cash advance on my credit card
rak asked:
if i take a cash advance on one of my credit cards ($100-$200) and pay it off in full when the statement comes out will it:
1. negatively affect my credit?
2. charge me interest even though im paying it off in full right when the statement comes??
how do i do this?? the credit card was issued by Bank of America, do i just go to Bank of America and say i want a cash advance on this card??
A cash advance accrues interest from the day you receive it (plus whatever fees are associated with it). No, it would not negatively affect your credit — other than if the advance pushed you up close to your credit limits on all your cards. But that would change the next month when you repaid. Unless you have a real need for a short term loan, why do it?
If you're doing this just to create more credit activity, I'd suggest a loan from Prosper or something like it. If you have good credit already, the cost will be a lot less than what a credit card advance would cost.
i work for bank of america and a cash advance wont do any with your credit and they will charge a special interest only for the amount that you are getting