10-20-2012 12:53 PM
My citi card has 500 cash advance. Never used it.
HSBC has 1,200 cash advance limit. Because I have used it so many times.
Chase has 1,200 cash advanced limit. Used this often in the past.
10-25-2012 09:33 AM - edited 10-25-2012 09:33 AM
My golden rule is don't charge anything you couldn't otherwise buy with cash unless it is an asset (home, car, equities etc). This rule plays back in my head each time I swipe my card. However if you are taking out a cash advance it is due to the fact that you don't have any (cash) thus it is in and of itself a violation of my rule.
+1 to this. In an ideal world of fully-informed borrowers, this thread would never exist.
Cash advances are the devil incarnate. Simply do NOT do it. Treat every card as if your cash advance limit is $0.
No, make that $-20, because believe me, any time you pull a cash advance they are going to find a way to make 20 bucks or more off of you.
Cash advances are essentially the way otherwise prime lenders get to dabble their toe in the usurious payday-loan industry pool. No thank you.
When I was unemployed, I found myself at a point where I was strapped for cash. I had the option of doing a credit card cash advance. Instead, I found odd jobs on the Gigs section of Craigslist and scrounged up cash mopping floors, repairing fences, and organizing closets. That was definitely the better choice.
12-14-2012 07:30 PM
Yeah seriously, don't ever take cash advance. I tried to lower my cash advance limit to 0, but the lowest limit my creditors would allow is 200....
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