How do you convert your credit cards to cash?
 

Ok heres the deal I need cash right away, I only have credit cards, how do I use these credit cards to turn it into paper stuff in my hands or to my bank. In other words I need the cash in my hands or the bank. I dont need them swiped unless they are going to my bank.

That would be called a cash advance my friend. Most banks, pawn shops, casinos etc. will gladly advance you cash against your ccredit card. You typically pay an upfront fee, say $10, and then interest from the day you take the cash. You wiol also pay interest on the entire balance from that moment as well. Not advised unless a true emergency.

Ok, when I was in collage I dated a girl and when parked outside her family beach house in NJ had two tires slashed, discovered at 2am. Snuck out late, discoverd the problem, but couldn't go back in. I changed one and drove about 2 miles on the other. Called AAA, tow truck came 2 hours later, and car was towed to the only all night auto repair in Atlantic City. Another 2 hour later and I had 2 nice new used tires and a $180 bill. They only took cash, so I headed to the casino and got a little cash advance with Dad;s credit card. Oh how I miss my youth.

John

cash advance i am trying to aviod that since the amount would 12k lol i know i am crazy but oh well

The only way to avoid the cash advance fee and the usually higher interest that goes with a cash advance is to make a purchase. Either the person wanting to receive the cash somehow makes this a credit card sale or you find a business that takes credit cards and they "broker" you some cash. There is an outside chance you can buy something, or a few things and return them receiving cash for their return. This is rare, but if you know the business owner, it can be done.

12 large, that's a lot of money. Especially on open credit. To have 12,000 appear suddenly on your card(s) will destroy your FICO.

was thinking more of doing it on 2 cards 5K and 7k ...not too worried about my fico score i already have my credit i need

I dunno what's happening or why...but I'm sure glad I'm not you...this sounds like a sure fire recipie for financial disaster...

http://www.thesmokinggun.com/archive/fakemillion1.html

need cash? join the club......but you could try it her way

:)

yeah and so what

i'm sure he meant nothing...........

this i would interpret as advice. you posted your question here, you will get some stuff you really dont want to hear. no need to get all ruffled up. you need to proceed carefully. check to see if you credit cards are going to give you a different rate on cash advances. you could potentially jack your credit. i have a friend that did this to buy something. the something's newness wore off and all he was left with is major debt.

Cmon guys.. he has his back against the wall for whatever reason.... JD, get the cash advance if you need to... it won't be the end of the world. $12k these days isn't a whole lot. Only thing I can add: Before you do it, if your credit is good, try to apply for a couple of cards online that have good cash advance APR rates. You could probably have access to the cash pretty quickly and it might be much better terms than your current cards.

"$12k these days isn't a whole lot"

If you're making 10 and 12/hr, 12K is a fortune.

i have my reasons for what i am doing sorry if it seems like i was being rude...if your making 10 to 12hr, 12k is not a fortune...its depends how your living is...I only have me to look out for me...lets just say something came along that was right

Sorry On-ramp, I guess I assumed that not many people on this board (owners of 911s) are making 10-12 per hour. You're right... $12k would be a lot. Hope I didn't offend.

a slantnose conversion with a chevy V6?

Let's see 10/hr, that's about $400/wk, working 40hrs/wk
after taxes, that's about $272/wk.....

How many weeks to make 12K.......hmmm.. 12,000/272 = approximately 44 weeks..

sooo, you have to work 44 weeks, 40hr/week and not spend a dime, to save up 12,000....

I'd say that amounts to a "fortune"

Have a nice day

:)

motion, no offense taken....btw, what happened to your hair?looks like you had a fight with a cotton candy machine and lost :)

lost in translation
12 x 80= $960 working 80hrs/2 weeks
after taxes thats $360 a week hmmm the odds look better :) but who really makes $12 factor in $4 more dollars

Well, as a (semi) retired financial planner, I would have to add my voice to those who would say that putting $12k on credit card(s) is a LOT of money to most people. I would hope this is an absolutely necessary purchase. Not to flame anyone, but I tend to advise toward the cautious use of credit. You never know when a bona fide emergency may come along. If this is the case and there is no other way, then that settles the question. Can you mortgage something? Do you own any real property? That could be an alternative. Other than that, there is no easy way to borrow that much against a credit card UNLESS your line of credit is more than the amount required.

Not flamin' you bro', just hear me out...

Because you do something on credit and over-extend yourself and if things get bad in the "just you" world, what next? You say "Ah, screw it! It's just me, I'm going bankrupt." Then the rest of us pay higher prices or interest rates so the companies can the recoup the money you lost them. There's millions of "just me" out there and it adds up.

THAT'S what.

If I had a nickel for every time I've heard this very scenario, I could fill my head with nickels. And that's a LOT of nickels.

And I sincerely doubt that his "back is against the wall". I guarantee it's a 'want' not a 'need'. Right?

OK JB, Tell us what's right.......

Something cool?