Monday, October 20, 2008 :: Q...
I recently needed a cash advance so I used a credit card. I needed it for a day or so and wanted to pay it off almost as soon as I took it. The problem? I carry a small balance on the credit card I used and when I researched how to insure the payment went to the cash advance portion and not the purchases balance- I found there was only one way to do it. US mail and a check.
I pay bills online these days and do not use checks. I do not even have checks. I thought I could go into a local branch where the credit card was issued and pay the bill off but was informed by a clerk via phone that the only way to pay off the cash advance balance was indeed by the way provided on the site– US mail and a check.
I sent the [over the counter] check off two days after I took the advance– stipulating the entire amount should be applied to the cash advance portion of the balance. I also printed off a copy of their online instructions and sent that in to.
I believe carrying a cash advance amount sends the interests rates higher for the entire balance. In my opinion, ensuring the cash advances are paid off quickly is worth the hassle. Why not pay off the entire balance? One, things have come up [car, treadmill], the balance is really not that much and three– I do not have a lot of debt [car is paid for, etc.] and I use the personal card and my business card to ensure my credit stays noticed and good.