Credit Advances, Holy Crap! - cougarguard.com — unofficial BYU Cougars / LDS sports, football, basketball forum and message board

Archaea · 04-05-2007, 11:31 PM

Do you know what the annualized rate is for such advances?

Sixty Percent! Don't do them.

Solon · 04-06-2007, 07:27 PM

Quote:

Originally Posted by Archaea

Do you know what the annualized rate is for such advances?

Sixty Percent! Don't do them.

You're not speaking from experience, are you? Are you talking about the short-term loan places (like Urgent Money, Payday Loans, and the like), or cash advances on a regular credit card?

I read a stat on a CNN.com article several weeks ago that claimed short-term loan businesses (like Payday Loans) outnumbered McDonald's franchises in the US. I'm not sure I believe the number, but it still shook me.

Archaea · 04-06-2007, 07:34 PM

Unfortunately, while paying the wife's enormous credit card bills, I started noticing these advances and advanced fees. She took an advance of $750 and the fees for such privilege amounted to $44. I annualized that to over Sixty Percent and crapped my pants. She's been doing this for years, but I just noticed her lack of attention to details.

Needless to say, do NOT take an advance on your credit card. Cash advances are No-Nos.

Solon · 04-07-2007, 02:02 AM

Quote:

Originally Posted by Archaea

Unfortunately, while paying the wife's enormous credit card bills, I started noticing these advances and advanced fees. She took an advance of $750 and the fees for such privilege amounted to $44. I annualized that to over Sixty Percent and crapped my pants. She's been doing this for years, but I just noticed her lack of attention to details.

Needless to say, do NOT take an advance on your credit card. Cash advances are No-Nos.

It seems like the fees for any banking service are getting higher. My bank charges a percentage for international transactions. It's not huge (a few percent, I think), but enough that it has ruined the exchange rate when I travel abroad. So, as Randy Moss put it, I'm back to "cold cash, homie." Nobody argues with cash.

cougjunkie · 04-07-2007, 02:29 AM

I know a guy that started some of the first pay day loan/check cashing stores in the country about 30 years ago. He is a flirting with billionaire status.

Its amazing how easily one can capitalize on americas financial stupidity.

hyrum · 04-07-2007, 05:52 PM

Quote:

Originally Posted by Archaea

Unfortunately, while paying the wife's enormous credit card bills, I started noticing these advances and advanced fees. She took an advance of $750 and the fees for such privilege amounted to $44. I annualized that to over Sixty Percent and crapped my pants. She's been doing this for years, but I just noticed her lack of attention to details.

Needless to say, do NOT take an advance on your credit card. Cash advances are No-Nos.

I'm not sure how you annualized that, but I know they generally charge a fee (some 3% if I recall correctly from the fine print) right off the top, even if they come with some special interest rate offer. My pet peeve is they keep sending us checks "for our convenience" to use for advances, but its very inconvenient because I have to make sure to open all envelopes from them and shred those rather than toss in the recycling bin with the junk mail.

Mormon Red Death · 04-07-2007, 07:37 PM

Quote:

Originally Posted by Archaea

Unfortunately, while paying the wife's enormous credit card bills, I started noticing these advances and advanced fees. She took an advance of $750 and the fees for such privilege amounted to $44. I annualized that to over Sixty Percent and crapped my pants. She's been doing this for years, but I just noticed her lack of attention to details.

Needless to say, do NOT take an advance on your credit card. Cash advances are No-Nos.

For how much your wife spends she should put out more...

Mormon Red Death · 04-15-2007, 02:28 AM

Quote:

Originally Posted by Solon

You're not speaking from experience, are you? Are you talking about the short-term loan places (like Urgent Money, Payday Loans, and the like), or cash advances on a regular credit card?

I read a stat on a CNN.com article several weeks ago that claimed short-term loan businesses (like Payday Loans) outnumbered McDonald's franchises in the US. I'm not sure I believe the number, but it still shook me.

Believe it!

http://articles.moneycentral.msn.com...ayLenders.aspx

04-05-2007, 11:31 PM	#1
Archaea Assistant to the Regional Manager Join Date: Aug 2005 Location: The Orgasmatron Posts: 24,338	Credit Advances, Holy Crap! Do you know what the annualized rate is for such advances? Sixty Percent! Don't do them. __________________ Ἓν οἶδα ὅτι οὐδὲν οἶδα

04-06-2007, 07:34 PM	#3
Archaea Assistant to the Regional Manager Join Date: Aug 2005 Location: The Orgasmatron Posts: 24,338	Unfortunately, while paying the wife's enormous credit card bills, I started noticing these advances and advanced fees. She took an advance of $750 and the fees for such privilege amounted to $44. I annualized that to over Sixty Percent and crapped my pants. She's been doing this for years, but I just noticed her lack of attention to details. Needless to say, do NOT take an advance on your credit card. Cash advances are No-Nos. __________________ Ἓν οἶδα ὅτι οὐδὲν οἶδα

04-07-2007, 02:29 AM	#5
cougjunkie Senior Member Join Date: Jan 2006 Location: Utah Posts: 5,741	I know a guy that started some of the first pay day loan/check cashing stores in the country about 30 years ago. He is a flirting with billionaire status. Its amazing how easily one can capitalize on americas financial stupidity. __________________ LINCECUM!