05-12-2013 05:01 PM - edited 05-12-2013 05:11 PM
on my experience... i have Barclay Ring( 5k Cl ), i used it mostly on cash advance because they charged me only a dollar per transaction plus the ATM fee (i always pay in full before the statements cut ).so when i asked for CLI (asking for 10k +) the analyst told me that they will approved me for 10k because of too many cash advances...hahahahha funny.
05-12-2013 05:25 PM
05-12-2013 06:01 PM
Do banks like it when you do constant cash advance?
Probably not...unless you have some sort of credit card/line of credit like is offered by PSECU.
05-12-2013 06:07 PM
05-12-2013 06:12 PM
Think of the reasons why some people would need a cash advance, instead of just using a credit card for purchases:
1. to buy drugs
2. to pay for something illegal where the purchase needs to be untraceable
3. there is no money in your bank account and you can't afford to pay for simple things like a parking meter
cash advances are highly suspicous. they are sign of someone who is going to default on their debt. lots of them will result in adverse action.
05-12-2013 06:18 PM
This is like the recent thread on whether banks like cancelling cards with AF just before the fee becomes due. The basic question for many of us is: Who cares if the bank likes it! They are able to reject a cash advance if it is such a problem, and, in general, as they start charging interest straight away on a cash advance, way above the cost of the money, I'm pretty sure they like it. They keep sending me BT checks which are really very similar.
Two concerns from the bank would be:
a) Is this a sign of financial stress. A soft pull of the credit reports could help confirm or deny this to some extent (are all cards getting maxed out)
b) Is some form of money laundering going on.
The issuer is free to close the card for these or any reason. If they do, move on to another issuer, there are lots. (And if points have been lost due to closure, consider legal recourse).
05-12-2013 06:49 PM
05-12-2013 06:52 PM
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