Discussions

I was wondering, if you go to Superstore and use your credit card to make a purchase, and you use the cash back option to take out misc amount of $$$, does it show up on your credit card as a purchase or a cash advance. I know if you go to a bank machine and take out money you get caught on a very high interest of cash advances.

I have asked for cash back before and accidentally used my credit card. They informed me if I wanted cash back on my credit card I needed to use a bank machine or pay by debit card to get cash back.

ya i dont think you can get cash back at the till on your CC and you are right they will dig you bad if you use that option, im not sure whet you need cash for but avoid cash advances at all costs, you are better to take out a loan, put it on the CC or just go without

Annetta said "My MC charges same interest on cash advance as it does on purchases (if the total wasn't paid off monthly)--what gets expensive is the cash advance fee if I were to get cash at the ATM. I never do that--I just deposit a convenience cheque made out to myself...on convenience cheques there is no cash advance fee charged. "

they also start charging you the interest as soon as you take the cash advance, plus the fee, no 21 day interest free period, even if you pay in full

traveller said "    Annetta said "My MC charges same interest on cash advance as it does on purchases (if the total wasn't paid off monthly)--what gets expensive is the cash advance fee if I were to get cash at the ATM. I never do that--I just deposit a convenience cheque made out to myself...on convenience cheques there is no cash advance fee charged. " they also start charging you the interest as soon as you take the cash advance, plus the fee, no 21 day interest free period, even if you pay in full "

Some credit cards that I have had give me cheques that I could use by a certain date to pay off other stuff and it would charge the credit card. Way back in the day I used to write cheques to myself until I was told by the institution that I was pulling fraud somehow. Can't remember exactly but the way it was explained it made sense. I have never written a cheque to myself again.

i did forget about the checks but i thought those were not considered cash back but i have never used one so IDK, still any interest charge is still a charge, if you pay your whole bill in a few days no big deal but if you dont they apply the payment to cash advances last as well

Annetta said "Not sure how it would be fraud...the pamphlet that came with my cheques even make the suggestion to write the cheque to yourself.     And yes, I am a ware the interest starts as soon as the cheque is posted to my MC account..but when it gets paid off 3 days later it doesn't amount to much of anything.   "

Great....That was just my slap on the wrist time when I was making cheques to myself. If it says to do that then great.....times have changed a little. And after reading you post in replying to me I see they do charge you cash back interest. For you it may not amount to much paying off that soon but for some it could be a few hundred dollars over a couple weeks or a month....then it really adds up.  
 
Doing more thinking when I was writing to myself it was on bank accounts with overdraft. I was frauding by knowing that there wasn't money to cover the cheque until my pay was deposited taking advantage of the cheque cashing 2 day period.