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.
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.
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....