Wanderer, I would say switching balances between credit cards to take advantage of offers and fixed periods of zero interest is a good idea. It's not always a simple decision though.

Things like balance transfer fees, being unable to switch debt that is attached to the new CC provider, and the risk of losing the deal if you are even one day late making a payment must be considered.

It seems I was getting checks in the mail for cash or balance transfers. What are FG readers experiences with them along with do's and don'ts!

You shouldn't have a fee because all you did was pay your bills online right?

OK, I am sort of confused...lol. Was the $400 goods financed from the previous bank before you balanced transfered to Bofa, and then you paid off the balance to Bofa? If so, then there should be no fee added. Or did you purchase the goods with the Bofa card, and they did not charge you after the statement cut?

If I understand it right, dude then bought something for $400 with his BOA card. Dude then returned item and his merchant credited his card. He had paid the card before he received the credit. Now he has a $400 credit on his card (which would look like -400 on his bill as credits are in the minus and debits are in the + for credit cards so that you know how much YOU have to pay).

He then used his card to pay his bills with BOA's Bill Pay, as BOA for the last couple of months now has it where you can link a checking account from any bank OR BOA credit card up to the $400 credit he has (In this case he used his BOA CC). Anything over will be a new debit on his BOA card.

There will be no fees, because BOA treats the payments like a CC purchase. HOWEVER, if you use the CC to pay your bills through Bill Pay, you don't get the rewards if you have a WorldPoints or something like that. But if he just has a secured or regular Platinum Plus, it ain't mattering anyway. Which is why when I pay my bills with my CC, I do it through the merchants websites (Geico, Verizon, Cable, etc) so that I still get the reward points. I only use Bill Pay to pay out of my checking accounts (HSBCDirect or of course my main BOA checking).

BOA has the best bill pay out of any bank, IMHO. It is super-duper convenient.

I had a situation with BOA. I charged a $400 item and then paid off the balance. I then returned the item and had a $400 credit. I just used their bill pay to pay my bills, but used the card as a funding source. There was no BT fee or cash advance fee.

You shouldn't have a fee because all you did was pay your bills online right?

Can you clarify your question again?

Rockin35

I had a situation with BOA. I charged a $400 item and then paid off the balance. I then returned the item and had a $400 credit. I just used their bill pay to pay my bills, but used the card as a funding source. There was no BT fee or cash advance fee.

OK, I am sort of confused...lol. Was the $400 goods financed from the previous bank before you balanced transfered to Bofa, and then you paid off the balance to Bofa? If so, then there should be no fee added. Or did you purchase the goods with the Bofa card, and they did not charge you after the statement cut?

I had a situation with BOA. I charged a $400 item and then paid off the balance. I then returned the item and had a $400 credit. I just used their bill pay to pay my bills, but used the card as a funding source. There was no BT fee or cash advance fee.

5/11/2009

Lol HJM!

Thanks so much Rockin! You could never explain it better.

Cash advances are a nice feature to have if you really need it but most businesses take credit cards now so there's not really a high demand for cash. The banks' profits run on credit card transactions. If everybody stopped using credit cards for a week, the banks would probably file BK.

Cash advance fees are totally separate from actual charges and credit balances. You can carry a Zero Balance on a card for 18 years, but when you read the credit card agreement, it has a higher APR attached to Cash Advances along with the actual fee.

Ex. I used my regular Exxon Gas card back in January of this year which has a credit limit of $1500, that I've had since 1992. Two years ago, exxon began offering a cash line included with my regular gas card (NON-Mastercard). The transaction fee was $5 for the $30 that I pulled off the card as cash. My statements APR for the cash transaction was 22.9%.

I hope this brings clarity.

Rockin35

Ohhhhhkay, now I am understanding what you are talking about.

1.OK, you purchased something that was $615 on your cc.
2.You paid it back to your cc
3. You returned the purchase to the store and they refunded you the money back to your cc.
4. If you are at $0 Balance, you are worried about your account being over-paid by $615
5. You would like for the $615 to be returned to you but to do a cash advance instead

If what I just mentioned is correct (I hope it is), then you can call your bank and ask them to send you a check for the amount overpaid. This should not be a charge and most banks will send it to you if you are not allowed to carry an over-payment by certain amounts and I am surprised that they allowed it with a $0 Balance. I think Cap 1 let you pay $50 over and they will send you a check out. I remember this clear as day because I had a card before that charged me for the card being paid over the amount.One more thing, if it was over 7 days, I would have asked for them to refund me in cash.

Do not, I repeat, Do not do a cash advance because they are going to charge you for it. Tell them to break bread and send you the over-returned amount. A cash advance is what they will love to see you do regardless to if it brought you to a $0 balance you still got an advance. I am not a credit expert, but my best advice is for you to call them before you make a move. I would not doubt it if the $615 is already in processed to be mailed out to you....lol

Sorry to hear about your bad day, mines was sort of stressed today but I am going to get over it. If you ever need someone to talk to when you are having a bad day, just hit me up on the message box and I will be right there for you. That's what FG friends and family is for!

I would ask for a check in the amount of $615. I'm sure it's free unlike cash advances. Also, cash advances can ring up a red flag to any creditor nowadays for unusual activity. When the creditor suspects unusual activity, they lower your limit to protect themselves.

Sry to hear that yesterday, Sunday, wasnt a good day for you. It wasnt for me either. Stinking allergies caused both my eyes to swell up!

Balance] -$615
Cash Advance Amount]Cash Advance Fee:[/B] $50
New Balance] $50

You assumed right! Also, the Cash Adv Fee will accrue interest at a different higher APR.

Ok guys, yesterday (Sunday) wasn't a good day. Purchased the Jewelry for $615. Yes I paid the off the $615 balance. As time moved on I purchased and paid off other things. A week ago today I was at a zero balance. A week ago today I returned the jewelry. This past Saturday the $615 was returned to my credit card.

So if I took a cash advance of $615 there are fees involved. For conversation sake lets say its $50. If this is the case what is my total payback at the moment of the cash advance $50 or $665 ? I will assume its $50. If its $665 and the next day I pay off the advance am I right back where I started ?