Chase Freedom cash advance limit reduced?

xgac12x · ‎06-27-2014

So when my Chase Freedom originally got a CLI to 6k, they increased my Cash Advance to 3k. I have my CL at 7.5k now, and the cash advance fee is at 1500 now..I dont understand why? I have never used my cash advance and always PIF..put a lot of money through this card, probably doesnt matter but yeah. Just curious as to why Chase would do that?

Thanks.

CARDS: CAPONEQUICKSILVERONE - $3,000.00

OnTheRebound · ‎06-27-2014

My wife's Freedom has a $11014.00 CL. The Cash Advance Limit has always been $11014.00. A couple months ago they lowered the APR to 23.24% from 29.24% and lowered the Cash Advance Limit to $2202.80. Yes 80 cents. With Avaialble for Cash Advance of $2202.00. Wierd. Never have used that feature.

Amex BCE $11.1 / Citi Diamond Preferred WMC $12K / Citi Double Cash WMC $3.8K / Comenity Total Rewards Visa $2.5K / Citi Home Depot $5K / AU- Amex BCP $12K / Chase Freedom Visa $11014.00 / PenFed Platinum Rewards Visa Signature $6K / GE Lowes $10K
myFico Scores on 10/03/2014
Eq 798 / Exp 811 / Trans 814
CCT Fico 08 on 1/3/16 - Trans 786 / Exp 793 / Eq 797

xgac12x · ‎06-27-2014

Yeah I thought it was odd. But I mean I guess they reviewed my account and saw that I never used it so lowered it? Im not sure. I dont need a high amount obviously, but I was just curious.

CARDS: CAPONEQUICKSILVERONE - $3,000.00

C24Webb · ‎06-28-2014

I have a low limit, $500 CL Freedom (originally a Slate). The cash advance limit has been $250 since I got the card in March 2012, but last month I noticed it dropped to $100. I've never used it either, and never will, but I thought it was curious as well... Coincidentally, my partner received a letter from Chase the other day stating they were lowering his cash advance limit to $160 (originally $400)--similarly from 50% to 20% of the credit limit.

I thought this was Chase's way of saying they don't like me, but I guess it's just business as usual.

Card/Limit/Opened — Discover it: $27,600 2/14 | Chase Sapphire Preferred: $10,500 7/14 | Banana Republic Visa: $10,000 7/14 | USAA Cash Rewards Visa Signature: $9,000 6/11 | Chase Freedom: $2,000 3/12
History — AAoA: 42 months | Oldest account: 119 months (including AU) | Inquiries: 1 EX 0 EQ 0 TU | Score: 765 (Discover TU) 750 (USAA CreditCheck Monitoring EX FAKO)

manwoot · ‎06-28-2014

Chase has lowered the Cash Advance limit to 20% of the available credit limit.

Transmogrifying_Bee · ‎06-28-2014

@manwoot wrote:
Chase has lowered the Cash Advance limit to 20% of the available credit limit.

Exactly right! Each of my two Chase cards (CS, Freedom) has a CL of $11,000 and a Cash Advance limit of $2200 (20% of CL).

FICO Score 8: EQ 823 EX 817 TU 825 **** VantageScore 4.0: 825 **** VantageScore 3.0: EQ 823 EX 826 TU 825
TOTAL CL (6 cards): $141.0K **** INQUIRIES 2 yrs (1 yr): EQ 0(1) EX 0(0) TU 0(0) **** UTILIZ: 1 % **** GOAL: FICO Score 8: 840+
r>

>
Amex BCE 30K || NASA FCU Rewards Visa 30K || Chase Sapphire Visa Signature 21.5K || PayPal Extras MC 20K
CITI Diamond Preferred MC 25.0K || Discover it 14.5K **** CLOSED 7 cards **** GARDENING since 9-26-2014

leegreen · ‎06-28-2014

Nobody take offence. I read another thread about this and they have done this to all acounts.

06/26/2014 - Gardening until 7/1/15
NFCU NavCheck 15k, cashRewards VS 14k, nRewards 14k
Amex BCE 15k, CapOne Quicksilver MC 3k, USAA Platinum MC 2k, Discover It 1k
Jared 5.1K, Zales 5k, Lowe's 15k, Home Depot 5k

xgac12x · ‎06-29-2014

@leegreen wrote:
Nobody take offence. I read another thread about this and they have done this to all accounts.

Ah Okay. Was there any reasoning for this? Or Just to lower Chase's risk on their part.

CARDS: CAPONEQUICKSILVERONE - $3,000.00

Anonymous · ‎09-20-2014

I had 500K credit limit and 400K advance cash, but reduced recently to 200K. That's what I need for monthly payment.