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CC's that are good for cash advance?

Frequent Contributor

CC's that are good for cash advance?

Most of the CC's we open have a cash advance limit that is a part of the total available CL. Sometimes you can increase it, sometimes you can not. Does anyone knows which credit cards have the cash advance limit that is the same as the total CL? And which ones do not charge a 3% fee if there are eny out there. I know Addison Avenue does not charge a fee.
Message 1 of 34
33 REPLIES
Frequent Contributor

Re: CC's that are good for cash advance?

Cash advance are never a good idea. But if for some reason I ever had to take one it would be dobe on my CU visa. They charge no fee and the same APR for cash. 

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Message 2 of 34
New Contributor

Re: CC's that are good for cash advance?

I agree with Crosby. If you're using your card(s) for cash advances, you are on the wrong track unless you face desperate circumstances. Build up some emergency savings to tap for a rainy day. Paying the ridiculous rates demanded by issuers for cash advances is akin to borrowing from a loan shark.

 

Good Luck,

-------------------------------------------------

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Message 3 of 34
Senior Contributor

Re: CC's that are good for cash advance?

Without comment on the wisdom of cash advances, I have found the following CCC's as the lowest fee and relatively lower APR related to cash advances:

NFCU  (no fee, cash rate 2% higher than purchase, unless you use convenience check then same rate as purchase)

PSECU (no fee, cash or purchase 9.9%)

Addison (no fee, cash 6.24%, purch 5.24%)

USAA (no fee for online transfer to checking, $75 max on BT/convenience checks, cash & purch rate same)

BoA (no fee if you use CC as "BillPay" funding source, but not all payees are eligible to pay from this source)

PenFed ($100 max fee, APR 13.25% and online cash transfer to checking not available till member 6+ months)

CapOne (often sends "no fee" convenience check with "same as purchase" APR rate)

 

As related to CASH Available limit, this will depend on the CCC.  Many "builder" cards have cash limits.  Most prime lenders have not put those restrictions on me, with Discover and Chase (former WAMU) being the exceptions. 

 

When taking cash advances you will incur interest from day 1...so no grace.  You also may cause an account review flag on your account.  Many CCC's are looking for signs of financial distress, and Cash Advances is definitely a sign of "potential" financial distress.  It would usually be better to make purchases and then BT to a low APR offer.  But if you need "cash" then this is the info I can offer.

 

Be careful and good luck!  Smiley Happy

 

 

Message Edited by txjohn on 10-31-2009 07:29 AM

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Message 4 of 34
Regular Contributor

Re: CC's that are good for cash advance?

Chase Platinum (WAMU)

 

Total CL- $3500.00

Cash Advance Limit- $1050.00

Purchase APR- 10.24

Cash Advance APR-19.24

 

Chase Perfect Card (Providian)

 

Total Credit Limit- $8014.00

Cash Advance Limit-$8014.00

Purchase APR- 29.24

Cach Advance APR- 29.24

 

I would literally have to be starving before I took a cash advance on either of these cards.

 

 

Message 5 of 34
Super Contributor

Re: CC's that are good for cash advance?


Lexa wrote:
Most of the CC's we open have a cash advance limit that is a part of the total available CL. Sometimes you can increase it, sometimes you can not. Does anyone knows which credit cards have the cash advance limit that is the same as the total CL? And which ones do not charge a 3% fee if there are eny out there. I know Addison Avenue does not charge a fee.

Avoid Cash Advances at all cost.  Interest is just too high.  Get a Discover More card.  You will be able to get cash over at the grocery store.  It would be considered as a purchase.  

Message 6 of 34
Valued Contributor

Re: CC's that are good for cash advance?

+1

 


DI wrote:

Lexa wrote:
Most of the CC's we open have a cash advance limit that is a part of the total available CL. Sometimes you can increase it, sometimes you can not. Does anyone knows which credit cards have the cash advance limit that is the same as the total CL? And which ones do not charge a 3% fee if there are eny out there. I know Addison Avenue does not charge a fee.

Avoid Cash Advances at all cost.  Interest is just too high.  Get a Discover More card.  You will be able to get cash over at the grocery store.  It would be considered as a purchase.  


+1 The rate for cash back at a grocery store is equivalent to your purchase APR and you aren't scrutinized for it like you could be with a straight advance.

 

Message 7 of 34
Frequent Contributor

Re: CC's that are good for cash advance?

Thank you txjon! Guys, I know, the APR is High for cash advances, there is no need to remind me in every messageSmiley Happy The question was different. Anybody else, who knows which cards will have a cash advance limit similar to total CL?

Message 8 of 34
Established Contributor

Re: CC's that are good for cash advance?

My chase card:

 

Total Credit Limit: $3000

Cash Advance Limit: $600

 

Purchase APR:10.24%

Cash APR : 10.24%

 

 

 

Only $600 for cash but APR is same as purchase.

Message 9 of 34
Frequent Contributor

Re: CC's that are good for cash advance?

A few months ago Orchard slashed the cash advance from 100% of CL to 25%, I think.

 

Then a couple of months later they went back up to 100% for many folks.

 

My Orchard CL stands at $1,200 and the cash limit is the same. Although, I'm sure that the APR is over 20% if one takes it.

 

 

"Knowledge is of no value unless you put it into practice."- Anton Chekhov
4/11 TU 743 4/11 EQ 763
Message 10 of 34