Monday, July 18, 2011

Easy Credit Card Advances with Advance Transfer

The Advance Transfer link is available in the account tools.
We've added a new tool to your UW Credit Union credit card accounts. Advance Transfers allow you to transfer funds from your credit card account to your checking account. There is no fee for the transfer and you'll just pay the interest that accrues.

Advance Transfers allow you to access your credit line for almost anything. The funds are available instantly and become part of the cash advance balance on your card.

Just look for the Advance Transfer link in the account tools next to your credit card account on the Account Summary on Web Branch.

13 comments:

  1. Do you earn points on the cash advances?

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  2. Points are only earned on purchases.

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  3. Wow, this is fantastic. Are there any plans to allow this to kick in automatically in the event of overdrafts? Perhaps with a small fee?

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  4. We have discussed allowing credit cards to be used for overdraft protection in lieu of the Reserve Line of Credit. There is quite a bit of work to be done to make that happen, but it is still on the list of potential projects.

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  5. After making an advance transfer, how do I make a payment that will pay off the advance transfer amount, as opposed to just making a credit card payment, so that I'm no longer paying the advance transfer interest rate?

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    1. There is a standard formula for how payments are applied to different types of balances. In order to answer this for you specifically, please contact us and we can look at your account.

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  6. Is there a limit on the amount you can transfer per day, or can you transfer up to your available credit on the card?

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    1. The only limit is your available credit. You can transfer as much as you want up to that limit in one day.

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  7. what is the accrued interest rate? is this the same as the cc interest rate or higher? this is a pretty cool service by the way.

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    1. The interest rate for cash advances and purchases is the same on all our cards. The only difference is that interest begins accruing immediately on cash advances, but we have no transfer fees.

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  8. With reserve line of credit are there blank checks that can be gotten to write on this without going into a branch or transfering it to my savings as I don't have a checking with you?? This way if I need to pull more than the amount per day from atm after I transfer from the reserve line of credit I am at least able to write a check on that amount.

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    1. No, the Reserve Line of Credit does not work like a checking account. Since you already have that account along with your savings account, you could add a checking account and not pay any fees if you also have Web Statements.

      You can stop into a branch to open one or you can easily add a checking account and Web Statements (if you don't already have them) on Web Branch.

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