topic Re: Chase cash advance limits decreased? in Credit Cards

Chase cash advance limits decreased?

Anonymous — Tue, 06 Oct 2020 01:40:49 GMT

I was looking at the account details on both my Chase cards, and noticed the cash advance limits had been reduced by a lot. My Amazon Visa, which has a $1500 limit and previously had a $300 cash advance limit, now has a CA limit of $75. My CFU, which has double the CL at $3000 has a $150 CA limit now (previously it was $600).

Is this the case for everyone? I think they set the CA limits to 5% of total CL instead of 20%.

This seems to be quite recent, as last month's statements for both cards show the old limits.

It's not an issue for me since I never take cash advances, but for someone who does (why??), it might affect them.

Re: Chase cash advance limits decreased?

coreysw12 — Tue, 06 Oct 2020 03:37:12 GMT

I'm not entirely sure what my cash advance limits were before (had no reason to care), but I just checked and this is what they are now:

CSR ($10k SL): $500

CFU ($4k SL): $200

Come to think of it, I'm quite sure those cash advance limits used to be a lot higher than that. And it corresponds with the 5% you're reporting.

Re: Chase cash advance limits decreased?

Slabenstein — Tue, 06 Oct 2020 04:08:52 GMT

My new CFU still has a cash advance limit of 20% total limit, but my $5k limit Amazon Visa, which had $1k cash advance available as of my last statement, is now down to $250.

Re: Chase cash advance limits decreased?

coreysw12 — Tue, 06 Oct 2020 04:45:58 GMT

Weird. I wonder why they tanked some limits and not others.

I've never even taken a cash advance, and they know perfectly well that I still have have a job because I bank with them. Might have something to do with my CFU being at 91% utlization right now It's getting paid back down to zero in the next few days, so I'm curious if that'll have any effect. My SL has been getting massacred on that card ever since I moved a lot of it over to my CSP (now CSR). Been bouncing off that SL multiple times a month since then. Need a CLI! Put easily $7k a month on that card and they won't budge it past a $4k SL... But I digress. Weird about these reduced CA limits, but I guess we can all surmise why they're doing it. Uncertain economic conditions and all that jazz.

I would think that typically one doesn't take a credit card cash advance unless they're in financial trouble and it's a last resort (although it can come in handy at foreign ATMs, but nobody is traveling right now...) Tanking the CA limits reduces their exposure, so it kinda makes sense they'd do that right now. When you look at it that way, I'm sort of surprised they waited until now to do it.

Re: Chase cash advance limits decreased?

Sharingan — Tue, 06 Oct 2020 05:07:44 GMT

Yes, at least on my Freedom Visa Signature card they did. $32,900 credit limit and Chase cut $5,000 from the cash advance limit to bring it down to just below $1,650. I didn't check my other Chase cards, but they likely adjusted those as well. I probably wouldn't have even noticed since I don't touch cash advances.

Re: Chase cash advance limits decreased?

OmarGB9 — Tue, 06 Oct 2020 05:20:44 GMT

I'm assuming its covid related risk management.

Re: Chase cash advance limits decreased?

Slabenstein — Tue, 06 Oct 2020 05:22:12 GMT

If this is what they are going to do in lieu of CLDs, I am 100% down for it.

Re: Chase cash advance limits decreased?

coreysw12 — Tue, 06 Oct 2020 05:27:36 GMT

@Slabenstein wrote:
If this is what they are going to do in lieu of CLDs, I am 100% down for it.

Absolutely, agree 100%. I'll take it.

Re: Chase cash advance limits decreased?

UncleB — Tue, 06 Oct 2020 06:12:47 GMT

Yep, the cash advance limit on my Amazon Visa and Freedom are now both 5% of the total credit line.

I've not had a statement on my Freedom since back in the summer, but on my Amazon Visa September statement the cash advance limit was still 20% of the credit line, so the change appears to be rather recent.

I agree with others who have mentioned that this is better than CLD'ing the overall credit line. I would personally never take a cash advance from a Chase credit card, but I can see how this "adjustment" might inconvenience others, especially if they aren't aware of the change and they only realize it when they need a cash advance. (This actually happened to me years ago... a cash advance was declined with a bank teller, and I called from the lobby phone only to find out my cash advance limit had been reduced. A second try with a smaller amount was approved.)

Re: Chase cash advance limits decreased?

coreysw12 — Tue, 06 Oct 2020 06:28:40 GMT

Especially with my CSR teetering right on the edge of their $10k minimum SL, I'd be pretty sad about a CLD. Couldn't care less about CA limits.

Re: Chase cash advance limits decreased?

Anonymous — Tue, 06 Oct 2020 16:17:14 GMT

Followed this posting and checked. Both Business and Personal Accounts reduced to 5%. As always, you get the information on MyFico first? Or, close to it. Reminds me of the Barclay credit card I recently closed where they lowered the Cash Advance Limit from 40% to 20% and I never used cash so it was not a big deal (card closed by me because of the lender's current credit habits).

Re: Chase cash advance limits decreased?

CreditCuriosity — Tue, 06 Oct 2020 11:19:26 GMT

Only 1 statement close recently my Marriot at 20k reduced to 1k advance limit as well. Not sure CSR etc will follow suit, but assume they will when statement cuts in next few days. Fine with me as gotta be crazy to do CA's on these cards

Re: Chase cash advance limits decreased?

Citylights18 — Tue, 06 Oct 2020 12:28:05 GMT

@coreysw12 wrote:
Weird. I wonder why they tanked some limits and not others.

I've never even taken a cash advance, and they know perfectly well that I still have have a job because I bank with them. Might have something to do with my CFU being at 91% utlization right now It's getting paid back down to zero in the next few days, so I'm curious if that'll have any effect. My SL has been getting massacred on that card ever since I moved a lot of it over to my CSP (now CSR). Been bouncing off that SL multiple times a month since then. Need a CLI! Put easily $7k a month on that card and they won't budge it past a $4k SL... But I digress. Weird about these reduced CA limits, but I guess we can all surmise why they're doing it. Uncertain economic conditions and all that jazz.

I've had an auto CLI before on my CFU but I didn't rebalance limits before that.

What I heard from the CSR (which could pertain to your CSR) was that once you rebalance kiss an auto CLI goodbye since they count tht as doing a favor.

Re: Chase cash advance limits decreased?

Citylights18 — Tue, 06 Oct 2020 12:32:37 GMT

@coreysw12 wrote:
Especially with my CSR teetering right on the edge of their $10k minimum SL, I'd be pretty sad about a CLD. Couldn't care less about CA limits.

Its just not the right kind of card for a CA.

When I closed on one of my PLOCs the banker was trying to push me into a CC for CAs instead as it had a lower overall rate. I declined because they gave me the max limit on the PLOC but the CC and I could always go back later and get the CC.

Re: Chase cash advance limits decreased?

TSlop — Tue, 06 Oct 2020 12:44:07 GMT

I do not know if they decreased, but my CSP and CF are 5%, and my CFU (new app from July) is 20%.

I never cared about these, but I decided to look at my BoA PR for fun, and it is at 40%.

Re: Chase cash advance limits decreased?

TGG_1976 — Tue, 06 Oct 2020 13:01:30 GMT

Thanks for mentioning this. Just checked my account. Amazon Prime with a $4.5k limit. Cash Advance as of last statement $900, as of today $225. No notification, nothing.

Re: Chase cash advance limits decreased?

coreysw12 — Tue, 06 Oct 2020 17:40:03 GMT

@Citylights18 wrote:
@coreysw12 wrote:
Weird. I wonder why they tanked some limits and not others.

I've never even taken a cash advance, and they know perfectly well that I still have have a job because I bank with them. Might have something to do with my CFU being at 91% utlization right now It's getting paid back down to zero in the next few days, so I'm curious if that'll have any effect. My SL has been getting massacred on that card ever since I moved a lot of it over to my CSP (now CSR). Been bouncing off that SL multiple times a month since then. Need a CLI! Put easily $7k a month on that card and they won't budge it past a $4k SL... But I digress. Weird about these reduced CA limits, but I guess we can all surmise why they're doing it. Uncertain economic conditions and all that jazz.
I've had an auto CLI before on my CFU but I didn't rebalance limits before that.

What I heard from the CSR (which could pertain to your CSR) was that once you rebalance kiss an auto CLI goodbye since they count tht as doing a favor.

Doh!

Re: Chase cash advance limits decreased?

wasCB14 — Tue, 06 Oct 2020 17:48:28 GMT

5% across my 5 Chase cards.

Still 40% on my 2 BofA cards.

20% on Arrival.

Re: Chase cash advance limits decreased?

Anonymous — Tue, 06 Oct 2020 18:55:27 GMT

My one BofA card still has its CA limit at 40%. Which makes it my highest CA limit even though it's CL is the lowest of all my cards.

So if I get mugged and need emergency cash, guess I have to use my $500 limit BofA card instead of my $3K limit Chase card.

Re: Chase cash advance limits decreased?

iced — Tue, 06 Oct 2020 19:10:17 GMT

@Anonymous wrote:
I was looking at the account details on both my Chase cards, and noticed the cash advance limits had been reduced by a lot. My Amazon Visa, which has a $1500 limit and previously had a $300 cash advance limit, now has a CA limit of $75. My CFU, which has double the CL at $3000 has a $150 CA limit now (previously it was $600).

Is this the case for everyone? I think they set the CA limits to 5% of total CL instead of 20%.

This seems to be quite recent, as last month's statements for both cards show the old limits.

It's not an issue for me since I never take cash advances, but for someone who does (why??), it might affect them.

Friends don't let friends use CA so this was a pretty harmless change. I can't even see if this was a risk management move due to Covid so much as a "people don't use this feature anymore so let's reduce our exposure" move.

For those who just gotta know what their CA limit is for grins and/or why it was reduced, there was some mail sent out a few months back about changes to the program and I'll bet a change was buried in there somewhere.