Two days ago I got a notice that Chase was raising cash advance interest from 19.49% to 25.%(!!!!!) Did I somehow miss the news about a sudden jump in general interest rates? Now granted, you'd have to be crazy to "charge" cash to a credit card, but I could imagine circumstances where you might need foreign currency. Not any more, and definitely not with this Marriott Chase card. Shame on Chase for pushing the envelope into loanshark territory, and dragging Marriott's brand into this wretched excess of near-usury.
theretiree - Here's a free tip, and I don't work for them. Both of my son's have studied abroad and continued to travel outside the U.S. I got them a Schwab ATM card. You can use it in any country. Get local currency at the actual exchange rate, and they even refund any and all ATM fees. There are no minimum balances, but you do have to link to an outside bank since they don't have actual cash drawer type branches. They ask you to open a brokerage account, and our has $1.50 in it plus a few pennies in interest over the 5 years we've had it. Problem solved. Congrats on your retirement - wish I could say I'm right behind you!
Many do (and should, as you explained) ignore cash advances all together. No credit card has a reasonable cash advance APR.
By comparison, the spg card from amex has a 25.49% cash advance fee.
I won't mention IHG, Hyatt, fairmont, or ritz card as they're all also from chase.
amex hilton 25.49%
Citi hilton 25.49%
This is standard
If for some reason I ever need to take a cash advance, I will use my barclaycard ring. $1 cash advance fee, 8% cash advance APR.
Credit cards are not cash equivalents. If you're overseas and need foreign currency, use a debit card. Many banks have locations overseas that you could also use. Many bank accounts refund fees charged by other brand/foreign ATM, or won't charge fees if you're a customer of the bank in a different country.
Loan sharks would be the native american loan companies that charge 125% interest. Big difference.
Well I obviously wouldn't actually use the Marriott card for cash or foreign currency, being a longtime satisfied USAA member with a USAA debit card that's good worldwide, but it just struck me as tone-deaf in our zero APR environment for Chase to raise the rate 25% even if everybody else is doing it. I doubt if many Marriott Card holders need to use street-corner payday loan establishments. Remind me how much Chase pays their savings account depositors like my 94 year old Mom? We can presumably all take care of ourselves--and as another threat pointed out, lots of folks get rejected for our "elite" Marriott card.
As I said,I just got the Chase note a couple of days ago and the rate boost jumped out at me. Isn't this forum all about sharing our feelings?
theretiree Why not vote with your wallet? Same for your 94 year old mom. You DON'T have to take bad service or policies - there are others in the market and Chase does not monitor this board nor can the CM's do anything about it. Your opinion is always valued here though, so don't feel that some members are running you off even if they seem hostile.
I have used a card for a cash advance, but I went into it knowing the penalties.
As Dansplan says, fees and interest begin immediately and the rates are exorbitant.
However, if you are headed to the airport, the ATM ate your only ATM card, and you only have time to go to one other alternative to get cash, it may seem as a lifeline rather than a noose or millstone.
I have seen other folks say 'yes' on a regular basis at the grocery store to their advance, in particular on Discover cards, which used to have an arrangement with Stop & Shop/Giant. I suspect these are not-too-distant kin from the folks who only pull out $20 at a time, from random ATMs, paying whatever those service charges are as well.
Didn't know that as I don't have the card. Thanks. Still not an inexpensive loan if the card carries a balance, but not as onerous as an advance.
I did, however, see actual cash advances as separate transactions in grocery stores-- several hundred dollars at a crack, which is more than the other method allowed, I believe.
Yup. Which is why I said to take the advance then go to the website to pay it off. That way you only pay the cash advance fee. My CC is connected to a brokerage account so if I don't have cash in my ATM account I can pull from my CC and then pay my CC same day from the brokerage account.
To avoid any chance our regular accounts could be compromised by overseas hacking of a debit card, we went to a local credit union and set up a travel account that we draw against when traveling abroad. Exposure is simply limited to what we have in there and the fees have been very minimal (zero for the credit union, minimal for the foreign banks).