
Originally Posted by
Magical_Hoohah
I'm assuming that the $26K was probably the amount she loaded plus the amount she was paid by cam sites.
Not all credit cards will allow you to take a cash advances, and there are some things you just can't do with a credit card (I'm not thinking of anything illegal, just things like credit card payments and rent, depending on your landlord).
The other thing is that if you have $0 in the bank and $26K worth of available credit, you really can't spend anything on the credit card, because when you fail to make payments on the cards, you lose access to all that credit. On the other hand, if you can turn it into cash in the bank, you can use your $26K to pay the monthly credit card payments and pay your bills for a while. In the long term, it's a bad plan for so many reasons, and it would only work if you're pretty damn certain that you can be making good money by the time your $26K runs out. Again, I will state for anyone that reads this and considers trying it, that it is a VERY BAD plan, especially using a very fee-laden service like Payoneer. I'm not saying that that was the OP's scenario, but I could see someone doing that in a serious pinch (I'll confess that I did it once, but on a very small scale, using a very low interest cash advance, and it turned out that I didn't end up needing the cash anyway, so I was able to pay it right back).
Bookmarks