[Lidys]

Hi, I want to take a card with 0% intro promo or 0% balance transfer and 0% cash advances.

I’ll use 40k to make a down payment on a rental property in Colombia and make payments directly to the seller without using a bank since over there interest rates are 16%. Any suggestions? Thanks

[Cathie]

There is no such thing as interest free cash advances.

[Aaron]

Interest free cash advances? Not aware of such a thing.

Bad idea, save up the money.

[Nick]

This sounds like a horrendous idea.

[Jasmine]

None. In fact, most credit cards charge a much higher interest rate for cash advances than for regular purchases.

[Stephanie]

Wow, this is full of bad decisions.

[Holly]

This does not exist in the US. You could take a margin loan at 8%ish if you have investments in the US.

[Jule]

Terrible idea! The cash advance rate on a credit card is 30%. Also the max is only a few thousand, not your entire available credit.

[Poley]

Unless you can find a place that allows you to buy $40k in gift cards on credit and then pay in gift cards then no it’s not possible.

[Bruce]

Do you know anyone with business you can run your credit card through?

State Farm Insurance had a credit card with a great rate not to long ago. You’d have to pay the merchant the 3% they’d pay for the fee…but otherwise the best way to get access to that cash.

Also, check out: I would like to open up my first credit card but I don’t know what would give me the most benefits

[Cheryl]

Bank of America has 0% for 18 months. Discover also has 0% for 21 months. Those are ones o for in the mail last week.

[Amy]

Balance Transfer can work great for this; cash advances no.

[Angel]

You can do a balance transfer into your checking account. I know Discover usually has these offers.

[Steve]

USAA used to do this periodically. Limited time offer for some long-time customers. Usually $40k for 18 months. They would even send me 3 or 4 paper checks for it, to make spending it easier.

Just look at the terms and understand what happens if you don’t pay it back on time.

Also, if you’re relocating and need credit for anything else, your credit score will take a hit. I think it has something to do with % utilization of available credit (?).

[Megan]

Low or zero APR cash advances are not reallt a thing.

You might want to look into opening bank accounts that that allows CC funding but odds are you won’t be able to line up enough to generate $40K is cash. I was a to coach a friend to around $15K in rapid succession.

Consider browsing: Credit card tips? Any specific ones you guys are using and why?

[Cynthia]

You may want to check first because, must credit card companies charge a higher interest rate cash withdrawal unless, your dealing with a company that’s going to run the transaction like it’s a purchase so you can take advantage of the free interests promotional period.

[Jennifer]

I read just yesterday about getting a HELOC based on a US property in order to cover a mortgage in Colombia. Your interest rate would be around 8% that way, so consider that option if you have property here to use as leverage.

[Yuki]

It does exist. I am using 0% cash advance on bank of america Alaska airlines credit card. But it came in as “promotional offer exclusive to you” (I don’t know if exclusivity is true) last summer. There was a small fee attached to it though.

I think I cash advanced like $25,000 and paid $400 in fees for 18month.

[Jill]

You may want to update your post to say 0% intro promo or 0% balance transfer to stop the scathing responses about 0% cash advances. I think this is what you meant, but the terminology is setting off a lot of people.

I personally think the situation sounds scammy or at least a very high risk. But I can also tell you that my discover card will do a “balance transfer” in cash to my checking account up to 100% of my line of credit.

They usually do either a small % interest and no transfer fee, or a 2%(ish) transfer fee with 0% interest. They just add the transfer fee to your balance, so would slightly limit the max you could receive. Terms are usually either 18 or 24 months. When the term ends, they just go to the regular APR of the card, no back interest.

I pretty much have rolling offers for this, so it’s not a one-shot deal.

Worth a look: We opened a Wells Fargo credit card with 2% cash back hoping to simply bill payment and get some cash back

[Montai]

Absolutely NONE. Cash advances on credit cards are 29.99% and you start to incur interest on the 1st day you accept the cash advance.

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