Can you get a cash advance from a credit card thats maxed out?
Adub asked:
Hi, I accidentally overdrafted my bank account 4 times and now I owe 130 dollars…so i was wondering if it were prossible to get a small cash advance of about 150 from my credit card even though its maxed out?? help?? And also how many days do I have to pay back my overdraft fees??? I bank with BofA.
No, you have a set credit limit. If you are really short on money i would suggest that you get a payday loan and pay the 4000% interest rate that they charge. Good luck.
No, a "cash advance" is treated like any other credit card purchase, except you usually get charged a higher interest rate if you don't pay that particular purchase back right away. If your card is maxed out, they won't give you one, any more than they would put through any other purchase that was attempted on a maxed-out card.
Call your credit card company and ask for an increase of your credit limit. If you have been a good customer, pay your bill on time, and haven't recently asked for a credit limit increase, they will probably give you one.
I do not recommend the payday loan places. They are a total rip-off.
It is possible that you could slip it through an ATM machine but even if it did go through they would charge you a bunch and probably cancel your card. As far as paying back your overdraft fees, work that out with your bank. They most likely will work with you and maybe you won't even need that advance. Don't wait, if the banks open, go now.
Go to your bank or call and set up payment arrangements to pay your overdraft fees in 2-4 small amounts until it is positive status. Most of the time the banks won't write off negative accounts until it's over 30 days negative. Most importantly just talk to the bank. Go! Go! Go!
Stay away from those cash advance/payday loans. Chances are if you don't have the money now to pay the overdraft fee, why would you want to pay $150-200 or more in interest fees from the payday loans. They are ripoffs and they require your bank account information to get the loan so when your payment is due they will draft your account–positive or negative. Stay away from them, please!
No, dont be dumb.