Levin Furniture is known for offering high-quality home furnishings with flexible financing options for its customers. One of the most appealing aspects of the Levin Furniture Credit Card is the ability to make purchases and pay them off over time. However, some cardholders may wonder if it’s possible to “cash out” or extract cash from their How to cash levin furniture credit card.
While Levin Furniture Credit Cards are designed primarily for purchases at Levin Furniture stores, some methods can help you access cash or cash-equivalent benefits through alternative channels. This article will provide a detailed guide on what it means to cash out a Levin Furniture Credit Card, the available methods, and some potential risks involved.
Understanding the Levin Furniture Credit Card
Before exploring cash-out options, it’s important to understand the Levin Furniture Credit Card. Issued by Synchrony Bank, the Levin Furniture Credit Card is a retail credit card that offers special financing options, enabling customers to make large furniture purchases and pay them off over time with minimal or no interest, depending on promotional financing offers.
However, like many store-specific credit cards, the Levin Furniture Credit Card is designed to be used exclusively at Levin Furniture stores. This card does not offer the typical cash advance features that general credit cards from major financial institutions (like Visa or Mastercard) offer.
Given its limitations, directly withdrawing cash from a Levin Furniture Credit Card is not feasible in the traditional sense. However, there are workarounds that can provide similar benefits. Let’s explore some of the indirect ways you can convert your credit line into cash.
Methods for Accessing Cash with Your Levin Furniture Credit Card
While you cannot take out a cash advance directly, there are several indirect methods that may allow you to access the value tied to your Levin Furniture Credit Card.
1. Returning Merchandise for Cash Refund
One possible method for accessing cash from a Levin Furniture Credit Card is by purchasing furniture or other items and then returning them. Here’s how it works:
- Step 1: Use your Levin Furniture Credit Card to make a large purchase.
- Step 2: After receiving the furniture or item, you can initiate a return following Levin Furniture’s return policy.
- Step 3: Depending on the store’s policies, some returns might result in a cash refund or credit back to your card.
While this method seems simple, it can be risky. Retailers typically refund the original payment method, meaning you are more likely to get a refund in the form of credit rather than cash. In addition, Levin Furniture’s return policy may not guarantee cash refunds, particularly for large purchases or items that have been opened or used. It’s important to read their refund policy carefully before attempting this strategy.
2. Selling Levin Furniture Merchandise
A more indirect method of “cashing out” your Levin Furniture Credit Card is by purchasing furniture or other items from the store, then selling those items for cash. Here’s a breakdown of the process:
- Step 1: Make a purchase using your Levin Furniture Credit Card.
- Step 2: Sell the furniture through a secondary market, such as Craigslist, Facebook Marketplace, or local classified ads.
- Step 3: Once sold, you’ll receive cash from the buyer, which can then be used however you like.
While this method can technically work, it comes with significant drawbacks. First, you may not be able to sell the furniture for the same price you paid, leading to a financial loss. Additionally, selling large items like furniture can take time, and there’s no guarantee of finding a buyer quickly.
3. Balance Transfer to a Cash-Accessible Credit Card
One of the most practical and widely accepted ways to cash out store credit cards is to transfer the balance to a general-purpose credit card that allows for cash advances. Here’s how to go about it:
- Step 1: Apply for a credit card that offers balance transfers, ideally with a 0% APR promotional period on balance transfers.
- Step 2: Transfer the balance from your Levin Furniture Credit Card to the new card.
- Step 3: Once the balance is on your new credit card, you can withdraw cash using that credit card’s cash advance feature.
This method has its pros and cons. On the plus side, it’s more direct than the previous options, and you’re effectively turning your Levin Furniture Credit Card balance into cash. However, cash advances on general credit cards often come with high fees and interest rates. Additionally, not all credit cards offer balance transfers, and even fewer will let you use the transferred funds for cash withdrawals.
4. Leverage Promotional Offers
Some stores offer promotions where credit cardholders can receive gift cards or cash bonuses for large purchases. While Levin Furniture might not always have these offers, it’s worth watching out for them.
If you happen to make a purchase during one of these promotional periods, the gift cards or bonuses you receive can effectively serve as a form of “cash out.” For example, if you receive a $100 Visa gift card for a large furniture purchase, that gift card can be used anywhere, making it a cash-equivalent benefit.
Risks and Considerations
Attempting to cash out a retail credit card like the Levin Furniture Credit Card comes with inherent risks and challenges. Here are some important factors to keep in mind before attempting any of the methods above:
1. Potential Fees and Penalties
Many methods, such as balance transfers and cash advances, come with associated fees. Cash advances, in particular, tend to have higher interest rates and fees than regular credit card purchases. Always read the terms and conditions carefully before proceeding with any cash-related transaction.
2. Impact on Credit Score
Anytime you open a new credit card (such as for balance transfers) or make a large purchase on an existing credit card, it can affect your credit score. A high credit utilization rate can lower your score, as can applying for multiple new credit cards in a short period of time. Consider the long-term effects on your credit before attempting any cash-out strategies.
3. Return Policies and Refund Complications
As mentioned earlier, Levin Furniture may not issue cash refunds for returned items, particularly for purchases made using the Levin Furniture Credit Card. You may only receive store credit or a refund applied back to the card, which defeats the purpose of trying to cash out the credit.
4. Loss of Value When Reselling Merchandise
If you choose to buy and sell Levin Furniture items, you may have difficulty finding buyers, and even when you do, the resale value is likely to be lower than the original purchase price. This can result in a financial loss, particularly for large or high-ticket items like furniture.
Conclusion
While the Levin Furniture Credit Card is designed primarily for in-store purchases, there are a few indirect methods to cash out the value of the card. Whether through balance transfers, selling purchased merchandise, or leveraging promotional offers, there are ways to access cash, though they each come with their own risks and considerations.
Before attempting any of these methods, weigh the potential downsides carefully, including fees, credit score impacts, and loss of value. If cash access is a priority for you, it might be worth considering a general credit card with a cash advance feature, rather than relying on a store-specific card like the Levin Furniture Credit Card.
