My wife used our credit card to fund an initial deposit for opening a new online bank account. It was treated as cash advance with high transaction fee. I called credit card CSR, want to disable cash advance, or reduce the limit. However I was told they are not able to do that - only way is to limit credit line which affect normal purchase as well. I wonder whether this is common across credit card company. The card I have is specifically fidelity investments visa (with 1.5% CashBack).
In another thread, a FW poster named Carefreeninja suggested using the virtual CC feature for account funding since this method apparently has an automatic cash advance limit of $0. I haven't tried it myself, but it seems like it's worth a shot if your CC offers this feature.
The issuer can "recharacterize" it as a cash advance after the fact so dont see what you are getting here....you used to be able to do these initial bank account openings right and left with no problem, but wouldnt touch it now.
bauzer71487
Greedy Member
posted: Nov. 14, 2009 @ 9:55p
Which bank by the way? I've opened lots of accounts with lots of banks and I've never had one treated as an Advance. What issuer as well?
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