I am not doing it! CC cash advance

[tloonya]

Friend just called, she has 24% cc and need urgently $2K.
Will return in 2 month. How much % will she lost?

[NancysSummerSip]

If my math is right, that will cost her an additional $480, on top of the $2,000. How urgent is it that she has to spend money to get money?

[Deleted]

What does she need it for and where is she going to get $2500 in 2 months?

[tloonya]

That's what I thought! She says it is a few dollars. I don't care what she wants it for, she has a huge family and I am sure it is for their sake.

[mollyanna58]

Isn't there usually a transaction fee of about 3% in addition to the interest?  That's another $60.00 added to the interest. 

[Deleted]

Well, what she wants it for makes a difference...at least it would for me.  If it's the furnace is broke down and she's got a tax return coming that's different than if she's just going to get all the kids new clothes and concert tickets.

[bean29]

Looney,

Is your friend asking you to take a cash advance on your credit card and she will pay you back in two months?

If so, the answer is no. b/c why should you pay her bills?

Let her get a loan from the cash advance store.

[tloonya]

Mar 13, 2015 10:17:46 GMT -5 bean29 said:

Looney,

Is your friend asking you to take a cash advance on your credit card and she will pay you back in two months?

If so, the answer is no. b/c why should you pay her bills?

Let her get a loan from the cash advance store.

What is cash advance store?

And no, she is using her card. I do not have any.

[Angel!]

She will be paying $40/month in interest. Likely there is a fee to get the cash advance also in the range of $40-$80. So if she truly pays it back in 2 months, then it would cost her $120-$160 in interest & fees.

There are tons of 0% offers.  She should use one of those or does her credit suck?

[hoops902]

Mar 13, 2015 11:38:11 GMT -5 Angel! said:

She will be paying $40/month in interest. Likely there is a fee to get the cash advance also in the range of $40-$80. So if she truly pays it back in 2 months, then it would cost her $120-$160 in interest & fees.

There are tons of 0% offers.  She should use one of those or does her credit suck?

This is "roughly" the answer TLoony (ignoring whether the 24% is APR or APY).  Everyone saying $480 is figuring an entire year of interest, not 2 months).

[NancysSummerSip]

Mar 13, 2015 12:10:30 GMT -5 hoops902 said:

Mar 13, 2015 11:38:11 GMT -5 Angel! said:

She will be paying $40/month in interest. Likely there is a fee to get the cash advance also in the range of $40-$80. So if she truly pays it back in 2 months, then it would cost her $120-$160 in interest & fees.

There are tons of 0% offers.  She should use one of those or does her credit suck?

This is "roughly" the answer TLoony (ignoring whether the 24% is APR or APY).  Everyone saying $480 is figuring an entire year of interest, not 2 months).

True. I said $480 assuming the worst (that it would not be paid back in two months). Given some of Loony's friends' situations, I thought it was a more realistic assumption.

[Deleted]

Highway robbery!

[Peace77]

If she is asking for you to loan her the money, Just say NO!

[tloonya]

Mar 13, 2015 12:20:33 GMT -5 Peace77 said:

If she is asking for you to loan her the money, Just say NO!

NO! She is using her own cc in her name not mine I do not have cc...what else haven't I said already?

[NancysSummerSip]

Mar 13, 2015 13:14:35 GMT -5 tloonya said:

Mar 13, 2015 12:20:33 GMT -5 Peace77 said:

If she is asking for you to loan her the money, Just say NO!

NO! She is using her own cc in her name not mine I do not have cc...what else haven't I said already?

You haven't told us what the money is for. Nosy as we are, we want to know. Is it for gender reassignment surgery, a new pool or one last crab-legs-and-Champagne blowout before she takes off for Europe with a cabana boy?

[NastyWoman]

Mar 13, 2015 13:22:11 GMT -5 NancysSummerSip said:

Mar 13, 2015 13:14:35 GMT -5 tloonya said:

NO! She is using her own cc in her name not mine I do not have cc...what else haven't I said already?

You haven't told us what the money is for. Nosy as we are, we want to know. Is it for gender reassignment surgery, a new pool or one last crab-legs-and-Champagne blowout before she takes off for Europe with a cabana boy?

It's to have one last bash before the end of the world.  Friend has been reading POMs thread and didn't get the hypothetical part of it  and under those circumstances who care what the interest rate would be, it would never get repaid anyway...