Credit Card Cash Advance

Most credit cards offer cash advances. However, there are many hidden costs that can be quite costly. When you take a cash advance, a standard fee of 3% will be tacked on. Additionally, a cash advance interest rate will apply. This rate is often 5% to 15% higher than the standard APR. A very select few credit cards do offer 0% cash advance interest rates for up to 1 year, but when the introductory period ends, the APR still skyrockets into the high 20′s.

If you intend to take a cash advance and are not able to get a 0% interest card, there are a number of things to take into mind. Here are just a few expensive cash advance scenarios and some possible solutions:

1.) Let’s say you have a balance of $1,000 on your credit card and you take a $1000 cash advance. Two months later, you pay $1000 towards your bill. Guess what? Your interest rate will still be the astronomical cash advance rate, not your regular rate. Why? Because credit card companies apply your payments to your lower interest balances before higher interest balances. That means you’ll have to pay off your entire $2000 balance to avoid paying 29% interest on your credit card.

One way to avoid this is to use a credit card that has no balance or a new credit card. Both of these situations prevent you from getting slammed by cash advance interest rates on previous balances.

2.) Now let’s say you use a new credit card to take a cash advance of $1000, but are unable to pay it immediately. Over the course of a year, your $1000 cash advance at a 29% interest rate could accrue interest of $300 or more. That’s an expensive $1000.

One way to avoid this situation is to take a cash advance from one credit card and transfer your balance to a 0% balance transfer credit card. This will not only save the cost of a year’s interest, it will also provide a lower interest rate after the 0% introductory term.

Taking a cash advance is expensive no matter how you look at it. However, there are ways to cut down on the hidden costs these transactions have. Finding a credit card that offers a 0% cash advance rate is ultimately the best way to avoid these fees, but even without a 0%, smart consumers can survive ending up in credit card hell.

Credit Card Cash Advance

From the AuthorIn 2003, I co-authored the original award-winning Making Big Money Investing in Foreclosures without Cash or Credit that showed people around the world how to easily grasp the hidden techniques to successfully make big money in foreclosures. Since then, so many people from around the world have told me how investing in Foreclosures has changed their lives. Grab your copy of my ALL-NEW, EXPANDED EDITION of Making Big Money Investing in Foreclosures without Cash or Credit TODAY and you’ll get more than just a dramatic boost in your real estate investing income…you’ll also get over $245 in valuable bonuses. Gifts guaranteed to give you the complete road-map to building a high six or seven figure income investing in foreclosures.

From the Inside FlapHERE’S WHAT READERS OF MAKING BIG MONEY INVESTING IN FORECLOSURES WITHOUT CASH OR CREDIT :

Michael King I knew that there was more to life than a job and I could achieve it if I was willing to make the effort. The greatest satisfaction for me comes from taking a house that is trashed and turning it into a desirable home. Read Peter’s Making Big Money in Foreclosures and study your area and market. Then find ways to hang out with other winners like those you’d finding the Mentor Family.

Teri Darnell Although I’ve always had a good job and made decent money, living is expensive, and it’s very easy to refinance and continue to borrow until one day you realize you’re in way over your head. I was in foreclosure myself in the early ’90s, so I understand the mental state people are in when it’s happening. When money is short, it’s so easy to leave your bills unopened and stick your head in the sand. It’s a state of denial. I’m able to tell people my story and show them I’m a living example of life after foreclosure. I’ve been there, done that, and have bought real estate many times since, so it’s not the end, but a new beginning.

JJ Bergstrom I thought this was a business for scoundrels, but that isn’t the case. The “used-car-salesman” types are not going to make it because they only care about the deal. Care about the people; be honest and ethical in everything you do.

From the Back CoverIn this thoroughly updated guide, bestselling author PETER CONTI shows real estate investors how to: -Understand the concepts involved in investing in foreclosures -Find a motivated seller -Structure the deals, including how to buy with little or nothing down -Negotiate with sellers in foreclosure, including how to overcome obstacles and close deals -Avoid costly contract pitfalls -Hold on to newly acquired properties and grow a portfolio for long-term equity build-up

Peter Conti pulls all the pieces of the transaction together into a step-by-step action plan, so that investors can apply what they have learned and start making money.

Most helpful customer reviews

13 of 14 people found the following review helpful.
Excellent Scripts for Tongue Tied Investors
By Harry W. Payne
After attempting to do pre-foreclosures on my own and becoming tongue tied when talking to the seller, I find that the scripts in this 2nd edition helped me to move forward with talking with the seller and the banker (e.g. the loss mitigator).

This 2nd edition not only explains the foreclosure process, but it explains how to talk to and what to say to people that you converse with through out the process. That’s a thumbs up for me.

7 of 7 people found the following review helpful.
Best of the Best
By William L. Hearn
Having read the 1st edition started me on the path of foreclosure investing. The 1st edition was an excellent source for the steps that are necessary to be a successful foreclosure invester. The materal was layed out in a manner that could be understood by any one. The 2nd edition only enhances the 1st edition. I recommend either book to read, even if a person does not want to be an invester. But be fore warned, if you do read either book {recommend both books, 1st edition, then the 2nd edition}you will change your mind and become an invester.

9 of 10 people found the following review helpful.
Fantastic Inside Information
By Mr. Steven M. Stacel
Peter Conti’s new book is fantastic. It is packed with inside information from Pete and his team who have perfected every area of foreclosure investing. This book shows you how to take your investing business to the next level so that you can become more successful with less time fixing toilets and chasing down tenants. This book shows you 12 ways to structure deals with little or no money down. How to use “Subject To” Financing. It explains the Instant Offer System so that you can get more sellers to say “YES” to your creative solutions. Peter Conti also takes you step by step how to use a short sale to create some income from properties that other investors may have decided to pass on. Finally, this book shows you how to put your investing business on automatic pilot so that you can concentrate on the bigger picture and focus on larger deals. I cannot wait to implement the ideas I have learned in this book to take my investing business to the stratusphere.

Steve S.

See all 21 customer reviews…