topic Re: Cap1 Venture/QS Cash Advance limits? in Credit Cards

Cap1 Venture/QS Cash Advance limits?

CreditCuriosity — Sun, 05 Jul 2015 00:56:39 GMT

Just got official emails about my QS/Venture approvals a few days back.. Is it normal Cap1 gives 50% of your CL to cash advance? I was kinda surprised by this as most lenders it is 20% of your CL unless it is a CU typically.. Others I assume it is 50% as well? I would never dream of taking a cash advance on the card as I have the ring if I ever need cash that badly at $1 fee, but surprised none the less at that generousness if you call it that

Re: Cap1 Venture/QS Cash Advance limits?

Anonymous — Sun, 05 Jul 2015 01:11:36 GMT

I think it depends on the lender. My SDFCU has the same 6.99% APR for cash advance or purchase. Only difference is cash advance has no 30 day grace period. I was surprised to see this as most low APR cards have higher APR's for cash advances. Either way, I'd never use cash advance unless it was an utter emergency (like breaking down in some strange town where they don't accept CC's and I have no cash).

Re: Cap1 Venture/QS Cash Advance limits?

kdm31091 — Sun, 05 Jul 2015 01:22:10 GMT

@CreditCuriousity wrote:
Just got official emails about my QS/Venture approvals a few days back.. Is it normal Cap1 gives 50% of your CL to cash advance? I was kinda surprised by this as most lenders it is 20% of your CL unless it is a CU typically.. Others I assume it is 50% as well? I would never dream of taking a cash advance on the card as I have the ring if I ever need cash that badly at $1 fee, but surprised none the less at that generousness if you call it that

IMO they're looking out for themselves. They would love for you to take a huge cash advance at a ridiculous APR after all.

Re: Cap1 Venture/QS Cash Advance limits?

CreditCuriosity — Sun, 05 Jul 2015 01:31:17 GMT

@kdm31091 wrote:
@CreditCuriousity wrote:
Just got official emails about my QS/Venture approvals a few days back.. Is it normal Cap1 gives 50% of your CL to cash advance? I was kinda surprised by this as most lenders it is 20% of your CL unless it is a CU typically.. Others I assume it is 50% as well? I would never dream of taking a cash advance on the card as I have the ring if I ever need cash that badly at $1 fee, but surprised none the less at that generousness if you call it that
IMO they're looking out for themselves. They would love for you to take a huge cash advance at a ridiculous APR after all.

Oh I agree... Just crazy they would offer me a 10k cash advance on one credit card, scary! I use to use cash advances when I was living beyond my means year back, but don't use them anymore... I was just shocked to see that kinda cash advance line on a CC... I will never take a cash advance again other then on the ring and doubtful I would ever do that since I got my **bleep** in order now and PIF each month and don't live beyond my means anymore. Vegas was my downfall years ago! thank god I got out of living there, visting is another thing, but living there isnt good for most!

Re: Cap1 Venture/QS Cash Advance limits?

UncleB — Sun, 05 Jul 2015 02:05:11 GMT

My Capital One QS card has a cash advance limit set to 50% of the (initial) credit line as well. I received a CLI last week, but my cash advance limit didn't increase automatically. I'm fairly sure if I were to call them they would change it to 50% of my new CL, but since I never get cash advances I have no intention of doing this. The interest rate for a cash advance with Capital One isn't attractive, not to mention the initial fee for the disbursal.

My USAA Visa has a cash advance limit that is the same as the credit limit, and the interest rate is the same as purchases, but w/ no grace period. I've used one of the 0% access checks once to get cash for a temporary need, and all it cost was the 3% fee, which I considered a bargain. This is the *only* way I would dream of using a cash advance, and this time was truly a 'once-in-a blue-moon' event for me.

Luckily, when times get 'lean' you are able to use the credit card for nearly everything these days, even utilities. Other than the house payment/rent and car payment most things can easily be put on plastic without having to resort to a cash advance.

Re: Cap1 Venture/QS Cash Advance limits?

CreditCuriosity — Sun, 05 Jul 2015 02:10:18 GMT

ok so cap1 cash advance limits are 50% of cl, thanks for the info .. ya cap1 cash advances or cash advances in general are not a good idea as we all know...

Re: Cap1 Venture/QS Cash Advance limits?

taxi818 — Sun, 05 Jul 2015 02:16:31 GMT

@CreditCuriousity wrote:
Just got official emails about my QS/Venture approvals a few days back.. Is it normal Cap1 gives 50% of your CL to cash advance? I was kinda surprised by this as most lenders it is 20% of your CL unless it is a CU typically.. Others I assume it is 50% as well? I would never dream of taking a cash advance on the card as I have the ring if I ever need cash that badly at $1 fee, but surprised none the less at that generousness if you call it that

@Anonymous 50% is for the Venture. But the Quicksilver is another animal completely. at one point my Cash Advance limit on Quicksilver was @ 80%. Screaming at me to come get some of that cash. but no thanks. hehehe. Currently It is @ 63% of my limit. will show you Example. Had a thread on this a few months back.

Re: Cap1 Venture/QS Cash Advance limits?

UncleB — Sun, 05 Jul 2015 02:36:45 GMT

From what everybody is saying, it appears the key takeaway is when it comes to Capital One cash advance limits, it's strictly YMMV.

Re: Cap1 Venture/QS Cash Advance limits?

CreditCuriosity — Sun, 05 Jul 2015 03:28:32 GMT

Scary! No booze and Cap1 cards in vegas for me.. Although I could win at Blackjack lol

Re: Cap1 Venture/QS Cash Advance limits?

OmarGB9 — Sun, 05 Jul 2015 03:30:15 GMT

I've noticed this on my WF Card too. My cash advance limit is 50% of my CL.

Re: Cap1 Venture/QS Cash Advance limits?

CreditCuriosity — Sun, 05 Jul 2015 03:46:58 GMT

@OmarGB9 wrote:
I've noticed this on my WF Card too. My cash advance limit is 50% of my CL.

Typical rule is 20% of CL, but obviously some lenders buck the system.

Re: Cap1 Venture/QS Cash Advance limits?

OmarGB9 — Sun, 05 Jul 2015 03:58:09 GMT

Lol well I don't plan on ever using it unless there's some extreme emergency. But on the plus side, it helps me figure out when I get an auto-CLI because I already know the cash advance limit is half of my total available credit.

Re: Cap1 Venture/QS Cash Advance limits?

happypill — Sun, 05 Jul 2015 07:08:05 GMT

It's actually nice to have that much cash available for emergencies, but could get people into trouble. My Venture has 50% available which is good to know but I think Cap One probably puts it there because it makes them money.

Re: Cap1 Venture/QS Cash Advance limits?

Anonymous — Sun, 05 Jul 2015 08:45:26 GMT

My Cap1 has been stuck at the starting CL limit and I really don't care to even bring the issue up with them. Seems that every other issuer automatically regulates it with new CLIs except for Cap1. Maybe it's due to the card being a PC or whatever.

On a side note, I think there was a thread about this but Discover offers "cash over purchase". This is pretty cool but is limited to certain stores. Basically you can get up to $120 cash back within a 24 hour period that is not considered as a cash advance, has no fees, and just counts as a regular purchase . That's what I would personally use in "emergency situations".

Re: Cap1 Venture/QS Cash Advance limits?

UncleB — Sun, 05 Jul 2015 08:50:54 GMT

@Anonymous wrote:
My Cap1 has been stuck at the starting CL limit and I really don't care to even bring the issue up with them. Seems that every other issuer automatically regulates it with new CLIs except for Cap1. Maybe it's due to the card being a PC or whatever.

On a side note, I think there was a thread about this but Discover offers "cash over purchase". This is pretty cool but is limited to certain stores. Basically you can get up to $120 cash back within a 24 hour period that is not considered as a cash advance, has no fees, and just counts as a regular purchase . That's what I would personally use in "emergency situations".

A few years ago I had a HSBC 'Rewards' Discover card, with a whopping $300 credit limit. The card was pretty lousy; I actually closed it before Capital One had a chance to take it over, however... believe it or not, it had the 'Cash Over' feature you're talking about - and it was absolutely great. Actually, it was the card's one redeeming feature, and almost made it worth paying the $59 annual fee (but not quite...)

I wish other credit card issuers would start offering that feature. It would be be *huge* if they did.

Re: Cap1 Venture/QS Cash Advance limits?

Anonymous — Sun, 05 Jul 2015 10:44:47 GMT

@Anonymous wrote:
My Cap1 has been stuck at the starting CL limit and I really don't care to even bring the issue up with them. Seems that every other issuer automatically regulates it with new CLIs except for Cap1. Maybe it's due to the card being a PC or whatever.

On a side note, I think there was a thread about this but Discover offers "cash over purchase". This is pretty cool but is limited to certain stores. Basically you can get up to $120 cash back within a 24 hour period that is not considered as a cash advance, has no fees, and just counts as a regular purchase . That's what I would personally use in "emergency situations".

I believe you can do the same at Walmart, take out up to $100.00, when you check out, and it doesn't appear as a cash advance. I used to do this with my prepaid cards to avoid ATM fee's. You could walk into Walmart and buy a pal of gum and get $100.00 on top of it, and it was considered a purchase.

Re: Cap1 Venture/QS Cash Advance limits?

Anonymous — Sun, 05 Jul 2015 10:52:33 GMT

@UncleB wrote:
My Capital One QS card has a cash advance limit set to 50% of the (initial) credit line as well. I received a CLI last week, but my cash advance limit didn't increase automatically. I'm fairly sure if I were to call them they would change it to 50% of my new CL, but since I never get cash advances I have no intention of doing this. The interest rate for a cash advance with Capital One isn't attractive, not to mention the initial fee for the disbursal.

My USAA Visa has a cash advance limit that is the same as the credit limit, and the interest rate is the same as purchases, but w/ no grace period. I've used one of the 0% access checks once to get cash for a temporary need, and all it cost was the 3% fee, which I considered a bargain. This is the *only* way I would dream of using a cash advance, and this time was truly a 'once-in-a blue-moon' event for me.

Luckily, when times get 'lean' you are able to use the credit card for nearly everything these days, even utilities. Other than the house payment/rent and car payment most things can easily be put on plastic without having to resort to a cash advance.

Actually there's several sites whereby you can use your CC to pay your rent for around 2 - 2.9% fee. They than mail a check to your landlord. If you have a few cards with spend requirements for bonuses, this is one option instead of losing the bonus. For example, if your rent is 2K, you could use your CC and be charged $40.00 - $60.00 in fee's, but if it gets you 50,000 miles, it would definitely be worth it. These services are free if you use a debit card instead of a credit card, and in both cases, can be an easy way to pay rent. I've noticed more and more rentals, both low end and high end, are starting to accept CC payments. I absolutely love it. I PIF my CC's every month, and with this service, I can get something back.

Re: Cap1 Venture/QS Cash Advance limits?

Anonymous — Sun, 05 Jul 2015 11:17:29 GMT

My 2nd Cap One card is currently 88% of my total limit. Cash Advance available is $2,000 on a $2,250 limit card. This was bumped up from $700 CL in March so the Cash Advance amount went up with it.

Whereas my original card from 2007 has a Cash Advance available amount of $300 with a CL of 1500. The original CL was $300 back in 2007 though. The cash limit did not grow with this card as it did the other one with the CLI I got in March.

Re: Cap1 Venture/QS Cash Advance limits?

taxi818 — Sun, 05 Jul 2015 11:32:11 GMT

@Anonymous wrote:
My 2nd Cap One card is currently 88% of my total limit. Cash Advance available is $2,000 on a $2,250 limit card. This was bumped up from $700 CL in March so the Cash Advance amount went up with it.

Whereas my original card from 2007 has a Cash Advance available amount of $300 with a CL of 1500. The original CL was $300 back in 2007 though. The cash limit did not grow with this card as it did the other one with the CLI I got in March.

This is exactly what I was saying. Before I got cli. I was at 91% limit was 3500 cash was 3250. I got 2k cli but they did not raise cash. So 60% now.