Can I negotiate the interest rate on a cash advance (credit card)?

Question

cant get in the situation Im in but I did take out some money on my home equity line of credit. If I sell my house for the price Im marketing for, im assuming ill have to pay the line of credit in its entirety and then the acct and mortgage is closed. im not going to be able to pay off the entire line of credit maybe 70% of it with the proceeds from the house. ill have to transfer the remainder to some other instrument. can I negoitiate interest rates on a cash advance on credit card. I think its rediculous for my card issuer to charge a whopping 20% int on cash advances. its my only other credit and I do not have much in savings (about1500) I want to keep this cushion for emergencies. any suggestions

Answer 1

In other words, you owe more than your house is worth and you want to sell it, putting the shortfall on a credit card.  Not a good plan.  Do you really have to sell now?  Can't you keep the house and pay down the HELOC?

Answer 2

since you don't need the cash TODAY...call the number on the back of your card and ask for them to send convenience checks. generally they have promo rates of 2.99% for six months or some even 5.99% for the life of the balance...ect...generally there is a transaction fee of 3% terms and conditions vary...but based on what you're talking about, anything would be better than a cash advance fee for an amount of that sum AND the high interest...I don't want to be rude, but are you sure you have enough to do the cash advance if you go that route?...cause generally companies will not allow you to "cash advance" up to your available balance, often it's only up to 25% ...just wanted to make sure you looked into that if you end up going that route, wanted to make sure you were prepared!

Answer 3

I doubt it, but I don't know absolutely for sure.  They charge the high rate because they know that someone taking pure cash on a credit card is having some level of financial difficulty, and thus the risk is higher for them that you will default.  That's the way credit works, so you shouldn't find it rediculous, to be honest.  Never hurts to call and ask but I would be surprised.