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I am a Bank of America customer, and I have a BankAmericard Rewards Visa credit card through and with Bank of America. Long story short, my APRs are 16% on purchases, 19% on cash advances. Credit limit is $9,500, and I have a $3,000 balance (with $2,000 in purchases, $1,000 in cash advances). I recently graduated from grad school, and racked up just about all the debt during school. I have a stable job and can contribute $500 - $1,000 per month (depending on the month) to paying the credit card balance, while adding roughly $200-400 in purchases to the balance. So, basically the balance is reduced by $100 to $800 per month, depending on the circumstances. On Friday, I received a letter from Bank of America with three (3) valid "Check Cash Advance" checks that can be used as cash advances. BofA is offering a "promotional" APR of 5.99% on "qualifying Check Cash Advances," with a fee of 4% of each transaction. Basically, these are cash advance checks that carry a 5.99% APR, which is considerably less than the current APR of 19% on cash advances via my credit card. The expiration date on these checks is 9/1/10, so about a month from now. If I use any of the checks, I have until March 2011 to have the 5.99% APR tagged on the balance, at which point it would get bumped up to 13.24%... which is still a hell of a lot better than both my current purchase APR (16%) and cash advance APR (19%). The letter says "Bank of America wants to say thank you with this limited-time rate on Check Cash Advances that can help you pay down your higher rate balances faster." So here are my questions: 1) How do I use these checks? It's not a typical check, it's a cash advance check. So can I only use them to receive cash -- or can I use them to pay retailers directly? 2) Can I "refinance" my $3,000 credit card debt (which carries about a 17-18% APR) by making a Check Cash Advance of $3,000, thereby replacing my $3,000/18% APR balance with a $3,000/5.99% APR balance? Under question 2), I could either send the $3,000 check directly to Bank of America's accounts receivable department, Wisconsin just cash the check at Bank of America and use the cash to pay the $3,000 balance. But it sounds fishy and sketchy, OBVIOUSLY. I would be borrowing money from my credit card in order to pay the balance on the same credit card, while lowering my interest rate from 17% to 6%. Does this sound too good to be true? Also, bonus points for those who DO NOT include advice about saving, spending, and overall thrift tips. I appreciate the concern, though :) Thanks in advance, Yahoo users!
You use them just like a real check. The only difference is, a real check takes money out of your checking account. These things take a cash advance out of your Credit Card. Being a cash advance, you start drawing interest from day one and there are usually fees tacked on top of that. Also, you can not use the Cash Advance checks to pay off the same card the Cash Advance checks are tied to.
In the current personal loan market your best choice is KNOWYOURCREDITOPTIONS.COM the reason I say this is because things are always changing. After the 2008 financial meltdown. Underwriting rules have been changing and they continue to make small changes all the time. It really doesn't matter if you have perfect credit or bad credit there are options for just about any situation these days. With that said its going to be impossible to answer your question. My recommendation is grab a quote from my previously mentioned place. You'll be able to see different kinds of programs and rates available for your personal financial profile . Not matter if its an emergency, vacation, or for private reasons; just about any situation is considered. No matter the credit or current job situation. Just let them know what you got and see whats possible from a top provider in the industry today.
Call them and ask. I bet that the rate is only valid for purchases, not paying off your balance, and that the rate will increase after six months or so. I would just concentrate on paying your balances off asap in the way you have been.
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