Question
How do I transfer $20k out of my credit card into cash?
I am looking to buy a car, and the dealer does not accept credit cards. I have a 0% interest card for 12 month with a 25k limit. I want to transfer $20k into cash so I can buy the car and get 20k points as well. If I go to the bank, the cash advance on the card is only $4400. I need someone who has a credit card machine that would do it. Is there an online merchant that'll do that with a fee??
6 months ago - 5 answers
Best Answer
Chosen by Asker
$4400 is an extremely high fee to pay when you might be able to balance transfer the amount to your bank account for a fraction of that cash advance fee. You need to check the terms of the card to see if standard cash advances earn rewards. Cash advance interest rate is generally very high. Many times standard cash advances are not covered under the 0% interest promo rates. Sometimes balance transfers don't even qualify either, it would depend on the card program. If that isn't bad enough, then there is the creditor that will probably place your account into the risky files because a cash advance is done. And, doing a high dollar advance that takes most of the credit limit will probably get your account rate jacked, credit limit decreased and possibly closed. Even though creditors offer cash advances they intensely dislike when someone does one, even when doing one for a much smaller amount than what you are planning. You would be better off finding a vehicle loan. If you cannot, then speak to the credit card creditor about doing a balance transfer with that account and being able to place the amount into your bank account. Read the terms and conditions of the card. If you are in doubt on anything, call them and discuss it with them.
by echo
6 months ago
Asker's Rating: 
Other Answers
Have you thought about a loan?
by I just a whole internet- 6 months ago
It is against the merchants' agreements to give you cash back on a regular transaction. Besides, it is a bad idea. Most credit cards have terms that will change the instant you get near your credit limit, or in 6 months to one year. BTW, this scheme is also used as a scam to get quick cash from stolen cards.
by mikespur- 6 months ago
You can't be serious! Read your fine print. Most 0% are for transferring balances from other cards. Not applicable in your case. You are asking for a cash advance against your credit card. BAD IDEA! Usually cash advances don't earn rewards. You'll pay the $4400 just to get the money. Then you'll pay a very high interest rate on that cash advance ('bout 29%). You'll never get it paid off. Your monthly payments will be about $800/mo.
by Dan B- 6 months ago
Ella, I have never been to those pay day loan offices..I hear their interest is pretty high. Some people work with an understanding company, so small loans through work might be possible. However a lot of people are embarressed to ask anyone they know for help, so online companies do help. www ...
by Hanna L- 6 months ago