Ditto OP, I found it easier to do the bank cheque from a transaction account rather than straight from the card - especially as bank staff will tell you again about what's involved and are you sure you want to.
Not only is the interest rate higher, it starts from day one so there are no interest free days. It goes behind other purchases so you need to pay them off before the cash advance is repaid. Some cards also have a cash advance fee of around 2% of the cash advance amount. Just thought I'd let you know in case you weren't aware, but yeah it sucks having to do it as a last resort, we've done it too
I think they have full credit on the card as they don't use it much. It's more an emergency card. So how much more on top of the borrowed amount would we have to pay if the money gets put back on it in a couple of weeks? If that makes sense...
They need to pay off the whole of the rest of the balance on the card, then the cash advance, plus its interest. She will need to call her bank to have all of the fees explained to her.
Our old CC had a 22% interest rate on cash, from memory, but it was a NZ card, so we had to pay conversion rates and fees on top of that also.
ETA Oh, and she will need to pay for the bank cheque also.
I just googled her CC and it says there is no higher interest rate charged for when you need "cold hard cash" as they put it. We only found out about needing this money Friday evening and it's needed Monday. So none of us can do a damn thing till tomorrow. Argh so frustrating. Plus I am working tomorrow so trying to call mum, the real estate, DH (also at work) is going to be fun since i don't have a lunch break on tomorrows shift.
She will be able to go into the bank and just transfer the money straight into my account yes?
If you don't have the same bank, then it will take 4-48hours to process a transfer.
She can withdraw cash, go into a branch of your bank, and deposit it directly into your bank account and it will be available to you instantly.
That is good if they don't charge extra for cash! Awesome!
Find out whether it's possible to make a payment directly from the credit card for the thing that you need it for. There might be a form you can use to do that. If you pay directly then your mum will get the interest-free days (assuming it's a credit card with interest-free days on it) but if you withdraw funds over the counter at the bank (eg to purchase a bank cheque) she will pay interest from day 1.
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