What is the Difference Between a Cash Advance and a Balance Transfer?
Cash advances and balance transfers* provide an easier way to access available funds on your RBFCU Mastercard® credit card. Like a regular purchase, the transaction will be processed similarly on your credit card statement; however, the way the funds are distributed is different.
A cash advance can be completed via your online account or an RBFCU ATM.
A balance transfer is used to move an existing balance from another credit card over to your RBFCU Mastercard. After completing a balance transfer form, the transferred balance will be deducted from your RBFCU credit card’s available balance, like any other purchase or transaction, and RBFCU will mail a check or send an electronic transfer to pay off the other credit card company.
How do I request a cash advance?
Completing a cash advance is the fastest way to access funds from your RBFCU Mastercard credit card.
To request a cash advance via your online account, follow these instructions:
- Sign in to your Online Banking account.
- Click credit card name located on your account summary homepage.
- From the “I want to” drop-down menu on the right side of the page, select the “Cash Advance” option.
- From the drop-down menu, select which account will receive the deposited funds.
- Click the “Next” button to confirm your transaction. Your funds will be deposited within minutes.
To complete a cash advance at an ATM1 follow these instructions:
- Place your card in the ATM and enter your PIN number.
- Follow the prompts to process the cash advance and your cash will be dispensed immediately.2
How do I request a balance transfer?
To complete a balance transfer online, follow these instructions:
- Sign in to your online account.
- Click on the credit card name located on your account summary homepage.
- From the “I want to” drop-down menu on the right side of the page, select the “Balance Transfer” option.
- Complete the required information in the boxes provided and click the “Next” button to confirm your transaction.3 Your information will be submitted to our Payment Services Department for processing.
1. ATM fees may apply. 2 Cash advance prompts may vary depending on ATM type and geographical location. 3. Balance transfers may take up to 30 days to process.
Rates and terms are subject to change; other restrictions may apply. Balance transfers and cash advances may not exceed your available credit limit. You should continue to make all required payments on your other accounts until you confirm that the balance transfer has been made. Cash back rewards or points are not earned on balance transfers or cash advances. There is no grace period for balance transfers, interest will begin to accrue on the date the balance transfer is processed by RBFCU. There is no grace period for cash advances, interest will begin to accrue on the day you obtain the cash advance. If you accept this offer and do not pay off your entire balance each statement period (including the amount of the balance transfer or cash advance), you will not be eligible for the grace period for new purchases. The balance transfer or cash advance will be at the APR that was disclosed to you when you opened your account. Contact Payment Services for complete details.
*There is no fee for a balance transfer. A fee of up to 2% of the amount of each cash advance will be charged.
Membership eligibility is required. Credit cards are subject to credit approval. Rates and terms subject to change. The 0% Annual Percentage Rate (APR) is a promotional rate for only balance transfers and cash advances made during the first 90 days your account is open. Purchases are not included. We will not charge you any interest on purchases if you pay your ENTIRE balance, including balance transfers and cash advances, by the due date each month. If the ENTIRE balance is not paid, then interest will be charged on any purchases, but not on the balance transfers and/or cash advances made during the first 90 days of the account opening. Promotional rate balances will remain at 0% APR for twelve months starting from the date of the initial balance transfer or cash advance request. Beginning with the thirteenth month, any remaining balance will be repriced to an APR of % to % for a Premier Rate credit card or % to % for a CashBack Rewards card based on your creditworthiness and other factors. Contact the Consumer Lending Center for complete details.