Wells Fargo Users

exalted512

Can you transfer money from your credit card to a checking account so you can pull out cash???
-Cody

lomic

It's available as an option in my online account... that is for Transfers I can select my credit card as a "source". I'm quite certain you get pegged with the same cash advance penalties and interest rates that apply for all credit cards.

Any reason in particular you need to do this?

exalted512

Im about a grand short for a bike I need, I should have the money by next month but the bike might not be there...and its from a person so he cant run my credit card. I figure I can pull the money and pay it back before I get hit with any interest rates.
-Cody

PolkThug

Do you get promotional checks from your CC company? I used one to buy my pickup truck.

exalted512

No?...
-Cody

lomic

exalted512 wrote: »

Im about a grand short for a bike I need, I should have the money by next month but the bike might not be there...and its from a person so he cant run my credit card. I figure I can pull the money and pay it back before I get hit with any interest rates.
-Cody

STOP!!!

Okay, now that you've stopped, read everything on your credit card's information packet about how cash advances work. I'll assume you're talking about a standard Wells Fargo Platinum card.

Here is what you will pay:

-4% of the amount you Cash Advance will be immediately charged to your account.
-23.49% APR interest will begin accruing immediately, not after your next billing cycle.
-If you have any other charges on your card, any payments you make will go to those Standard Charges before they go towards paying off your Cash Advance charge. For example if you are carrying a $1000 balance right now, then Cash Advance another $1000, even if you pay $1000 to the card at the end of the month, you will be paying 23.49% APR on the remaining $1000. This doesn't sound like the case for you, but just FYI.

Does this guy happen to have a Premium Paypal account for any reason? If so you can send money for around 2.9% flat.

The other option PolkThug was referring to is a Balance Transfer check. Some promotional credit cards send you a check that is equivalent to a one-time cash advance with a special 0% for 12 months interest rate. You can technically even deposit these checks into your own bank account and it's not illegal, you just have to be careful. This would be a great option, to just make out one of these checks to him, but it doesn't sound like you have the time.

The only way you're going to get out of this without paying fees to someone is borrowing from someone who trusts you. A lot.

snow

You can get a cash advance up to $500.00 on your checking account also, as long as you have direct deposit for your paycheck. But its a pretty exorbiant fee also. 10%-15% or so I think ?

REGARDS SNOW

jdhdiggs

Iomic: You left out that the 23.49% or so interest rate typically applies to the full balance immediately upon a cash withdraw. All in all, taking cash off you CC is the worst/most expensive way to get cash.

exalted512

Im going to try and pull out a loan today for the full amount. I really appreciate it guys.
-Cody

BIZILL

i talked to my credit card company and asked if a paypal money transfer from my cc to my paypal account counted as a cash transfer. the cc rep said no, just purchase and be hit with purchase apr. then i could transfer my paypal money to my bank account. don't know if i can just use paypal to transfer directly from my cc to my bank account. i'd rather take the extra step to be safe. those cash advance apr's are crazy! call your cc company and ask.

btw, i did not follow through with this transaction. just called and wanted info. i don't think paypal hits you with any fees for doing this either. up to you to call them as well.