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CC's that are good for cash advance?

Valued Contributor

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


Lexa wrote:

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?


Hi Lexa...this was a good exercise for me because I never looked at my cash advance potential before. Here is what I know...

 

Chase VISA                   CL $15,000      Cash Adv Lmt  $15,000

Discover                         CL $11,800      Cash Adv Lmt   $ 6,100

AmEx Delta SkyMiles     CL $  6,000     Cash Adv Lmt   $    400

National City VISA          CL $14,300      Cash Adv Lmt  $  7,150

Sears Citi MasterCard     CL $  3,000     Cash Adv Lmt   $    250

 

I also have a PenFed Cash Rewards VISA, but for the life of me, I can't find how much they would give me in cash. Maybe someone else with a PenFed card can tell me where to find it on the website.

Message 11 of 34
Regular 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.
I have 2 BofA cards with decent limits: a Visa with a $29,100 CL & a MasterCard with a $25,000 limit. For both cards, the cash advance limit equals the total limit. In other words, if I were crazy enough to do so, I could pull a total of $54,100 cash from these cards.
All of my other cards have separate - and lower - limits for cash advances. For example, my L.L. Bean Visa (issued by Barclays) has a $30,000 limit for purchases but only a $12,000 limit for cash advances. The limits (purchase/cash) are $22,000 / $4,000 for my Amazon.com (Chase) Visa, $26,000 / $7800 for my Chase (originally WaMu) MasterCard, $20,000 / $10,000 for my CapOne MasterCard & $16,000 / $10,700 for my Citi Rewards MasterCard.
Just checked my PenFed Visa & noticed that there's only 1 credit limit ($15,000 in my case) for both purchases & cash advances, so that might be another exception to the separate & lower limit for cash advances rule.
Can't help you with your question about fees. I've been using CCs for almost 35 years but have never taken out a cash advance. That might be one reason why I have no trouble getting high-limit cards. I have a theory - one that I can't prove - that banks are suspicious of customers who use their cards for cash advances. After all, would you do this if you had adequate savings? 
 
 
 

 

Message 12 of 34
Frequent Contributor

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

This got me to look at my card cash limits. I found all of them listed on line except Nordstrom visa does any one know if this card has cash advance feature. To scared to call in fair that they may think I want to take cash out LOL.


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Message 13 of 34
Super Contributor

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

None are.
01/13/2018: FICO 829 EQ 823 TU 831 EX
Message 14 of 34
Super Contributor

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


Lexa wrote:

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?


The interest rate is too high.  Avoid Cash Advaces at all cost.  Get a Discover More card for cash over if you are in need of money.  

Message 15 of 34
Moderator Emerita

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

Hey, everyone, let's please respect the very clear wish of the OP.

If OP knows about the hazards of cash advance and wants to proceed anyway, that's OP's business. Like it or not, no one is forced to take advice.
* Credit is a wonderful servant, but a terrible master. * Who's the boss --you or your credit?
FICO's: EQ 781 - TU 793 - EX 779 (from PSECU) - Done credit hunting; having fun with credit gardening. - EQ 590 on 5/14/2007
Message 16 of 34
Established Contributor

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


LynetteM wrote:

I also have a PenFed Cash Rewards VISA, but for the life of me, I can't find how much they would give me in cash. Maybe someone else with a PenFed card can tell me where to find it on the website.


PenFed is one limit one interest rate for both purchase and cash advance.  So if your Penfed credit card limit is 10k for purchases, it is also 10k for cash advance.  No cash advance fee but the same 14% interest rate as purchases.

Message 17 of 34
Established Contributor

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


crosbyk1 wrote:

This got me to look at my card cash limits. I found all of them listed on line except Nordstrom visa does any one know if this card has cash advance feature. To scared to call in fair that they may think I want to take cash out LOL.


Cash advance limit on Nordstrom is usually about 25% of your credit limit.  If your Nordstrom limit is 10k for purchases, your cash advance limit is probably 2.5k.  They also have a cash advance fee of 3%.

 

http://about.nordstrom.com/nordstromfashionrewards/#bank_3

 

 

Message 18 of 34
Valued Contributor

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


manyquestions wrote:

PenFed is one limit one interest rate for both purchase and cash advance.  So if your Penfed credit card limit is 10k for purchases, it is also 10k for cash advance.  No cash advance fee but the same 14% interest rate as purchases.


Thanks manyquestions. I didn't know that.

 

This thread got me thinking because I've not taken a cash advance. I'm going to ask a very stupid question now...

 

How does one get a cash advance from their credit card? Go to a bank? One of my cards would give me a $15k cash advance...and I know I can't do that at an ATM.

 

We get checks from some of our credit cards, but we always dispose of them. Is that how you get your cash advances?

Message 19 of 34
Super Contributor

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


LynetteM wrote:

manyquestions wrote:

PenFed is one limit one interest rate for both purchase and cash advance.  So if your Penfed credit card limit is 10k for purchases, it is also 10k for cash advance.  No cash advance fee but the same 14% interest rate as purchases.


Thanks manyquestions. I didn't know that.

 

This thread got me thinking because I've not taken a cash advance. I'm going to ask a very stupid question now...

 

How does one get a cash advance from their credit card? Go to a bank? One of my cards would give me a $15k cash advance...and I know I can't do that at an ATM.

 

We get checks from some of our credit cards, but we always dispose of them. Is that how you get your cash advances?


Go to ATM with your PIN that you or the bank created.   If you are requesting more than an ATM allows, you can go inside the bank or use your cash advance checks. 

Message 20 of 34