Can I transfer a cash advance that I took out of my credit card to a low or no interest rate card?
Jeff asked:
When making a balance transfer does it apply to the current cash advances on the card as well or is the cash advance not included in the balacnce transfer.
I appreciate your responses, thank you.
Shouldn't matter because they will make the money on the "balance" transfer. They don't care what makes up that balance that they will be taking on when you transfer your balance because they will charge you interest (at some point after the Intro period).
A Balance Transfer is SEPARATE from any other cash advances on your card. Once you take out a cash advance, you will pay finance charges until repaid IN FULL, and sometimes an advance fee. You may use the cash for anything you see fit, even to pay off another card. Most banks treat a Balance Transfer as an advance when they pay down another of your cards. Some will treat it as a purchase so you pay less interest, or create a Special Transfer account segment with a zero or low promotional interest rate to get your business. No matter how it is treated, it is deducted from your credit limit. But BE CAREFUL–the promotional period is often short–like a year, and any unpaid balance after that will then carry a MUCH HIGHER rate–what they usually charge for advances, like 21-32 %. Hope that helps.
you should be able to transfer the balance completely. Generally, a balance transfer just consists of one Credit card company sending a check to another credit card company. Find out if the new card has balance transfer fees and if the rate they are offering is an introductory rate or a permanent one. If you are paying high cash advance rates, a balance transfer to a competitor probably isn't a bad idea
If we assume you're transfering the entirety of Credit Card A to Credit Card B then yes the cash advances will be included. But say you're onling transfering a portion of Credit Card A to Credit Card B then the paymentt from Credit card B to Credit Card A will cover the balances (ie transfer the balances) with the lowest interest rates first and then cover the cash advances (usually the highest rate) with whatever is left over.