Recording Cash advances on Credit Cards

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Eric H
Eric H Member ✭
edited November 2022 in Registers & Transactions (Mac)
How do i record a cash advance deposited to my savings account from a credit card. The credit card is linked to my bank checking and savings.
On the other side, the opening amount on the credit card Quicken put it on as an adjustment.
The cash advance was for work on the house

Answers

  • volvogirl
    volvogirl SuperUser ✭✭✭✭✭
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    I think it would just be a TRANSFER from Credit Card Account to the Savings Account.  So will you pay the credit card from the checking account?  When you use the cash in the savings account you expense the house work.  

    I'm staying on Quicken 2013 Premier for Windows.

  • UKR
    UKR SuperUser ✭✭✭✭✭
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    Maybe off topic, but ... I shudder to think about the cost of this Cash Advance loan, in terms of the interest rate that you have to pay: around 25% or up to 29.99%? Yikes!
    Wouldn't it have been better to ask your bank for a Home Equity Line of Credit (HELOC) or Line of Credit (LOC) to finance the work on the house? A HELOC or LOC should be below 10%. For example, my local Credit Union currently offers a HELOC at 5.25%
    Pay the contractor with your credit card (as a regular purchase).
    Pay off the entire credit card balance when due as a transfer from HELOC/LOC, transferring only as much as needed every month until work is complete.
    Pay back the HELOC every month, as much as you can afford, at the low interest rate.
    Remember: While the whole Cash Advance sits around in your Savings account, waiting to be used, it earns next to no interest, while you are being charged the expensive Cash Advance Interest rate!
  • Eric H
    Eric H Member ✭
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    Hi UKR, thanks for the concern. This was an interest free cash advance that i have a year and a half to pay off. I did have to pay a cash advance fee, but other than that it is what i needed for the time. I did not want to increase my mortgage. I have a pay off goal i am trying to achieve. My plan is to pay off this cash advance before they can charge me interest. Having good credit give u lots of options. The strange thing is that the money was deposited to my savings account and quicken recorded to as a credit to my account balance . So i was trying to figure out how to correct it
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