When you open in branch and fund initial deposit with CC it may
coded as CASH advance.
There's been lots of reports in recent days that some purchases have been
coding as cash advance.
Some credit cards do not
code as a cash advance but instead show up as a purchase.
Not exact matches
The so - called merchant category
code (or MCC) now in effect treats Visa purchases on Coinbase
as cash advances, which come with high fees from banks of
as much 10 %.
If the bank decided to
code the transaction
as a
cash advance instead, you wouldn't be eligible to earn any regular or bonus miles and you'd be charged a
cash advance fee of 5 percent, which comes out to $ 250.
If you have a
cash advance limit of $ 0 and attempt to fund a bank account that will
code the transaction
as a
cash advance, you won't be able to.
Some banks
code this transaction
as a
cash advance, applying a fee and not applying the amount towards sign up bonuses, but others don't, allowing you to easily meet a card sign up bonus and the bank account's minimum balance requirements.
We want it
coded as purchase, not
cash advance.
If the bank decided to
code the transaction
as a
cash advance instead, you wouldn't be eligible to earn any regular or bonus miles and you'd be charged a
cash advance fee of 5 percent, which comes out to $ 250.
That's because Citi often
codes online bank account funding transactions
as cash advances, and charges their customers the corresponding hefty fees and interest charges.
Do not use any denominations over $ 2000 and any promo
code as this will not earn any
cash back and also avoid using Citi Cards
as it could get processed
as cash advance.
In February, digital exchange Coinbase warned customers that, due to changes to the Merchant Category
Code (MCC), credit card companies, such
as Visa, can charge additional «
cash advance» fees on crypto purchases.