Comments on: 5 Reasons Cash Advances Are A Bad Idea

By: Should I do a balance transfer?

Should I do a balance transfer? — Thu, 01 Oct 2009 09:01:05 +0000

[...] rate balance first — meaning your 20.99% cash advance will be paid off last. This is why cash advances are a bad idea, especially when you already have low interest balance on the [...]

By: Robert

Robert — Tue, 02 Jun 2009 07:30:34 +0000

I think the fact that there is no grace period and that the higher interest kicks in straight away makes for a sad credit card statement at the end of the month. However this is rarely publicized in adverts and is tucked away in the small print

By: Bankruptcy and Debt Carnival #17- Online Now.

Bankruptcy and Debt Carnival #17- Online Now. — Mon, 29 Dec 2008 23:10:35 +0000

[...] Bhulipongsanon presents 5 Reasons Cash Advances Are A Bad Idea posted at [...]

By: In Suze We Trust | supersecretsavings

In Suze We Trust | supersecretsavings — Tue, 16 Dec 2008 15:16:24 +0000

[...] No Advances. “Cash advances are the biggest wet kiss you can ever lay on a credit card company” (super high rates, no [...]

By: Pinyo

Pinyo — Wed, 10 Dec 2008 05:15:52 +0000

@Ed – Well said.

By: Make Friends, Earn Money

Make Friends, Earn Money — Sun, 07 Dec 2008 18:10:54 +0000

interest rates on cash advances are always at least 5-10% higher than the standard APR for purchases. However this is rarely publicised in adverts and is tucked away in the small print. It also makes no sense because why should there be a difference, afterall whether you take a cash advance or pay for goods and services you are still spending money on your card. The only thing that I can think of is that the banks charge credit companies higher interest.

By: Andrew @ Retire at 40

Andrew @ Retire at 40 — Sun, 07 Dec 2008 10:57:52 +0000

I think the fact that there is no grace period and that the higher interest kicks in straight away makes for a sad credit card statement at the end of the month.

By: Weekly Round Up: Preparing for a Vacation — Green Panda Treehouse

Weekly Round Up: Preparing for a Vacation — Green Panda Treehouse — Sat, 06 Dec 2008 21:59:08 +0000

[...] 5 Reasons Cash Advances Are A Bad Idea [...]

By: Ed at AAFR

Ed at AAFR — Fri, 05 Dec 2008 20:17:07 +0000

Couldn’t agree with you more. If you find yourself needing to resort to a cash advance from a credit card to buy something you need, then (1) something is very, very wrong with your financial situation, and (2) it’s going to get worse as the interest charges pile up. Avoid cash advances like the plague; and if you find yourself “needing” one, take a cold, hard look at what, exactly, has put you in the financial position you’re in–and do something about it.

By: Pinyo

Pinyo — Thu, 04 Dec 2008 17:06:14 +0000

@Vilkri — I am the same way. I have no idea what my credit card PINs are and I have no plan of ever using the convenient check (yes, it’s a convenient way for the CC companies to rob you!).