Is buying a used car with Chase Slate considered a cash advance? This question is about the Chase Slate®

Is buying a used car with Chase Slate considered a cash advance?

Answer Question Report Abuse

This question is about the Chase Slate®

WalletHub, Financial Company

@WalletHub • 12/18/19 This answer was first published on 09/12/14 and it was last updated on 12/18/19.For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

Permalink Report Abuse

Buying a used car with Chase Slate should not be considered a cash advance, but it ultimately depends on what forms of payment the car dealer accepts.

If the dealer accepts credit cards, then it will be considered a purchase. If you have to withdraw cash from an ATM or use a convenience check, the transaction will be treated as a cash advance. To find out more about cash advances, you can take a peek here.

George Dillons, Member

@george_dillons • 03/22/18 This answer was first published on 03/22/18. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

Permalink Report Abuse

Why would it be a cash advance? The only way it can be a cash advance is if you physically take out cash with the card. If you just swipe it at their register, it'll be a regular purchase, with the standard grace period and APR.

I don’t think you’d want to take out such a high amount, to be honest. The fee would be 5% of the money you take out, and the interest would start piling on right away. Just saying, bad idea.

Answer Question

WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.

WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by a WalletHub user. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.

Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.

Ask a Question

140

Ask Question

Ask Your Question

WalletHub Transparency

We are committed to being fully transparent with our readers. Opinions expressed here are the author’s and/or WalletHub editors'. WalletHub editorial content on this page is not provided, commissioned, reviewed, approved or otherwise endorsed by any company. In addition, it is not any company’s responsibility to ensure all questions are answered.