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Can you apply your payment to the cash advance portion of your credit card bill which usually has a higher interest rate?
The account holder is not given the option of how payments are to be apportioned. In some instances cash advances/courtesy checks are offered at a lower rate for a specified time. In the billing statement there will be noted what portion of the payment is alloted to any of these type transactions.
Furthermore, credit card companies (in my experience anyway) tend to pay off your lower interest rates first. I learned that the hard way when I had a card with a 0% APR on balance transfers, and when I bought gas ($20) the 0% balance was paid off first and then the gas was paid off some months later. The interest was only 50 cents/month but it still sucked lol
What else can I help you with?
What describes discount loans?
They require the interest to be paid first.
What is a cash access line on a credit card?
Most credit cards have an amount accesible as a cash advance. You can go to an ATM or other source and withdraw cash against your available credit. This increases the balance on the card and increases your payments. While this can be a useful feature, it's important to be aware that cash advances usually have a different and much higher interest rate than regular purchases and have the lowest priority in the payment application chain. That means that when you send your payment in, the payment will be applied to fees (if any), then purchase transaction interest, then purchase transaction principle, then cash advance interest and finally cash advance principle. Unless you are sending payments much higher than the minimum you never get to paying on the high rate cash advances.
What are the benefits of a cash advance?
The benefits of a cash advance are that it will allow an individual to have money on hand when they do not have any to draw from at a bank. These advances usually have a high interest charge.
What is the typical interest rate for a quick cash advance?
The typical interest rate for a quick cash advance is actually pretty low. I know if you borrow about 200 dollars you will usually have to pay back about 220 dollars on your payday.
What is the down payment?
Down payment (or downpayment) is a payment (Paid on the Ground) used in the context of the purchase of expensive items such as a car and a house, whereby payment is the initial upfront portion of the total amount due and it is usually given in cash at the time of finalizing the transaction.
What should I know about a loan classified as a cash advance?
Ask the interest rate, which is usually alarmingly high. Also inquire how your payments affect the cash advance balance. In other words, are the lower interest loans paid first with any payment that you make?
You are purchasing an annuity with all after tax dollars why is a portioin of your monthly payment taxable until you have withdrawn your investment?
A portion of your payment is taxable because there is an interest rate factor that is paid on the after tax portion resulting in taxable gain. Normally, interest paid to you would all be taxed first under the LIFO ruling (last in, first out) like in a C.D.. However, an immediate annuity allows you to spread that interest (gain) out over the period of the contract which usually benefits you in regards to income taxes. So, every payment has a "tax-free" portion and a "taxable"portion.
Do you have to pay interest on a Cash Advance?
If you take a cash advance from a credit card you do have to pay interest. It is usually a higher interest rate than your card normally charges for purchases.
What describes discount loans?
They require the interest to be paid first.
What is a cash access line on a credit card?
Most credit cards have an amount accesible as a cash advance. You can go to an ATM or other source and withdraw cash against your available credit. This increases the balance on the card and increases your payments. While this can be a useful feature, it's important to be aware that cash advances usually have a different and much higher interest rate than regular purchases and have the lowest priority in the payment application chain. That means that when you send your payment in, the payment will be applied to fees (if any), then purchase transaction interest, then purchase transaction principle, then cash advance interest and finally cash advance principle. Unless you are sending payments much higher than the minimum you never get to paying on the high rate cash advances.
What are the benefits of a cash advance?
The benefits of a cash advance are that it will allow an individual to have money on hand when they do not have any to draw from at a bank. These advances usually have a high interest charge.
What is the typical interest rate for a quick cash advance?
The typical interest rate for a quick cash advance is actually pretty low. I know if you borrow about 200 dollars you will usually have to pay back about 220 dollars on your payday.
Current installment of long term debt?
The current portion of long-term debt is usually broken out to an a liability account known as Current Portion-Long Term Debt. This is usually for a 12-month period. Using the amortization schedule for the loan, debit the long-term note account for the 12 month period of principal and credit the short-term liability account. Then when the payment is made, debit the principal to the short-term account and the interest to interest expense.
What is the down payment?
Down payment (or downpayment) is a payment (Paid on the Ground) used in the context of the purchase of expensive items such as a car and a house, whereby payment is the initial upfront portion of the total amount due and it is usually given in cash at the time of finalizing the transaction.
Difference between Advance Payment Guarantee and Performance Bond?
Contract Performance Bonds - Contractors will usually be asked to provide a performance bond for up to 20% of the contract price to protect the employer.Advance Payment Bonds - In circumstances where advances are being given before work is carried out or material delivered an advance payment bond protects the party making the advance recover the funds if the work is not completed or materials are not supplied.
If you have a car voluntarily repossessed can you get another car?
YES, usually you pay MORE down payment and/or higher interest rates.
What is a cash advance network?
A cash advance network loans money for a short period of time usually accompanied by high interest rates. They have become popularly know as "payday loans".
