Traveler's checks or CC/cash advance?

kira · Dec 6th, 2003, 02:59

I'm wondering what the best way is to obtain large sums of money while in India. Is it best to carry the money in traveler's checks or use a credit card for cash advances?

The thought of carrying thousands of dollars in traveler's checks makes me nervous.....I won't have access to an ATM machine (the tiny bank in the locale I'm heading offers cash advances on credit cards by no ATM machine), so I am assuming the only other option is using a cc (?)

Is it possible to mail the credit card company a big fat check before heading to India, then use the cash advance option to take the money out of the account (so that I don't have to deal with paying interest, etc.)?

Colin · Dec 6th, 2003, 03:05

Yes, you can do precisely that. I have 'loaded' my Mastercard in the past and then just taken cash advances and it simply reduces your credit balance, they even paid me interest on the credit!

kira · Dec 6th, 2003, 06:40

Thank you so much for taking the time to respond to my post! That's fantastic news!

I just called my credit card company about cash advances and they were like, "You can't use your card like a debit card and just take money out whenever you want...you have to pay interest on the money and make monthly payments, etc." I told them that I wanted to mail them a check so that I would accrue credit, but they said I would still have to pay interest and make monthly payments on the withdrawls (?!)

Do you think they were just confused?

indiamike · Dec 6th, 2003, 06:50

Quote:

Originally posted by kira
Do you think they were just confused?

Probably, I do the same thing all the time and also overpay my cards so I don't have any payments until the funds run out.

Mike

Tomi · Dec 6th, 2003, 11:12

Use your bank debit ATM cards. Put the money into your bank account instead. Best rates, no interest.

There are lots of other threads in this forum on ideas you might find useful. Look around.

Dec 6th, 2003, 02:59	#1
kira Member Join Date: Dec 2003 Location: East Coast USA Posts: 47	Traveler's checks or CC/cash advance? I'm wondering what the best way is to obtain large sums of money while in India. Is it best to carry the money in traveler's checks or use a credit card for cash advances? The thought of carrying thousands of dollars in traveler's checks makes me nervous.....I won't have access to an ATM machine (the tiny bank in the locale I'm heading offers cash advances on credit cards by no ATM machine), so I am assuming the only other option is using a cc (?) Is it possible to mail the credit card company a big fat check before heading to India, then use the cash advance option to take the money out of the account (so that I don't have to deal with paying interest, etc.)?

Dec 6th, 2003, 06:40	#3
kira Member Join Date: Dec 2003 Location: East Coast USA Posts: 47	Phew! Thank you so much for taking the time to respond to my post! That's fantastic news! I just called my credit card company about cash advances and they were like, "You can't use your card like a debit card and just take money out whenever you want...you have to pay interest on the money and make monthly payments, etc." I told them that I wanted to mail them a check so that I would accrue credit, but they said I would still have to pay interest and make monthly payments on the withdrawls (?!) Do you think they were just confused?

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Dec 6th, 2003, 03:05	#2
Colin Senior Member Join Date: Aug 2001 Location: Pai, Mae Hong Son, Thailand Posts: 208	Yes, you can do precisely that. I have 'loaded' my Mastercard in the past and then just taken cash advances and it simply reduces your credit balance, they even paid me interest on the credit!

Dec 6th, 2003, 11:12	#5
Tomi Senior Member Join Date: Sep 2002 Location: Cambridge, MA, USA Posts: 448	Use your bank debit ATM cards. Put the money into your bank account instead. Best rates, no interest. There are lots of other threads in this forum on ideas you might find useful. Look around.

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