@Maddog_ wrote:
Just noticed online that my Available Cash went form $20,000 to $4,000 on a Premier issued in October 2014. No prior notice or anything like that. I used card with very light monthly charges from my country club and paid off in full each month. No prior cash advances. Total CL stayed at $20K. Should I ask them why, or are they doing this to everybody ?
Yes, my June 12 statement includes $20k limit, $20k Cash Advance limit.
Online recently, verified today, the Cash Advance is now $4k.
My highest balance on the card was $1,200.
@Anonymous wrote:Could someone please explain to me what happened to Diners Club?
People keep talking about it like it has gone out of business or something?
I even googled it but nothing relevant come up
Go to the web address www dot "dinersclubus" [all one word, no quote marks] dot com to see the range of accounts. The two cards discussed here are the Consumer cards, Elite and Premier. The Professional and Corporate cards are also active, but to get an application for one you need to be a big shot. As noted the Consumer apps were shut down late in 2014 and no specific re-availability has been posted.
All "Diners Club" branded cards in North America are now issued by Harris Bank, through that above web site, and are on the MasterCard network globally. These cards don't actually work on the real Diners Club payment network, because the Diners Club Payment network internationally was sold to Discover, so when you get a Discover card, on the back there is a true Diners Club logo, representing the international payment network that Discover has added. Which is fine, MC has a wider range of merchants than Diners ever did.
The main distinguishing features of these Diners Consumer cards are the true Chip + PIN capability, along with PayPass touchless, and the Club Rewards points which transfer to a good range of airline and hotel partners for no transfer fee. The cards also come with airport lounge access, though most of the lounges are international, only a few are in the U.S.
@NRB525 wrote:
@Maddog_ wrote:
Just noticed online that my Available Cash went form $20,000 to $4,000 on a Premier issued in October 2014. No prior notice or anything like that. I used card with very light monthly charges from my country club and paid off in full each month. No prior cash advances. Total CL stayed at $20K. Should I ask them why, or are they doing this to everybody ?
Yes, my June 12 statement includes $20k limit, $20k Cash Advance limit.
Online recently, verified today, the Cash Advance is now $4k.
My highest balance on the card was $1,200.
My Available Cash line remains the same (even for the last statement - new statement may generate any moment now). Online though, it is the same for both cards - no reduction.
@Maddog_ wrote:
@CreditMagic7 wrote:@Anonymous wrote:
I app'd and was approved for a fairly high limit in September. I read for months that the accounts would be closed down, or limits reduced. I've used the card for 4-7k in charges every month in the US, Puerto Rico, Mexico and Europe. Love the PIN feature. No charge has ever been declined. Love that I have another program that allows transfers to airline/hotel programs. 7th statement just cut and I did notice that cash feature would now be limited to 20% of CL but honestly if you need cash advances other than for emergencies you probably should not use a credit card. So my question is, we're all these fears somewhat overblown?
The last page of my April statement contains the following…
"Your card can be used to buy or lease goods or services wherever the card is honored. Your account has a credit limit. The full
amount of the credit limit is available to use where the card is honored. Subject to applicable law, we may reduce your credit limit at
any time."
…under the advisement that "Your Cardmember Agreement will also change."
I assumed the next move will be widespread CLDs. Sorry to draw attention to this
That's pretty much standard i would assume for any lender. (Barclays first comes to mind)
It's of special note moreover that they are specifically addressing "cash advance balance". Definitely covering the rears on that slip up. LoL
"We may reduce your cash limit limit at any time, and we may limit the frequency and amount of cash withdrawals you may make in any time period."
They must have had too many with these cards drawing from the cash well (ATM) not to mention any who intended to burn them anyway.
It's a wise step in that regard and i don't think they even had a limit on cash advances which is a problem waiting to happen.
Just noticed online that my Available Cash went form $20,000 to $4,000 on a Premier issued in October 2014. No prior notice or anything like that. I used card with very light monthly charges from my country club and paid off in full each month. No prior cash advances. Total CL stayed at $20K. Should I ask them why, or are they doing this to everybody ?
My April statement included a notice stating…
"IMPORTANT NOTICE OF CHANGES REGARDING YOUR CARDMEMBER AGREEMENT AND CASH
LIMITS:
Effective June 1, 2015, we are changing cash limits on your Diners Club card account. The cash limit on your Account, which is the
maximum amount of credit we will extend to you for cash advances, will be reduced to 20% of your credit limit. We will not authorize
any transaction that would cause your cash advance balance to exceed your cash limit. The maximum amount of cash that may be
withdrawn per day will be $1,500, subject to your available cash limit. If your cash advance balance exceeds your cash limit on June
1, 2015, we will not charge you a fee for being over your cash limit or ask you to immediately repay the amount exceeding your cash
limit, but you will be unable to make additional cash advances until your cash advance balance is less than your cash limit.
