Hi all, I am wondering if there is an easy way to send money to yourself or a bank account with a credit card? Note the cash advance limit on my card is low, only a couple hundred bucks, so that’s not an option. Even if the limit is higher, I wouldn’t consider it b/c cash advances have way too high interest rates. Also, family is not rich, so also not an option.
Basically what happened is I am going to grad school in the US right now, and because of the financial crisis, can now only take out a half of the education loans I thought I was going to get. Using up all my savings I am still about 10K USD to 15K USD short, an amount which should last me til graduation in june 2010, at which point I should have a job lined up. I am pretty much on my own as my family is not rich…I am going to school under the impression it will be all on loans.
The thing is i have a 25K USD limit credit card. I am thinking about using it, but would also need like 5K cash in the bank to pay for non-credit card items and minimum payments on the card. Is there any way to do that? Would a bank or something be able to charge my card and give me cash?
I thought about paypal, because I used to use 2 paypal accounts to transfer money easily from the US to Taiwan and vice versa…I thought that might work but now Paypal has a much higher restriction on credit card usage now, so it doesn’t seem to work.
That’s what a cash advance (which you said you don’t want to do) is. The only other option that occurs to me is using Paypal to convert credit line to cash, which you’ve also considered.
Honestly, I would recommend considering part-time work to get you through this, instead of racking up more debt. There are even companies (and a few individuals) that will buy your precious bodily fluids.
You should be able to find a friendly electronics store that’ll sell you a non-existent TV in Taiwan providing you cover their tax expense. Given you will pay interest anyway its probably still cheaper to go the cash advance route.
You would also have to pay their Visa fee (5%?), AND make it worth their while given that you’d be passing liability on to them (i.e., if the card turned out to be stolen or the card owner disputed the charges, Visa might reverse the transaction, leaving the store out of the cash). A business owner would have to know you personally before considering such a move, I think. And you’d have to compare the outcome to that of a cash advance, in terms of both upfront fees AND any difference in the interest rate on the two transactions.
Do some digging. There might be art schools needing nude models or something. Police academies needing live bodies to train their attack dogs on. You know, that kind of thing. Prostitute yourself like any good grad student. Making a buck is better than owing a buck.
thanks guys…not that i’m lazy but the grad program is intense, nobody works a real part-time job while in school becuase we barely have time to sleep let alone work…also, i’m stuck in the boonies in the middle of nowhere without a car…its hard for me to get to places that will pay for single job events…
I don’t know people who could say they have a job lined up straight after graduating. Are you all set on studying in the US, seems a very expensive route to go. Perhaps you are studying in California, heard they have had a lot of cutbacks in UC.
That’s what a cash advance (which you said you don’t want to do) is. The only other option that occurs to me is using Paypal to convert credit line to cash, which you’ve also considered.
Honestly, I would recommend considering part-time work to get you through this, instead of racking up more debt. There are even companies (and a few individuals) that will buy your precious bodily fluids.[/quote]
How does that work exactly? I just know that my card (amex) has a 25K credit limit and a 200 bucks cash advance limit…so i go to a bank to take out more money than 200 bucks? and i thought its only a cash advance if i use the cash advance pin code on the card at an atm?
Economy is shit, so its harder these days, but in general tons of people have jobs lined up upon graduation.
I said I’ve already been in school and graduating in June…so yes it does seem like I am set on studying in the US right?
Expensive sure, but an ivy league graduate degree is much better than any cheap degree you can get in Asia
I said I was in the boonies so no I am not in California.
California budget cuts have nothing to do with this even if i was in california…its the global financial crisis causing a credit crunch all over the US, affecting loans.
Using up all your savings and borrowing for college on a credit card at 20% or whatever, in the expectation that you’ll get a job after graduation and pay it back?
DANGER! DANGER!
What happens when your car breaks down, or you have unexpected medical expenses, etc? The job, of course, can’t be counted on, especially today, with over 10% unemployment. What you’re considering sounds like a huge mistake. Sounds like the beginning of the road to bankruptcy.
I would strongly suggest cutting back to PT school and finding PT work instead even if it means the serious disappointment of postponing graduation. Better than a several thousand dollar debt with 20% interest that you can’t even make the interest payments on, much less chip away at the principal.
if you squeeze it really hard, you may be able to wring some cash out of it. after all, it’s all in there somewhere. the bills will be a bit wrinkled, though.
Sorry, but I’m from the pre-ATM days, and haven’t figured out which slot you stick the PIN number into. What I know as a cash advance is that you walk into a bank and ask for cash from the card, and they give it to you – up to your cash advance limit, which in your example is $200. Maybe things have changed.
Sorry, but I’m from the pre-ATM days, and haven’t figured out which slot you stick the PIN number into. What I know as a cash advance is that you walk into a bank and ask for cash from the card, and they give it to you – up to your cash advance limit, which in your example is $200. Maybe things have changed.[/quote]
I don’t have an Amex card but with Visa / Mastercard usually you can get multiple $200 withdrawals - not on the same day but over a week this would be $1400. Surely enough as an emergency fall back?
I’m not encouraging this - there are things that you can do online from college to earn money, or even on campus rather than run up debt and the Ivy League degree is worth as much as you can parlay it into. I have friends that earned a fortune without one and other friends who are penniless that got one.
[quote=“Mother Theresa”]Using up all your savings and borrowing for college on a credit card at 20% or whatever, in the expectation that you’ll get a job after graduation and pay it back?
DANGER! DANGER!
What happens when your car breaks down, or you have unexpected medical expenses, etc? The job, of course, can’t be counted on, especially today, with over 10% unemployment. What you’re considering sounds like a huge mistake. Sounds like the beginning of the road to bankruptcy.
I would strongly suggest cutting back to PT school and finding PT work instead even if it means the serious disappointment of postponing graduation. Better than a several thousand dollar debt with 20% interest that you can’t even make the interest payments on, much less chip away at the principal.
Good luck.[/quote]
I sincerely appreciate your suggestions…but unfortunately I dont think you understand the situation. there’s no such thing as switching to part-time after you’re in, its not like community college or something where you can just come and go as you please, once you’re in there’s no getting out unless you quit, which means tons of money and time wasted which is just stupid. One classmate got an extension to take a year off, and that’s only because she was in the army and went into action in iraq. otherwise there’s not much flexibility here. I don’t have a car (which is one of the problems as far as getting a job). Health insurance is required as part of enrollment, so its already paid and not a problem. by the way I am in graduate school, not college.
Sorry, but I’m from the pre-ATM days, and haven’t figured out which slot you stick the PIN number into. What I know as a cash advance is that you walk into a bank and ask for cash from the card, and they give it to you – up to your cash advance limit, which in your example is $200. Maybe things have changed.[/quote]
I don’t have an Amex card but with Visa / Mastercard usually you can get multiple $200 withdrawals - not on the same day but over a week this would be $1400. Surely enough as an emergency fall back?
I’m not encouraging this - there are things that you can do online from college to earn money, or even on campus rather than run up debt and the Ivy League degree is worth as much as you can parlay it into. I have friends that earned a fortune without one and other friends who are penniless that got one.
Good luck.[/quote]
my cash advance limit is 200 TOTAL…i dunno why its so low but that’s how it is. I’ve had cards before with thousands of dollars of cash advance limit, like yours maybe, but i dont have those anymore. Maybe amex is just more stingy i dunno.
regarding the value of an ivy league degree, i’m not here to debate this, but let’s just say I would bet the average ivy leaguer is a lot more successful than the average chico state grad. Taking one or two outliers is plain stupid; just because bill gates dropped out of school doesn’t mean everyone should.
Guys, i’m not here to debate whether or not I should stay in school or go part-time or whatever, (trust me i know what i’m doing, i worked 30 hours a week during undergrad to help pay expenses…its just not possible right now) i’m 6 months from graduating so i’m going to get my degree and that’s it. no further discussion on that is required.
On the other hand, if anyone has any ideas about how I can get some cash out of my credit card, that would be very useful. thanks.
Hi, not only is there no easy way, there is no way. Any transaction not involving a purchase of goods or services would fall under your cash advance limit.
Can you not pay the remainder of your tuition fees with your card (you say you have a 25k credit limit there)?
I have been in financial crunch situations myself at times, and so have been some of my acquaintances and friends. My own and other people’s experience leads me to believe that the only way of surviving those situations, without getting into trouble with the law, is to quit doing what requires the money that is unavailable (not an option for you, as you say), to borrow money privately, to ask the credit card company for a higher cash advance limit (= unsecured loan), to reduce your living expenses, or to create situations that lead to income (not an option at the moment, you say).
I don’t think there is anything else that i could recommend.
Use a credit card to buy coins (cash)? The buyuer’s credit card company may decline such a purchase (especially if it is large), since they can see very clearly that this is a way of obtaining cash (unsecured credit) in excess of the cash advance limit they have granted.
Hm, the mint says, “Ordinarily, such purchases are not eligible for credit card rewards, cash-back, cash rebate, and similar programs. Check with your card issuer for its terms and conditions.” As i would expect…
Making a buck is better than owing a buck.