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 to pay off the other credit card company. Electronic transfers for balance transfers are not available at this time.

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:

  1. Log in to your online banking account.

  2. Click on the credit card name located on your account summary homepage.

  3. Select the easy “Cash Advance” option located on the left hand side of the page.

  4. From the drop-down menu, select which account will receive the deposited funds.

  5. 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:

  1. Place your card in the ATM and enter your PIN number.

  2. 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:

  1. Log in to your online account.

  2. Click on the credit card name located on your account summary homepage.

  3. Select the “Balance Transfer” option located on the left-hand side of the page.

  4. 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.

You can also request a balance transfer or cash advance by contacting our Payment Services Department at 1-800-580-3300, ext. 74571 or by visiting your nearest RBFCU branch location.

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.

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