Cash Line Of Credit

I have a credit card statement from bank of america. The statement says the i have $5000.00 credit line available and $3000.00 cash available. Can i go to the bof and get monet out of the cash available?? how would that work??? Do i use it as it atm?? I dont have no money in my checking account and i need to take money out? i need help on what does that mean about my credit and cash available. thanks.

I would only do it if I was in a real emergency. You could do it at an ATM. You put in your pin number for your card and you get cash out of the ATM.

2009-10-05 16:09:00 by Nick L

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what is the difference between Overdraft facility and Cash Credit or line credit

overdraft facility is normally against the fixed deposit or on clean basis . The above facility will have repayment schedule also. In case of cash credit facility or line of credit, the facility will normally be against stock or goods in transit. in case of export orders overdraft facility is also granted against orders also

2009-09-23 22:55:48 by vinay v

Price: $8.99

Total Credit Line: 300
Available Credit for Cash: $150
Credit Line for Cash: $150.00

Is the $150 part of my $300, or can I charge up to $300 ANDDD get a cash withdrawal?

No, your credit limit is $300 combined.
But BEWARE of those cash advances, they charge a higher interest (much higher) and there is a little secret many credit card companies have. They decide how much of your monthly payment is applied towards the cash advance.
In other words say you owe $200 on charges and $100 on a cash advance. You make a payment of $150, well 98% usualy is applied towards the purchase balance and the rest is applied to the cash advance.
This means the cash advance is the last to get paid off. If you pay your ballance in full every month, then there is no problem.
Read the fine print from the CCC, it states they determine the amounts to be applied to cash advances.
This also includes those "checks" they send all the time, it's a ploy to get you to use them because they are considered a cash advance.

Hope this answers your question.

2008-07-12 08:57:36 by Eric G

Price: $6.97

I have a business credit line with a cash advance limit of $2500. I need to make a cash or check payment of $6500 using the credit line monies and paying by credit card is not an option. I have no idea how to do this. I am in a real jam and could really use some help. If anyone knows how to get around this or has any alternate payment methods, I would love to hear them. Thank you all for your help!

Your only option is to call the creditor and ask them to increase your cash advance limit.

I think casinos used to let you 'charge an advance', but I'm not sure if the practice is still in existence, nor if you live anywhere near a casino.

Other than casino's, there's really no way to do it - it'd be the same as asking "Does anyone know how I can charge $5000 with a $1000 credit limit?"

2008-04-26 00:01:29 by Sherman

Ok, I just received my credit card, I've got an available credit of $3,000 and a cash advance of $600.

Does this mean that I can only get $600 in cash at an ATM until I pay the balance?

Please, tell me exactly what it means, thank you...

Listen to what everybody is telling you. That cash advance can also keep you in debt for a long long time. If you read the fine print in the "Terms of Agreement" there is a higher interest rate on cash advances. They also apply your monthly payments to the lower APR first which means that cash advance balance will not go down until your regular charges are paid off.

It's ok to get cash advances, but do not use the card for regular purchases, this way you will not be paying 2 seperate APR's. Also when they send you those "checks" to cash or use for purchases, they are considered "cash advances" and are treated as such.

Hope this helps answer your question

2009-01-02 11:48:27 by cerbphan