topic Re: Which credit cards provide large Cash Advance limits? in Credit Cards

Which credit cards provide large Cash Advance limits?

Anonymous — Wed, 13 Jan 2021 18:43:50 GMT

Hello everyone! I do a lot of real estate transactions and often need access to capital. I have missed a couple deals because I did not have enough cash for transaction as I had expensed it on another transaction or used for another purpose. I have 750 credit score and around 200k in credit limits with 0 balance. I am curious which credit cards offer cash advance for full credit line or close to it. I know some allow you such and am unfamiliar with which ones do. Any help is appreciated.

Re: Which credit cards provide large Cash Advance limits?

Slabenstein — Wed, 13 Jan 2021 18:52:02 GMT

If you're trying to do regular cash advances in large amounts, PLOCs might be a better product for you.

Re: Which credit cards provide large Cash Advance limits?

K-in-Boston — Wed, 13 Jan 2021 19:09:24 GMT

Would definitely agree that a PLOC or CLOC would often be a better option. Many credit unions allow the full credit line for cash advances, and if the APR + advance fee (some CU cards don't even charge this fee, although if taking from an ATM there would be a fee passed on of course) is lower than a line of credit it could make sense. My NFCU cards are only about 30% of the credit limit, but both of my PenFed cards, NASA FCU card, and BECU card allow the full amount - so just between those last 4 I could pull out $100k+ if I needed to.

I have two cards from BOA that have $30,000 cash limits (on $90,000 and $99,900 limits) but I think those are artificial caps and can be raised by calling them. BOA (and others like Discover) also typically has convenience checks and direct-to-checking balance transfer promos available, so that would eliminate the cash advance fee and replace it with a balance transfer promo and it can be deposited directly to your checking account. If these are short-term advances, using something like a Discover 0% fee 4.99% APR offer would be much cheaper than cash advance fees or the usual APRs on lines of credit.

Re: Which credit cards provide large Cash Advance limits?

FinStar — Wed, 13 Jan 2021 19:16:18 GMT

In addition to what K-in-Boston mentioned above, Citi is another lender that allows funds to be deposited into a deposit account whenever a BT promotion is available @Anonymous. Not sure if you have any Citi, BoA or Discover CCs in your arsenal.

Re: Which credit cards provide large Cash Advance limits?

Anonymous — Wed, 13 Jan 2021 22:11:50 GMT

The convenience checks and direct to checking balance transfer, could you explain that a little more? I have seen convenience checks, but not overally familiar with them nor fees associated with them. The direct to checking balance transfer, I have not heard of before. Interested to hear more.

Re: Which credit cards provide large Cash Advance limits?

SouthJamaica — Wed, 13 Jan 2021 22:17:16 GMT

@Anonymous wrote:
Hello everyone! I do a lot of real estate transactions and often need access to capital. I have missed a couple deals because I did not have enough cash for transaction as I had expensed it on another transaction or used for another purpose. I have 750 credit score and around 200k in credit limits with 0 balance. I am curious which credit cards offer cash advance for full credit line or close to it. I know some allow you such and am unfamiliar with which ones do. Any help is appreciated.

Your best cards for cash advances are no-fee, low interest, non-rewards platinum cards from credit unions. Good examples are: NFCU Platinum, PenFed Promise (may not be offered at this time), Unify FCU variable rate Platinum; Digital Credit Union Platinum, Chartway FCU Platinum.

Re: Which credit cards provide large Cash Advance limits?

Anonymous — Wed, 13 Jan 2021 22:19:17 GMT

I have the following. I have a USAA, Keesler FCU, Citi Double Cash, Apple Card, Delta Platinum Amex Card, Penfed Visa Platinum, Bank of America Cash rewards and AOD Federal Credit Union. Do any of those help?

Re: Which credit cards provide large Cash Advance limits?

AverageJoesCredit — Wed, 13 Jan 2021 22:37:24 GMT

Also PSECU allows to takeout to your limit

Re: Which credit cards provide large Cash Advance limits?

jaxstraw — Wed, 13 Jan 2021 22:37:27 GMT

@SouthJamaica wrote:
@Anonymous wrote:
Hello everyone! I do a lot of real estate transactions and often need access to capital. I have missed a couple deals because I did not have enough cash for transaction as I had expensed it on another transaction or used for another purpose. I have 750 credit score and around 200k in credit limits with 0 balance. I am curious which credit cards offer cash advance for full credit line or close to it. I know some allow you such and am unfamiliar with which ones do. Any help is appreciated.
Your best cards for cash advances are no-fee, low interest, non-rewards platinum cards from credit unions. Good examples are: NFCU Platinum, PenFed Promise (may not be offered at this time), Unify FCU variable rate Platinum; Digital Credit Union Platinum, Chartway FCU Platinum.

I would agree 100%.

I have been told directly by CSR at several credit unions to use the cash advance on a CC since they don't view it as derogatory like a bank issued CC.

One once tried to convince me not to open a PL and take the cash out on the CC instead.

Re: Which credit cards provide large Cash Advance limits?

FinStar — Wed, 13 Jan 2021 22:41:31 GMT

@Anonymous wrote:
I have the following. I have a USAA, Keesler FCU, Citi Double Cash, Apple Card, Delta Platinum Amex Card, Penfed Visa Platinum, Bank of America Cash rewards and AOD Federal Credit Union. Do any of those help?

How are your limits on USAA, Citi DC, BoA? How much aggregate in cash are you looking to use or w/d? Do you have any Balance Transfer offers showing on your BoA or Citi CCs?

Re: Which credit cards provide large Cash Advance limits?

AverageJoesCredit — Wed, 13 Jan 2021 22:45:45 GMT

@jaxstraw wrote:
@SouthJamaica wrote:
@Anonymous wrote:
Hello everyone! I do a lot of real estate transactions and often need access to capital. I have missed a couple deals because I did not have enough cash for transaction as I had expensed it on another transaction or used for another purpose. I have 750 credit score and around 200k in credit limits with 0 balance. I am curious which credit cards offer cash advance for full credit line or close to it. I know some allow you such and am unfamiliar with which ones do. Any help is appreciated.
Your best cards for cash advances are no-fee, low interest, non-rewards platinum cards from credit unions. Good examples are: NFCU Platinum, PenFed Promise (may not be offered at this time), Unify FCU variable rate Platinum; Digital Credit Union Platinum, Chartway FCU Platinum.

I would agree 100%.
I have been told directly by CSR at several credit unions to use the cash advance on a CC since they don't view it as derogatory like a bank issued CC.
One once tried to convince me not to open a PL and take the cash out on the CC instead.

Just think if you had Navy Plat at 5.99% you use CA, it comes out to 7.99, not bad considering ie, i have a ploc with Langley with 7% apr so can be very similar and nice to have. I know for sure Navy doesnt frown on CA usage.

Re: Which credit cards provide large Cash Advance limits?

barca — Wed, 13 Jan 2021 22:53:49 GMT

Actually BOA allow direct cash deposit whether you have promotion or not.

The fees are insane but doable.

When my BOA cash reward was at like 50K credit limit - I had no BT offer. I called

I was told I have two options;

I can do BT at my purchase APR(14.99%) + 3% fee or
I can do direct deposit at 17.99% to my cheking + 3% fee

So at any given point you can do direct deposit of your credit limit at that insane rate.

I am not suggesting you do it, but just to let you know it is always available for, at least in my case.(I checked online today, it is still there for 99.9K) lol

Re: Which credit cards provide large Cash Advance limits?

FinStar — Wed, 13 Jan 2021 23:22:03 GMT

@barca wrote:
Actually BOA allow direct cash deposit whether you have promotion or not.

The fees are insane but doable.

When my BOA cash reward was at like 50K credit limit - I had no BT offer. I called

I was told I have two options;
I can do BT at my purchase APR(14.99%) + 3% fee or
I can do direct deposit at 17.99% to my cheking + 3% fee

So at any given point you can do direct deposit of your credit limit at that insane rate.

I am not suggesting you do it, but just to let you know it is always available for, at least in my case.(I checked online today, it is still there for 99.9K) lol

Right, but in the above scenario, the advantage of PLOCs would be more viable (to avoid BT fees) when CCs do not offer any BT promotions, especially on a fairly large advance.

Re: Which credit cards provide large Cash Advance limits?

barca — Wed, 13 Jan 2021 23:35:34 GMT

@FinStar wrote:
@barca wrote:
Actually BOA allow direct cash deposit whether you have promotion or not.

The fees are insane but doable.

When my BOA cash reward was at like 50K credit limit - I had no BT offer. I called

I was told I have two options;
I can do BT at my purchase APR(14.99%) + 3% fee or
I can do direct deposit at 17.99% to my cheking + 3% fee

So at any given point you can do direct deposit of your credit limit at that insane rate.

I am not suggesting you do it, but just to let you know it is always available for, at least in my case.(I checked online today, it is still there for 99.9K) lol

Right, but in the above scenario, the advantage of PLOCs would be more viable (to avoid BT fees) when CCs do not offer any BT promotions, especially on a fairly large advance.

Correct. I never disagree that PLOC is a better option.

I am just letting OP and anyone know that the option is available in case you need emergency money.

Moreover, OP might not even be approved for the PLOC.

Hypothetically, I look at that direct deposit option as emegency money. Especially if you intend to pay it back in a few days

Re: Which credit cards provide large Cash Advance limits?

Anonymous — Thu, 14 Jan 2021 00:24:07 GMT

My DC offers the highest amount, 85% of my line, 34K at a ridiculous rate.

Re: Which credit cards provide large Cash Advance limits?

Anonymous — Thu, 14 Jan 2021 01:02:12 GMT

USAA is 28k and 22k, Citi is 21,500, BOA is 10k - I would like 25k on a card to use like I can on my Keesler FCU. I have an offer for 0% on citi, but unsure if it is balance transfer.

Re: Which credit cards provide large Cash Advance limits?

Anonymous — Thu, 14 Jan 2021 01:03:44 GMT

What are navy federal max credit limits? Also, do they allow you to take out full balance of CC? Also, if you know FICO they use for top tier that is useful too but not a must to know. Thanks for the help!

Re: Which credit cards provide large Cash Advance limits?

Anonymous — Thu, 14 Jan 2021 01:04:35 GMT

That is good to know about the BOA card. Could come in handy if I ever needed it, even though I would definitely not want to with that fee/rate.

Re: Which credit cards provide large Cash Advance limits?

Anonymous — Thu, 14 Jan 2021 01:05:39 GMT

I also don't like PLOC as that goes on credit report as new account and rather just have access to cash right away.

Re: Which credit cards provide large Cash Advance limits?

Anonymous — Thu, 14 Jan 2021 01:06:13 GMT

Card Nut, what is My DC?