topic Re: NFCU NEW CASH ADVANCE LIMIT in Credit Cards

NFCU NEW CASH ADVANCE LIMIT

Anonymous — Fri, 02 Oct 2015 16:11:39 GMT

Don't know if this is just for me or all over NFCU cards but seen this on my statement .NFCU NEW CASH ADVANCE LIMIT

Effective November 1, 2015 the cash advance limit on your account will be 50% of your overall credit limit. Your overall credit limit shown above

will not be reduced. You will not incur an overlimit fee if your existing cash advance balance exceeds your new cash advance limit;

however, future convenience checks that are returned unpaid due to the lower cash advance limit will result in returned check fees.

Re: NFCU NEW CASH ADVANCE LIMIT

Anonymous — Fri, 02 Oct 2015 16:21:30 GMT

I had never looked at the cash advance limit on my NFCU Platinum Card---I just did and it shows $25k limit---the same as my credit limit.

Re: NFCU NEW CASH ADVANCE LIMIT

Anonymous — Fri, 02 Oct 2015 16:24:49 GMT

@Anonymous wrote:
I had never looked at the cash advance limit on my NFCU Platinum Card---I just did and it shows $25k limit---the same as my credit limit.

yeah thats is what mine is too, same as credit line but looks like Nov 1st it goes to 50% of credit line.

Re: NFCU NEW CASH ADVANCE LIMIT

Anonymous — Fri, 02 Oct 2015 16:29:34 GMT

I just noticed the 50% cash advance thing in my recent statement. Both cards still allow 100% cash advance, as of now, but I'm sure I'll get other card statement saying nov 1st too.

Has NFCU done this before? Are they just getting in line with other credit cards? Or is this a sign of NFCU tight grip, on the generous giving of limits.

Re: NFCU NEW CASH ADVANCE LIMIT

notpaul — Fri, 02 Oct 2015 17:16:43 GMT

I got the same notice on my statement. They also sent something out about them changing the dividend policy on savings accounts. Looks like they are readjusting multiple policies. I think I just read yesterday on the NFCU CLI thread though that someone got an increase from $1000 to $18000 so at least that hasn't changed yet.

Re: NFCU NEW CASH ADVANCE LIMIT

gibeon — Fri, 02 Oct 2015 17:48:49 GMT

Just looked at my statement from 9/25. I got the same notice.

Re: NFCU NEW CASH ADVANCE LIMIT

gdale6 — Fri, 02 Oct 2015 20:52:57 GMT

I dont qualify for this CU but I will say any CU that doesnt allow a full to the limit advance with no fees is useless to me, that is the beauty of CUs over banks.

Re: NFCU NEW CASH ADVANCE LIMIT

notpaul — Fri, 02 Oct 2015 21:05:45 GMT

Its nice that they trust users with the limit, but honestly though, is a $25,000 credit card cash advance ever really a good idea anyway? $12,500 still seems like a crazy amount to borrow at credit card rates to me. I guess every situation is unique though.

Re: NFCU NEW CASH ADVANCE LIMIT

UncleB — Fri, 02 Oct 2015 22:14:21 GMT

@notpaul wrote:
Its nice that they trust users with the limit, but honestly though, is a $25,000 credit card cash advance ever really a good idea anyway? $12,500 still seems like a crazy amount to borrow at credit card rates to me. I guess every situation is unique though.

I agree that for most people there are usually better ways to get large-ish amounts of money other than using a cash advance.

But of course, there are always exceptions!

I have a Visa with USAA, and they also let you have access to your full credit line as a cash advance. I had/have a 0% APR promotion for the first year, and they are always sending out balance transfer checks, which the 0% promo applies to as well (specifically, the promo is for purchases, BTs, and access checks, but not cash advances).

There is a 3% fee for using the access checks, but in my case, paying the 3% up front and then having several months to pay it back with no interest was a bargain. I also could have taken a cash advance into my checking for no fee at all, but interest would have started accruing immediately, so that was a no-go.

This being said, once my promo ends (on January 1) I'll probably not do this again, not unless/until there is another promotion. But having the entire credit line to use in this way was definitely useful, and was cheaper than any other method available to me!

Re: NFCU NEW CASH ADVANCE LIMIT

Anonymous — Fri, 02 Oct 2015 22:26:05 GMT

Statement 9/11/15. I had the 50% Cash Limit thing written.

Side Note; My little Message thing, always has an Orange ! mark. There are no messages there. It's iPhone notification like annoying.

Re: NFCU NEW CASH ADVANCE LIMIT

Anonymous — Tue, 13 Oct 2015 06:03:23 GMT

Update:

My secured rewards card, from NFCU, had the statement message of 50% cash advance.

My new NFCU visa Sig card, did not say anything about recing my cash advance to 50%.

My wife just appd for nfcu, and her 3300 SL Cash rewards cards...is currently saying Cash advance limit of 900.00

So I'm guessing this is limited to certain cards???

I hope this helps.

NFCU slashed credit line in half

Anonymous — Tue, 03 Nov 2015 14:23:06 GMT

So I had my CL at 22,000 when I opened it las year and took advantage of 0% BT for about 8k at the time. It was supposed to expire this month...I paid off the card last month and switched al of my spending from my QS to navy federal. Today I see on my mobile app they reduced my cl to 11,000. The two things that have changed in the last month is I got a chase aarp for 15,000 and a US cash plus for 5,000. I only carry a balance on my boa card of about 3.5 out of its 12k limit. Did they get spooked because of too much available credit? Would sending a SM help?

Re: NFCU slashed credit line in half

Anonymous — Tue, 03 Nov 2015 14:24:53 GMT

@Anonymous wrote:
So I had my CL at 22,000 when I opened it las year and took advantage of 0% BT for about 8k at the time. It was supposed to expire this month...I paid off the card last month and switched al of my spending from my QS to navy federal. Today I see on my mobile app they reduced my cl to 11,000. The two things that have changed in the last month is I got a chase aarp for 15,000 and a US cash plus for 5,000. I only carry a balance on my boa card of about 3.5 out of its 12k limit. Did they get spooked because of too much available credit? Would sending a SM help?

There has to be more to it than the 2 cards you applied for. Yes, SM them and see what the reason is and if they can work with you. Keep us posted on results.

Re: NFCU slashed credit line in half

Anonymous — Tue, 03 Nov 2015 14:31:22 GMT

Yes the other thing that has changed is I moved the regular spending I did on my QS to my navy federal card...and usually I pay my balances right away after the charges post...before I never used the navy federal card since I had a BT balance in it...ill send a secure msg later tonight when I get back home and post an update as soon as I know.

Re: NFCU slashed credit line in half

Anonymous — Tue, 03 Nov 2015 14:33:50 GMT

@Anonymous wrote:
Yes the other thing that has changed is I moved the regular spending I did on my QS to my navy federal card...and usually I pay my balances right away after the charges post...before I never used the navy federal card since I had a BT balance in it...ill send a secure msg later tonight when I get back home and post an update as soon as I know.

Ok good.. Looking forward to the update- Will keep fingers crossed for you.

Re: NFCU NEW CASH ADVANCE LIMIT

Anonymous — Tue, 03 Nov 2015 15:11:40 GMT

Today I noticed my cash advance limit decreased by 50%, from 25k to now 12,500k. I liked having the full balance available just in case but honestly, don't think I will ever even use the 50%, it was just good to know that it was there.

Navy Set Cash Advance Limit to 50% CL!!!!

Creditaddict — Tue, 03 Nov 2015 16:33:08 GMT

Anyone else looked and seen this change?

I always use to be able to advance my entire CL's at Navy and I just logged in and was trying to advance my 1 card because I have a credit balance and it's easier just to Cash Advance it to my checking and all 3 of my cards show 50% of CL available for Cash Advance

Re: NFCU slashed credit line in half

Anonymous — Tue, 03 Nov 2015 16:33:20 GMT

Is it possible they only slashed the Cash Advance Limit in half? NFCU had send messages out in the credit card statements about this happening on November 1st . My cash advance limit was cut in half during the night. It went from 25K down to 12.5K.

Re: NFCU slashed credit line in half

Creditaddict — Tue, 03 Nov 2015 16:36:47 GMT

@Anonymous wrote:
Is it possible they only slashed the Cash Advance Limit in half? NFCU had send messages out in the credit card statements about this happening on November 1st . My cash advance limit was cut in half during the night. It went from 25K down to 12.5K.

THIS^^^ I actually just posted about this because I didn't read any message about it and was shocked to see it. Log in not on mobile and look at your entire account.

Re: NFCU slashed credit line in half

Anonymous — Tue, 03 Nov 2015 16:48:20 GMT

I found this in my September statement:

IMPORTANT NOTICES

Effective November 1, 2015 the cash advance limit on your account will be 50% of your overall credit limit. Your overall credit limit shown above

will not be reduced. You will not incur an overlimit fee if your existing cash advance balance exceeds your new cash advance limit;

however, future convenience checks that are returned unpaid due to the lower cash advance limit will result in returned check fee