Best Cash Advance Credit Card

[bwbuddy5]

I'll be retiring about this time next year (2018), and will be receiving some good cash payouts for my unused sick and vacation pay. I plan to use this money to take my extended family to WDW.

Since I soon will need cash to pay to a DVC point renter for the reservation, I was considering getting a credit card on which to give myself a cash advance in the next couple of months as needed for the reservation, and then pay it off when some of my cash payout comes from my retirement. Any suggestions (or what other suggestions do you have)?

 

[Albort]

any kind of cash advanced from a credit card are all pretty steep interest rates. I would suggest looking into line of credit or some kind of loan.

there is a way to fund the DVC account and code it as travel with the CSR, u can make back 3x by doing so.

 

[cglaura]

I'll be retiring about this time next year (2018), and will be receiving some good cash payouts for my unused sick and vacation pay. I plan to use this money to take my extended family to WDW.

Since I soon will need cash to pay to a DVC point renter for the reservation, I was considering getting a credit card on which to give myself a cash advance in the next couple of months as needed for the reservation, and then pay it off when some of my cash payout comes from my retirement. Any suggestions (or what other suggestions do you have)?

Is it standard to have to use cash to rent DVC points? That would make me nervous. Would they take paypal? If something goes wrong, at least then you could use your credit card and have some protection from either PayPal or the Credit Card.

 

[bwbuddy5]

Is it standard to have to use cash to rent DVC points? That would make me nervous. Would they take paypal? If something goes wrong, at least then you could use your credit card and have some protection from either PayPal or the Credit Card.

I am, in fact, using Paypal, and am confident that my seller is legit - I'm found several references, and the seller has sold previously. And, they prepared a contract (and I did a little sneaky research and found their personal/company website, so I feel pretty good about it)

 

[Marionnette]

I'll be retiring about this time next year (2018), and will be receiving some good cash payouts for my unused sick and vacation pay. I plan to use this money to take my extended family to WDW.

Since I soon will need cash to pay to a DVC point renter for the reservation, I was considering getting a credit card on which to give myself a cash advance in the next couple of months as needed for the reservation, and then pay it off when some of my cash payout comes from my retirement. Any suggestions (or what other suggestions do you have)?

JMO, but I think that you would be better off with a balance transfer that has a low fee and a 0% promotional APR that lasts until after your retirement date. Some credit cards will allow you to deposit that balance transfer into your bank account as cash.

 

[AmyAnne]

As Albort said, the credit card cash advance costs (fees alone, plus the interest rate) are horrible. You would be better off getting a personal loan from a bank.

But if you are using Paypal, not sure why you can't pay with a credit card.

 

[gottalovepluto]

As Albort said, the credit card cash advance costs (fees alone, plus the interest rate) are horrible. You would be better off getting a personal loan from a bank.

But if you are using Paypal, not sure why you can't pay with a credit card.

Maybe because sometimes Paypal charges an extra fee to pay with a credit card? If that is concerning you OP be assured it will be an absolute pittance compared to a cash advance fee. I think those are running around 20% on my credit cards. I just read an article saying in their study the median fee was 24%. Definitely don't go that route!

 

[Marionnette]

As Albort said, the credit card cash advance costs (fees alone, plus the interest rate) are horrible. You would be better off getting a personal loan from a bank.

But if you are using Paypal, not sure why you can't pay with a credit card.

The DVC owner may not be set up to accept credit cards, may have to pay a fee if they do or may be doing this transaction as a friends and family payment to avoid PayPal fees.

 

[bwbuddy5]

The DVC owner may not be set up to accept credit cards, may have to pay a fee if they do or may be doing this transaction as a friends and family payment to avoid PayPal fees.

Credit Card could be an option through Paypal -- the Friends and Family route (no fee), as I read it, requires that you pay directly from your bank (or your Paypal balance).

 

[Marionnette]

Credit Card could be an option through Paypal -- the Friends and Family route (no fee), as I read it, requires that you pay directly from your bank (or your Paypal balance).

But in order for the DVC owner to be able to accept credit cards they will have to pay a fee to PayPal, which can have a significant impact on recovering their DVC costs for the points they're using for your reservation. Not every owner is willing to take that hit, which amounts to 3%-4% of the amount charged. It's something that you and the owner you are dealing with could work out. In theory, PayPal does not allow "sellers" to impose a surcharge for "buyers" using a credit card.

 

[supersnoop]

You don't want a "cash advance." Look for "balance transfer" offers. YOu should be able to write a check to yiurself and deposit it. It is likely, however, that you'll get hit with a 3% fee or some amount of interest. The $0 fee, 0% interest offers have all seemed to dry up.

 

[bwbuddy5]

But in order for the DVC owner to be able to accept credit cards they will have to pay a fee to PayPal, which can have a significant impact on recovering their DVC costs for the points they're using for your reservation. Not every owner is willing to take that hit, which amounts to 3%-4% of the amount charged. It's something that you and the owner you are dealing with could work out. In theory, PayPal does not allow "sellers" to impose a surcharge for "buyers" using a credit card.

The Paypal fee is 2.9% on each end, so, paying both ,mine and the sellers, would be 5.8%.

 

[bwbuddy5]

Just realized my own Discover Card has the following cash advance specials through June, decisions, decisions (I will be retired within 12 months)

Promo APR
0%
Duration
12 month
Transfer Fee
3%

OR

Promo APR
4.99%
Duration
18 month
Transfer Fee
0%

 

[Jen and Ashwin]

Just realized my own Discover Card has the following cash advance specials through June, decisions, decisions (I will be retired within 12 months)

Promo APR
0%
Duration
12 month
Transfer Fee
3%

OR

Promo APR
4.99%
Duration
18 month
Transfer Fee
0%

These offers are not considered "cash advance" offers but rather balance transfer offers. There is actually a big difference in fee structure between them.

 

[bwbuddy5]

These offers are not considered "cash advance" offers but rather balance transfer offers. There is actually a big difference in fee structure between them.

Yes, I mistyped that one, it's a balance transfer special offer, not cash advance.

 

[GreatLakes]

Check out the Chase Slate card. It had a 12 month 0% interest introductory rate which will get you close to the 12 months. What I would caution you to avoid is the game of non-stop balance transfer where you keep transferring the unpaid balance each 12ish months to keep the 0% interest going longer. By the time you pay the 3-5% fee for that you might as well just take out a line and pay the thing off.

 

[bwbuddy5]

Check out the Chase Slate card. It had a 12 month 0% interest introductory rate which will get you close to the 12 months. What I would caution you to avoid is the game of non-stop balance transfer where you keep transferring the unpaid balance each 12ish months to keep the 0% interest going longer. By the time you pay the 3-5% fee for that you might as well just take out a line and pay the thing off.

That sounds like a good choice, and 0% APR and 0 balance transfer fees are now up to 15 months

 

[Albort]

Check out the Chase Slate card. It had a 12 month 0% interest introductory rate which will get you close to the 12 months. What I would caution you to avoid is the game of non-stop balance transfer where you keep transferring the unpaid balance each 12ish months to keep the 0% interest going longer. By the time you pay the 3-5% fee for that you might as well just take out a line and pay the thing off.

i believe most of ya are thinking of balance transfers. cash advanced charges a rate right off the top. The best info i can find for Discover is its charges 25.5% APR.
Chase Slate Charges 24.99% APR for cash advance.

Paypal probably charges a 3% fee which isn't bad. if you actually want to give them a paper check, i would suggest Plastiq.com where u pay 2.5% fee to have the company send the other party a paper check.

 

[supersnoop]

The Paypal fee is 2.9% on each end, so, paying both ,mine and the sellers, would be 5.8%.

No, the fee is only on one side, not both. And it varies by volume. It should be about 2.9% plus 30¢.

 

[bwbuddy5]

No, the fee is only on one side, not both. And it varies by volume. It should be about 2.9% plus 30¢.

You are correct, I mis-read once again.