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Contributor
tboy1977
Posts: 221
Registered: ‎07-11-2012
0

Cap1 Secured cash advance

When I applied for Cap1 secured, I put $1500 behindit.  When I got the card, my cash advance limit was $750.  Since then I have increased my limits on $500 increments until I reached the max 3K.  But my cash advance limit is still $750?   What gives?  I don't necessarily need it (in fact I'm not looking for it now).  But I want to be prepared for an emergency, the biggest reason for having CCs in the first place.  Who can I call to get it raised.  I just called Cap1 backdoor and got some foreigner who told me me there is nothing I can do.....

Starting scores: EQ 420, EX 421, TU 405 (Jan 2011)
Bk Ch 7 Discharged Mar 2011
Current scores: EQ 456, EX 534, TU 411 (Aug 2012) FICO (8/2012 -- EQ 564, EX 584 (from BofA) TU 551)
Goal scores: EQ 700+, EX 700+, TU 700+

Credit accounts: 30% APR auto loan (Jan 2012), Secured [CapOne (3K), PNC (1300), NFCU (1K), Coke (2500)] and Target (200)
Senior Contributor
Wolf3
Posts: 3,198
Registered: ‎01-24-2010
0

Re: Cap1 Secured cash advance


tboy1977 wrote:

When I applied for Cap1 secured, I put $1500 behindit.  When I got the card, my cash advance limit was $750.  Since then I have increased my limits on $500 increments until I reached the max 3K.  But my cash advance limit is still $750?   What gives?  I don't necessarily need it (in fact I'm not looking for it now).  But I want to be prepared for an emergency, the biggest reason for having CCs in the first place.  Who can I call to get it raised.  I just called Cap1 backdoor and got some foreigner who told me me there is nothing I can do.....


I believe the cash advance limit on mine was less than deposit just like yours (don't remember the amounts exactly).   I think you are stuck with it.     

Contributor
tboy1977
Posts: 221
Registered: ‎07-11-2012
0

Re: Cap1 Secured cash advance

It's supposed to be 50% of credit limit.  750 is 50% of 1500, but now that my limit has grown to $3k, it should be $1500

Starting scores: EQ 420, EX 421, TU 405 (Jan 2011)
Bk Ch 7 Discharged Mar 2011
Current scores: EQ 456, EX 534, TU 411 (Aug 2012) FICO (8/2012 -- EQ 564, EX 584 (from BofA) TU 551)
Goal scores: EQ 700+, EX 700+, TU 700+

Credit accounts: 30% APR auto loan (Jan 2012), Secured [CapOne (3K), PNC (1300), NFCU (1K), Coke (2500)] and Target (200)
Senior Contributor
jsucool76
Posts: 3,225
Registered: ‎12-11-2011
0

Re: Cap1 Secured cash advance

They might not increase it because if they let you take out $1500, when you add on the cash advance fee, and then tack on cash advance APR, your security deposit might not be enough to ensure they don't get cheated out of money if you default. 

Valued Contributor
trumpet-205
Posts: 2,437
Registered: ‎11-11-2010
0

Re: Cap1 Secured cash advance

You do also realize that ATM might have its own withdraw limits for cash advance, which is probably going to be less than $750.

 

It will be so much better to get a prepaid card like Serve or AMEX Prepaid instead of relying to cash advance.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Contributor
tboy1977
Posts: 221
Registered: ‎07-11-2012
0

Re: Cap1 Secured cash advance

[ Edited ]

I don't want the cash advance......I just want to be dealt with fairly.  My goal is to get my secured cards as good as possible so when I finally enter the garden, I will stay a LONG TIME!

 

Besides 5% of $1500 is $75.  I'm sure I wont go that far over limit :-)

Starting scores: EQ 420, EX 421, TU 405 (Jan 2011)
Bk Ch 7 Discharged Mar 2011
Current scores: EQ 456, EX 534, TU 411 (Aug 2012) FICO (8/2012 -- EQ 564, EX 584 (from BofA) TU 551)
Goal scores: EQ 700+, EX 700+, TU 700+

Credit accounts: 30% APR auto loan (Jan 2012), Secured [CapOne (3K), PNC (1300), NFCU (1K), Coke (2500)] and Target (200)
Valued Contributor
trumpet-205
Posts: 2,437
Registered: ‎11-11-2010
0

Re: Cap1 Secured cash advance

[ Edited ]

tboy1977 wrote:

I don't want the cash advance......I just want to be dealt with fairly.  My goal is to get my secured cards as good as possible so when I finally enter the garden, I will stay a LONG TIME!

 

Besides 5% of $1500 is $75.  I'm sure I wont go that far over limit :-)


You said you want to be prepared, which is why I suggested getting AMEX branded prepaid card instead (free ATM withdrawal). Cash advance has no grace period, so from day 1 you are charged with interest of 24.9% APR.

$750 cash advance limit is a lot actually, considering that my Chase Freedom card has $600 cash advance limit for $3K CL. That and the fact that each ATM imposes limit on cash advance withdrawal (which is more likely to be less than $750), you SHOULD be happy with a $750 cash advance limit. You are already being dealt fairly, perhaps too fairly.

In My Wallet:
Citi Forward (12/2010) | Citi Dividend (05/2011) | Chase Freedom (11/2011) | GECRB/PayPal (05/2012)
Discover it (07/2012) | AMEX BCP (09/2012) | TD/Target REDCard (10/2012) | Chase Ink Classic (11/2012)
BofA BBR (04/2013) | FNBO/Overstock.com (02/2014) | Barclaycard Arrival (04/2014) | FIA/Fidelity AMEX (04/2014)
Senior Contributor
jsucool76
Posts: 3,225
Registered: ‎12-11-2011
0

Re: Cap1 Secured cash advance


trumpet-205 wrote:

tboy1977 wrote:

I don't want the cash advance......I just want to be dealt with fairly.  My goal is to get my secured cards as good as possible so when I finally enter the garden, I will stay a LONG TIME!

 

Besides 5% of $1500 is $75.  I'm sure I wont go that far over limit :-)


You said you want to be prepared, which is why I suggested getting AMEX branded prepaid card instead (free ATM withdrawal). Cash advance has no grace period, so from day 1 you are charged with interest of 24.9% APR.

$750 cash advance limit is a lot actually, considering that my Chase Freedom card has $600 cash advance limit for $3K CL. That and the fact that each ATM imposes limit on cash advance withdrawal (which is more likely to be less than $750), you SHOULD be happy with a $750 cash advance limit. You are already being dealt fairly, perhaps too fairly.


Cap1 gave me a 100% cash advanced limit of $3000 which is crazy lol. and definitely. that APR can take you right up to your limit pretty quickly. After one year you'd be at over $1000 dollars :smileytongue: 

 

A lot of people who get cash advances usually don't have means to pay them back.

Mega Contributor
LS2982
Posts: 15,434
Registered: ‎04-09-2011
0

Re: Cap1 Secured cash advance

I would stay far away from cash advances, it only leads to trouble.



Silver Spade Garden Club Member - Last App 12/16/13 - Looking for a clean slate NO INQ's / Diamond Inspired!
Starting Score:
EX (PLUS) 583 EQ FICO 565 TU FICO 590 3/15/2011 / Goal Scores: 720
Current Score: EX FICO (PSECU) 671 (myFICO) N/A / EQ FICO 679 / TU08 FICO 678 / TU VS 706 3/6/2014
Moderator
Revelate
Posts: 8,991
Registered: ‎12-30-2011
0

Re: Cap1 Secured cash advance

Cash advance limit has nothing to do with FICO, at all.

 

Actually, if you take a cash advance on your secured card, they will reduce the limit. 

 

End of the day, taking a cash advance on a credit card is just a bad idea period for a whole lot of reasons and something you should rarely, if ever do, *regardless* of circumstances.  It's an even worse idea on a secured card, to the point you're probably just better off closing it if you need the cash.  That said, C1 you can deposit gracefully to increase your limit so they and USAA might be exceptions, but it's a pretty silly idea to begin with.  Other than paying rent and parking / valet tips, there's really nothing you can't do with a credit card that you can do with cash or a check.  Plus you can float a balance on a CC, which you can't do with cash... not to mention the fees and the fact banks REALLY frown on cash advances.

 

Just say no.

Starting Score: EQ 561, TU 567, EX 599* (12/30/11, EX lender pull 12/29/11)
Current Score: EQ 04 673, EQ 8 707, TU 720, EX 702* (09/02/14, EX older)
Goal Score: 700 on EQ '04 (01/01/15)


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