Yahoo Answers is shutting down on May 4th, 2021 (Eastern Time) and beginning April 20th, 2021 (Eastern Time) the Yahoo Answers website will be in read-only mode. There will be no changes to other Yahoo properties or services, or your Yahoo account. You can find more information about the Yahoo Answers shutdown and how to download your data on this help page.

When you transfer credit from one credit card to another, does it count as a cash advance?  Or a purchase?

I am looking at getting a new low rate credit card, but I need to know how much it’s gonna cost me in the long run, the new credit card offers a lower rate (12% rather than 19%)

5 Answers

Relevance
  • ?
    Lv 7
    1 year ago

    A cash advance, and there is usually a one-time fee. Wait for a 0% offer.

  • Anonymous
    1 year ago

    Not a purchase. Ask the new card if they can pay off your old debt but Im afraid it would count as a cash advance. Only purchases would probably get the lower rate.

    Way back when they had zero % cash advances. I did them and had them send me a check which I deposited in a savings account to earn interest. Those deals ended as so many were taking advantage of them. I have seen a few credit unions offer a free balance transfer with a low rate and no fees but they are rare. 12% is still pretty high. I've seen 3.99-5.99% ones.  But I don't carry balances so they are no value to me.

  • 1 year ago

    It NEVER counts as a purchase. It may count as a cash advance, but more often it counts as a balance transfer.

  • 1 year ago

    It's not a purchase. Some cards have special rates for balance transfers. It might not be at either the purchase rate or the balance transfer rate. They usually don't count it as a cash advance or a purchase. It's usually a third category.

    But if they do count it as either a cash advance or a purchase, then they would count it as a cash advance.

    It's never counted as a purchase.

  • How do you think about the answers? You can sign in to vote the answer.
  • 1 year ago

    You have to read about the terms of the card you are transferring it to.

    It's not a cash advance but there may be a fee for transferring.

Still have questions? Get your answers by asking now.