A couple months ago we found ourselves in a bind with a very high credit card balance and no way to reduce our interest rate below 20%. I have a bank account with Regions Bank and called them to see if they offered a credit card at a lower interest rate we could transfer our money onto.
What Regions Bank offered me was a cash advance. I think I had probably received offers for such a thing in the mail, but never had a need so never paid attention. For a fee of $75 I was able to get enough money advanced to me to pay off the high interest credit card. I was able to borrow this money at 0% interest for 12 months. After 12 months, the interest rate is comparable to other credit cards, but we are hoping to have our balance paid off completely by then.
I was impressed with how fast the advanced money ended up in my account (within three days). I receive bills to make monthly payments, just as if it were a credit card. It is important to pay these bills on time, because the 0% interest rate is only good for accounts in perfect standing.
If you find yourself in a bit of a bind with a high-interest credit card, I would encourage you to check out a cash advance from Regions Bank.