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Cash Advance whats the limit?

Senior Contributor

Cash Advance whats the limit?

Do banks like it when you do constant cash advance?

Banking with CBofTV, BofH, and BBVA. All three are free checking accounts.
First Premier CC $500
Chapter 7 BK Discharged on 7/11/16
Equifax, Experian, Transunion, and ChexSystem are FROZEN.
Gardening Since 10/25/2017
Message 1 of 33
32 REPLIES
Regular Contributor

Re: Cash Advance whats the limit?

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.

Message 2 of 33
Frequent Contributor

Re: Cash Advance whats the limit?

I don't think so. If I were a bank, I would probably scrutinize customers who take cash advances more than two times in a year.

Just my take.
Cards: CSP 6k, Chase Freedom 6k, BCP 7.5k, Sallie Mae 8.9k, Discover 5k, BOFA Better Rewards 3.8k
Message 3 of 33
Highlighted
Valued Contributor

Re: Cash Advance whats the limit?


BearsAndTurtlesRtheBest wrote:

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.  

FICO Scores Updated 07/15 EQ08 748 EX08 748 TU08 818
Message 4 of 33
Super Contributor

Re: Cash Advance whats the limit?

I would say no. Some applications even ask id you plan on using the card at ATMs for cash advances.

With something like the Ring card which seems to be made for things like BTs/cash advances/balance carrying i would say its the best kind of card to do it on, but i still wouldn't recommend doing it constantly.
Message 5 of 33
Valued Contributor

Re: Cash Advance whats the limit?

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.

EX:694 TU:744 EQ:777
Amex ED $19.5k - BoA Travel Rewards $15k - CSP $5k - SDFCU EMV $15k - NFCU goRewards $20k - Barclays Arrival $6.5k
Message 6 of 33
Super Contributor

Re: Cash Advance whats the limit?

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).

Message 7 of 33
Senior Contributor

Re: Cash Advance whats the limit?

Okay but why if you pay the money back in full? Would that still seem suspicous?

Banking with CBofTV, BofH, and BBVA. All three are free checking accounts.
First Premier CC $500
Chapter 7 BK Discharged on 7/11/16
Equifax, Experian, Transunion, and ChexSystem are FROZEN.
Gardening Since 10/25/2017
Message 8 of 33
Established Contributor

Re: Cash Advance whats the limit?

I personally dont recommend it. It gives banks/lenders the impression that you are in desperate need of cash or is having financial issues especially if you are constantly doing it.
Gardening Since: March 4, 2013.
In My Wallet: Chase: Freedom Visa Signature | Sapphire Preferred World Mastercard. |
Message 9 of 33
Frequent Contributor

Re: Cash Advance whats the limit?

Some lender like DCU don't even care! I asked about a balance transfer and they stated just transfer the money to my checking and use a check or my debit card! They treat everything at the same rate and care less what u do with the funds!
Current Fico's: TU 797 / EQ 785 / EX 775
Wallet: US Bank Business Edge $16,000 I Chase Ink $18,500 | US Bank Cash + Visa Sig $15,000 | Amex PRG NSL | Barclay Arrival+ WMC $10,000 l Amex BCP $20,000 | PenFed Visa Sig $9,000 | DCU Plat. $10,000 | Logix $10,000 | Discover $18,900 | WalMart $10,000 | Paypal MC $15,000 | Barclay NFL $3,400 | Cap 1 Quicksilver WMC $34,500 | J C Penny $5000 | Target $2000 13 Personal & 2 Business CreditCards
Message 10 of 33