Originally Posted by
RICKDARE
I opened the new accounts as offered above, & Citi told me I could use any Visa/Mastercard (instead of just a Citi AA card), & they'd process it as a purchase instead of a cash advance. BUT...I used a NW Visa from US Bank, & the charge was denied even tho I have the credit available. I called US Bank to find out why, & they explained that my CASH ADVANCE limit wasn't high enuf even tho my available credit would have covered the charge. I explained that Citi said they'd process my deposit as a PURCHASE, & US Bank said Citi didn't have a choice -- all charges from Citi are treated as a cash advance! Perhaps Citi can control it's own charges on Citi cards & treat them as purchases, but otherwise, it seems that non-Citi cards will treat it as a cash advance.
This shouldn't surprise you. Numerous posts in this thread alone have stated that.
Originally Posted by
RICKDARE
Solution: I told Citi to use a different non-Citi Visa with a very high cash limit & paid Visa before the Citi charge hit so no cash advance fees should accrue. If they do, I'll post back here.
I do not think you will enjoy the results of your 'solution'. If your 'non-citi' card treats it as a cash advance, simply paying it off in a hurry won't avoid fees, as I can not think of a card in existence that does not have a cash advance fee in addition to the extremely high APR charge. Most cards levy a 3% fee on the cash advance. So, if you funded for $50K, be prepared to pay $1500 in fees on day one, plus whatever accrued interest charges.
Not only that, most if not all reward credit cards state that any 'cash advance' will not accrue any rewards. Purchases only. So, you'll pay fees and get nothing for it.
I've always taken the advice of
using a citi-card for this deal, there are way too many horror stories out there for using another banks card. But hey, who am I to argue with you if you enjoy the game of Russian Roulette, I'd personally not play.