When does a cash advance get paid off (Before or after credit card transactions)?
Dan M asked:
Cash advances on credit cards usually have higher interest rates. So when you make a cash advance and pay your credit card your minimum payment for instance, does the cash advance get paid off first or do the credit transactions get paid off. Or does the credit card company make it so you pay the cash advances last when you are about to pay off your entire cc balance?
Cash advances are always paid off last. It's not really 'fair' per se, but it's how life works.
They usually break it down in your bill, i had some that only paid on the lower interest first, others paid a little on each but the interest was more than the payment so I didn't get anywhere for a long time till I started paying more than min.
If you need money you need money now usually. Its tough to deal with sometimes.
New laws that recently went into effect. Your minimum payment is applied to the lowest interest rate. Anything over the minimum payment is applied to the highest interest rate.
Before the new law, your whole payment was applied to the lowest interest rate.