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.

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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.

Membership eligibility is required. Credit cards are subject to credit approval. Rates and terms subject to change; other restrictions may apply. These APRs will vary with the market based on the Prime Rate. 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. Promotional rate balances will remain at 0% APR for twelve full billing cycles starting from the date of the initial balance transfer or cash advance request. Beginning with the thirteenth billing cycle, any remaining balance will be repriced to an APR of 9.45% to 18.00% for a Premier Rate credit card or 11.65% to 18% for a CashBack Rewards card based on your creditworthiness and other factors. All purchases made during the promotional period and thereafter will be at the previously stated APR ranges for the respective Mastercard products. Contact the Consumer Lending Center for complete details.