Converting credit to cash ?

Question

How can I convert my credit card limit amount into cash?

I need to know how could I get cash from my credit card. For example, if I have a 5000 limit, how can I get all that money in cash?

I've heard I could go to the casino and pay with credit card to buy the chips to play and then I could convert them into cash, but I'm not sure if it's true or if there're other better options....

My cash advance is very little only 500 and I need more and it has to be in cash :S

Thanks guys!!

Answer 1

That's called a Cash Advance.

To get a Cash Advance, you can either visit your credit card's website, log into your account, and you should see it as one of the options offered to you.

You can also contact them and request "courtesy checks", which you can make out to yourself and cash at the bank.  Still, be careful not to exceed your limit!

Cash Advances come with incredibly high interest rates, even if you're paying a good interest on purchases.  For example, I pay 9% interest on my Capital One card, but for the same card, for a cash advance, it's a rate of 25.99%.  Keep in mind, since you have a low credit limit, it likely means you either have limited or fair/poor credit history... meaning you can likely expect a higher interest rate on your Cash Advance.  This is another thing you can check on your account online, though.

So, if you do a cash advance for $5000, and it only takes you 1 month to pay it off, you'll pay a little over $100 in interest, just for that one month.  If it takes you 6 months to pay it off, you'll pay nearly $700 just to finance that $5000 in cash.

Your first order of business is to get the credit line increase from your bank.  You either have to submit a request online, in writing, or over the phone.  They don't usually raise by increments over $1000, so it will take some time to get you up to the $5000 mark.  It takes fairly good credit, too.

Best of Luck