Is a Visa gift card considerd a cash advance?
Rick M asked:
I want to give a cash gift for a wedding and need to use my credit card. I would like to avoid cash advance fees and higher interest rates on cash advances. Does anyone know if I purchase a preloaded Visa card if this is considered a cash advance when using a credit card accout to purchase the preloaded Visa card?
No. A cash advance is essentially a loan. A gift card is preloaded, meaning you are pre paying the amount.
It isnt a cash advance. It is a gift card. Its the same concept as if you bought a Nordstrom gift card,etc. Gift cards are not cash.
It is not a cash advance. It is just like purchasing merchandise.
Many places do not let you pay for gift cards with a credit card, so while it would not be a cash advance, you may not have luck actually buying one.
Check around, as not all stores that sell pre-loaded cards have this policy.
Call the 800 number on your credit card and ask.
No, it will be treated like any other purchase.