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What are the cash advance fees on secured credit cards?

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Mary

Mary

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Posted on Fri Oct 31, 2008 11:07 am  

Hi chargers
Yes, you can take cash advance on secured credit cards, but for that you need to pay a cash advance fee. However, as far as I know, the cash advance cannot be more than the remaining credit limit on your credit card. But on unsecured credit card too, you have a credit limit as well as a cash advance limit, beyond which you cannot get a cash advance. Cash advance can never be more than the available limit they provide you on the card.
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scott

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Posted on Fri Oct 31, 2008 11:21 am  

Mary is right, but sometimes based on your expenditure and repayment history, some credit card companies increase both the credit limit as well as the cash advance limit on your credit card. So if you use your credit card frequently, you can call up the card company and ask for an increase in credit limit. However, if you want to increase your credit or cash advance limit on your secured credit card, you need to increase the security deposit with the credit card company.
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fireyone



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Posted on Sat Nov 01, 2008 2:03 am  

Doesn't asking for a card limit increase look bad for the card holder? I would imagine it would especially if the card holder is near his limits.
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Posted on Sat Nov 01, 2008 2:19 am  

They will look at the last time you requested or they have granted you more credit, they will look at your payment history, are you making more than minimum payment, are you on time, etc, etc.

Does it look bad, maybe, it will certainly make them take a look at you for sure.
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carol

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Posted on Sat Nov 01, 2008 7:30 am  

Yes, before giving you an increase in credit limit, the credit card companies generally look at the repayment history. However, the cc company may also pull out your credit report to find out your outstanding debt before they process your request and so there can be a hard inquiry in your credit report which may lower your credit score a bit. However, since you have only asked them to increase the credit limit over phone, and have not authorized them to make a hard inquiry in your credit report, it can be easily removed by sending letters to the inquirers asking them to verify your authorization or remove the listing. In most cases the inquirers remove the listing because they cannot verify your authorization.
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Posted on Tue Nov 04, 2008 6:45 am  

What are the cash advance fees on secured credit cards? Do all secured credit cards offer cash advance facility
carol

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Posted on Tue Nov 04, 2008 6:46 am  

Hi Chargers
Secured credit cards do have a cash advance facility but there is a cash advance fees on these secured credit cards which is generally 2.5% to 4% or $2.5 to $10 whichever is higher. If you go for a Wells Fargo or Washington Mutual Bank secured credit card, the cash advance fee would by 4% on the amount of cash advance or $4 whichever is higher. Again HSBC bank has a cash advance fee of 3% or $3 whichever if maximum. This cash advance fee may differ from one company to other.
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fireyone



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Posted on Wed Nov 05, 2008 12:31 am  

SD we have a discover card and the cash advance fees are usually like 3% but only for a certian time limit. It is best if you do take out a cash advance you try to repay before that time limit is up.
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Posted on Wed Nov 05, 2008 6:29 am  

Cash advance fees have to be paid whenever you opt for cash advance both on your secured and unsecured credit card no matter whether you pay it by the time limit or not. Once you opt for the cash advance on your credit card, you are not entitled to the interest free period that you generally get after making purchases on the card. Moreover, in addition to the cash advance fees, you will be charged with interest rate on a higher rate on the amount of the cash advance.
sdchargers_63

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Subject: credit
 
Posted on Wed Nov 05, 2008 12:21 pm  

Thanks..I appriciate all the replies from ya'll. Discovered CC's are for the 'good' credit I think ( lack of a better word.) I don't think they have Secured Discover Cc's, do they? Anyone know?
fireyone



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Posted on Wed Nov 05, 2008 5:21 pm  

No I am not to familiar with secured cards. It isn;t because I have perfect credit. My credit was pretty bad up to a few years ago. I had a couple bad debts on it but I worked hard and rebuilt it because I knew I would need it all my life and it made me feel better. Although mone isn;t perfect now it is pretty average. It is my hubbys credit that gets us the loans and lower rate cards. So hang in there Sd...you won't get there overnight but you will aventually. You may want to ask GN about secured cards. I know she did some looking into them a few months ago. I am not sure what she found.
fireyone



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Posted on Wed Nov 12, 2008 2:41 am  

It would be nice to expand our forum. Please consider joining us.
Justin

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Posted on Fri Nov 14, 2008 10:16 am  

Cash advance fees on secured credit card for most of the credit card companies is 2.5% or $2.50 whichever is higher. However, Bank of America and Washington Mutual charges 4.5% or $4 for cash advance on secured credit cards. What I think is that credit cards should only be used for making purchases but should never be used for cash advances, because you will have to pay not only the cash advance fees, but also the high interest rates.
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SeavieraSooff
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Subject: absobbyBobkic
 
Posted on Sat Nov 15, 2008 2:25 am  

good site. Continue also
sdchargers_63

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Subject: credit
 
Posted on Sat Nov 15, 2008 3:16 pm  

GN did some a link to me, FIREYONE........really interesting stuff in there!! You're right.......credit repair won't happen overnite. However......I'm 'getting there'. Finding different resources, etc. to help me with it. SOOO much I can start with!! Just trying to decide which is the Best, for that '1st step'..kind of thing.

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