I need a cash advance of about $3K on my card and I have this much left on my card to use. Can I get that high amount in a cash advance and how long will it take? Also, do you know long it would take to cash out your 401K from a previous company? I know it's stupid to do, but please let me know anyway. Thanks.|||You should be able to go into a bank and get a cash advance on your credit card. But you should check your statement to for your cash advance limit. It is usually about 2/3 of your card limit. The interest rate on cash advances is always much higher and you will be charged a cash advance fee of 3% ot 5%, depending on your card terms. It's a very expensive way to get cash.
You have to contact the previous employer to cash out that 401k. It will probably take 4 to 6 weeks before you see the check. You will be subject to a 10% penalty for early withdrawal (if you are under 59-1/2) and income taxes. Plan on 30% to 40% being withheld for penalty and taxes. If this is a large sum, that could be really expensive.
It would be much smarter to roll that 401k over to an IRA. That way you could avoid the penalty and taxes. It would be much easier to withdraw smaller amounts if you were in dire straits. You'd still have to pay the penalty and taxes, but not on the whole amount, just on what you withdraw.|||There are a few things here...
1) Your credit line is not the same as a cash credit line. For example, if you have a 5k credit line on your Visa card, this does not mean you can get a 5k cash advance.
2) Cash advanced usually can be deposited and withdrawn within a 24hr period.
3) Watch out, the APR's on cash advanced are usually extremely high. 20% +
4) Cashing out an old 401k can take days, weeks and possibly months. I pulled an old 401k about 2 yrs ago and it took almost 2 months to get my money.
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