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Valued Contributor
Jazzzy
Posts: 2,678
Registered: ‎07-29-2009
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Re: CC's that are good for cash advance?


DI wrote:
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. 

Thanks DI. I have no idea whether or not I've got PINs w/ my credit cards. Something more to sort out. I've only ever used my debit card at an ATM. I know what that PIN is.

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manyquestions
Posts: 292
Registered: ‎10-20-2008
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Re: CC's that are good for cash advance?

You can do Penfed cash advance online.  Click on your credit card account.  In the area that shows up below that there will be a link cash advance.  Click on that.  Type in the amount you want (up to your credit card credit limit) and select where you want it transfered to.  Easiest would be your Penfed checking account.

 

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DI
Posts: 5,767
Registered: ‎01-28-2008
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Re: CC's that are good for cash advance?

[ Edited ]

LynetteM wrote:

DI wrote:
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. 

Thanks DI. I have no idea whether or not I've got PINs w/ my credit cards. Something more to sort out. I've only ever used my debit card at an ATM. I know what that PIN is.


You will need to request a PIN.  It's not sent automatically.  Please get a Discover More card if you need cash back.  It will save you a lot of time and money.

Message Edited by DI on 11-01-2009 06:51 PM
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haulingthescoreup
Posts: 28,115
Registered: ‎04-01-2007
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Re: CC's that are good for cash advance?

I still remember Fretless Mayhem's tale of having to do a cash advance on a new AmEx when he was in Las Vegas. He had had to reserve his hotel room with a debit card, and they tied up his available cash in his bank account, so he used the AmEx to get some spending money. Wham, financial review.

I think he holds our record for the number of AmEx FR's in a short period of time. :smileytongue:
* 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
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Nonaii
Posts: 246
Registered: ‎06-02-2008
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Re: CC's that are good for cash advance?

[ Edited ]

Lexa, I really really really want to echo several of the posters on this thread and tell you DONT DO IT if you can avoid it.   Wait until after February 2010? I don't know.  But now is a bad time.  As for which cards do........... my Alliant allowed cash advances to the limit of the credit card right up until this past September.  Now it's a quarter of my credit limit only.  I've never taken a cash advance out with them.

 

I know others  in the past have called up their credit card companies and asked for a split, so that their cash advance limit is half of their actual credit limit.   This is a really really really bad time to do that kind of thing though, and you can always ask later.  The pros are that cash advances are way better deals than payday loans.  The cons are the interest rate..... and possible Adverse Action.

JimB 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.
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? 
 
 
 

 


 

 

I avoid Discover cash advances because of two adverse actions:

 

a) when I didn't know any better, I took a cash advance out (along with 3 balance transfers) the first week I had the card -- they cut my credit limit to 100 above the cash advance.   the credit limit decrease did NOT include taking into account the 3 balance transfers already approved. 

 

b) when calling to get the status of a business card application, i was told i was because my business was not 2 years old.................... and then the rep, without telling me, pulled a second credit report at the same time and (again without telling me) cancelled my personal account.  the more to the story is that i got into an argument with the rep about the online application and why the application he pulled up had blanks he had to fill in, instead of his being able to see the application I had electronically submitted -- and so I asked for his supervisor.  the supervisor said it was a possible error and would contact their tech dept.  i to this day think the supevisor only told me that to get me off the phone.

 

anyway, two inquiries from discover in one day -- thanks p.o.d rep! -- and the reasons why my personal account was outright closed was because I had too many inquiries (hey, that's funny, the only inquiries WERE THE TWO FROM DISCOVER'S BUSINESS APP CSR) and because of the remainder of a balance transfer.  That was funny, too, because about 2 weeks before this episode I had paid off all but 49 bucks on the card .... a pay off included the remainder of balance transfers, purchases i had made for my business, and the cash advance ...........which was viewable in my account history; a statement hadn't generated yet.   that shouldn't have been an excuse.

 

 

It was a very bitter experience for me, because previously my sub prime cards (capital one, genesis, gemb) had never punished me for taking out a cash advance.    They didn't punish me for paying off, either.

 

I called in angry.  Recon told me they'd reviewed my account history and I would be eligible for a new account ... in SIX MONTHS.  Again, thanks p.o.'d customer service rep!  We reviewed my credit report on the phone, and the recon underwriter re-established my account and credit limit.  She apologized and said a mistake had been made by the previous rep. That's nice. 

 

I try to keep off the phone with discover now.  i have never received an unsolicited credit limit increase from them. i probably never will.  they scared me straight, though.   i haven't taken out a cash advance with anyone, since.  it helped that my health situation had improved enough so that I didn't have to.  with the economy blowing up, i'd be very fearful to take out a cash advance now......... especially with so-called 'prime' banks.  Adverse Action is everywhere.

 

 i will also say i'm jealous of everyone who has had nothing but good experiences with discover. you guys are blessed :smileyhappy:

 

 

Message Edited by Nonaii on 11-02-2009 05:15 AM
Valued Contributor
casinoannie97
Posts: 1,989
Registered: ‎08-17-2007
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Re: CC's that are good for cash advance?

HSBC is same but interest is astrinimical.  same for merrick. CCCU is the same as purchases and CAP ONE is same.
Super Contributor
DI
Posts: 5,767
Registered: ‎01-28-2008
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Re: CC's that are good for cash advance?


 
 

 


 

 

I avoid Discover cash advances because of two adverse actions:

 

a) when I didn't know any better, I took a cash advance out (along with 3 balance transfers) the first week I had the card -- they cut my credit limit to 100 above the cash advance.   the credit limit decrease did NOT include taking into account the 3 balance transfers already approved. 

 

b) when calling to get the status of a business card application, i was told i was because my business was not 2 years old.................... and then the rep, without telling me, pulled a second credit report at the same time and (again without telling me) cancelled my personal account.  the more to the story is that i got into an argument with the rep about the online application and why the application he pulled up had blanks he had to fill in, instead of his being able to see the application I had electronically submitted -- and so I asked for his supervisor.  the supervisor said it was a possible error and would contact their tech dept.  i to this day think the supevisor only told me that to get me off the phone.

 

anyway, two inquiries from discover in one day -- thanks p.o.d rep! -- and the reasons why my personal account was outright closed was because I had too many inquiries (hey, that's funny, the only inquiries WERE THE TWO FROM DISCOVER'S BUSINESS APP CSR) and because of the remainder of a balance transfer.  That was funny, too, because about 2 weeks before this episode I had paid off all but 49 bucks on the card .... a pay off included the remainder of balance transfers, purchases i had made for my business, and the cash advance ...........which was viewable in my account history; a statement hadn't generated yet.   that shouldn't have been an excuse.

 

 

It was a very bitter experience for me, because previously my sub prime cards (capital one, genesis, gemb) had never punished me for taking out a cash advance.    They didn't punish me for paying off, either.

 

I called in angry.  Recon told me they'd reviewed my account history and I would be eligible for a new account ... in SIX MONTHS.  Again, thanks p.o.'d customer service rep!  We reviewed my credit report on the phone, and the recon underwriter re-established my account and credit limit.  She apologized and said a mistake had been made by the previous rep. That's nice. 

 

I try to keep off the phone with discover now.  i have never received an unsolicited credit limit increase from them. i probably never will.  they scared me straight, though.   i haven't taken out a cash advance with anyone, since.  it helped that my health situation had improved enough so that I didn't have to.  with the economy blowing up, i'd be very fearful to take out a cash advance now......... especially with so-called 'prime' banks.  Adverse Action is everywhere.

 

 i will also say i'm jealous of everyone who has had nothing but good experiences with discover. you guys are blessed :smileyhappy:

 

 

Message Edited by Nonaii on 11-02-2009 05:15 AM

One should never have to get a cash advance from Discover when the option for cash over is available

Regular Contributor
Nonaii
Posts: 246
Registered: ‎06-02-2008
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Re: CC's that are good for cash advance?

[ Edited ]

DI wrote:

One should never have to get a cash advance from Discover when the option for cash over is available

 

 

Why?  I took a 1500 cash advance.   Gotta be living in the 'good areas' to have grocery stores that will allow that amount of cash over at one time, right? :smileyhappy:   Unless you mean [Removed] making multiple small purchases to get maximum cash back.  That could work, but I'm not down for holding up other people in line like that.  Guess there's also the casino/club thing, but I don't go to either.  I'm boring.

 

In contrast, Cap One and Genesis allowed me to take cash advances up to the actual credit limit of the card.  Unfortunately, that was only 500 amd 600 respectively.  But in the past, pre meltdown, they let me do it.  I never went to the actual limit, so that I wouldn't get additional fees for going over the credit limit once the cash advance fee hit.  GEMB had a better credit limit than either, but a cash advance of 600.   

 

Reading over your response, I wonder...................... what is the average cash advance?  

Message Edited by LilMirth on 11-02-2009 01:28 PM
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DI
Posts: 5,767
Registered: ‎01-28-2008
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Re: CC's that are good for cash advance?


Nonaii wrote:

DI wrote:

One should never have to get a cash advance from Discover when the option for cash over is available

 

 

Why?  I took a 1500 cash advance.   Gotta be living in the 'good areas' to have grocery stores that will allow that amount of cash over at one time, right? :smileyhappy:   Unless you mean [Removed] making multiple small purchases to get maximum cash back.  That could work, but I'm not down for holding up other people in line like that.  Guess there's also the casino/club thing, but I don't go to either.  I'm boring.

 

In contrast, Cap One and Genesis allowed me to take cash advances up to the actual credit limit of the card.  Unfortunately, that was only 500 amd 600 respectively.  But in the past, pre meltdown, they let me do it.  I never went to the actual limit, so that I wouldn't get additional fees for going over the credit limit once the cash advance fee hit.  GEMB had a better credit limit than either, but a cash advance of 600.   

 

Reading over your response, I wonder...................... what is the average cash advance?  

Message Edited by LilMirth on 11-02-2009 01:28 PM

Wow!!

Regular Contributor
itsjustmeibe
Posts: 204
Registered: ‎02-19-2008
0

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

[ Edited ]

Chase will let me take my entire available limit in cash, and I guess I could request cash advance checks to do that.. Kinda scary though $30k at 19.24% interest.

 

 

Payment Info     Minimum Payment Due Link to more information in a new browser window.  $262.00         Next Payment Due Date   11/20/2009         Last Payment Amount   $50.00         Last Payment Posted Date   10/06/2009        
Cash Advance     Cash Advance Balance   $0.00         Cash Advance Limit   $44,000.00         Available for Cash Advance   $30,870.00        
    Account Info     Outstanding Balance   $13,129.70         Pending Charges   $0.00         Total Credit Limit   $44,000.00         Available Credit   $30,870.00         Last Statement Date   10/26/2009         Next Closing Date   11/26/2009         Balance Last Statement   $13,129.70        
  APR     As Of   10/27/2009         Purchase APR   14.24%         Cash APR   19.24%

 

 

 

My Bank of America Worldpoints card is similar: $12k limit, $11,557 available for cash or credit

 

Message Edited by itsjustmeibe on 11-02-2009 11:12 AM

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