what you feel is best for you

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Re: Credit card cash machine at casino?

Postby popamode72 » Wed May 13, 2015 8:27 am

Nixon wrote:
Most banks I know of have daily withdrawal limits from ATM (~$1,000). I can withdraw more cash daily from my Ring (Cash limit is $3,000) than that and make a payment from my bank account immediately which will post the next day if I need access to that kind of cash. With this method, I save myself the valuable wallet space taken up by a debit card. And I add a layer of protection to my bank accounts.


Couldn't you just leave whatever credit cards you don't use as much at home when you don't need them in the first place to make room? If you're not really using those cards as much or have use for them, I could argue and say that they're also taking up wallet space too. I don't understand what you mean by "valuable wallet space." There's such thing as a sock drawer, you know and I doubt even CreditAddict seriously carries all his cards with him all the time.

I also don't understand why you want to push this cash advance thing so much lately. I've never seen anyone outright advocate cash advances like you have and even in my old high school class, the teachers always advised against it. You can do a Google search even of what you're talking about and you can see how the entire first page alone doesn't recommend it either. Not many people seem to agree with you or follow your logic and you're going to need a lot more justification for your seemingly very contrarian position on this matter.
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