Can I write a cash advance check to myself?
Please help! asked:
I have cash advance checks from my cc. I need $200 in my checking account right now and was wondering if I can write a cash advance check to myself and deposit it to my bank checking account. I will be able to "pay it off" in 2 weeks so I am not too concerned about the interest rate.
So, my questions are:
1. can I write a check to myself with my cash advance checks (and if yes, do I make the check out to myself)?
2. If I write it for 200 dollars and I pay the credit card company 200 dollars in a couple of weeks will the money go to paying off the cash advance or will it go to paying off my regular balance and the cash advance part will be the last to be paid off??
Don't complicate this. go to your bank and get a cash advance on your credit card. Deposit the money in your checking account. In two weeks, send the money to your credit card company. You may have to contact them to ensure that the money you are sending will go to pay off the cash advance. You may also want to send them a regular payment along with it.
You can do it, but you'll be charged interest every day until the 200 is paid off. When you pay it off, you will be paying for the last time the card was used.
Yes, you sure can….but remember that the difference between a cash advance and a purchase, is a cash advance starts accumulating interest THE DAY the advance is taken and most purchases a have a grace period at minimum, the next billing cycle.
So the answer to your question is no, if you write a cash advance to yourself for $200, your bill will be alot more than $200 when you get it.
IF you should happen to have a check where no fees are involved in their use then go with the check as the cash advance will cost you a fee in addition to the interest.