topic Re: Can we get DPs for Cash Advance (CA) ? in Credit Cards

Can we get DPs for Cash Advance (CA) ?

NoMoreE46 — Sun, 02 Apr 2023 02:29:57 GMT

There was an older thread on the mechanics and outcome of doing a Discover Cash Advance. There's been a recent thread about a tactic to leverage CA from Bank A into Bank B's DDA in an attempt to get a decent CC SL from Bank B....

However, the point of this thread is to discuss your cards' CA lines other DP.

I cannot figure out if The Apple Card offers a CA.
Wells Fargo has hardset my max CA at 20%.
Cap One is at 30% of my CL.
Surprisingly, my PenFed is at 100% of my $15000 CL.

Re: Can we get DPs for Cash Advance (CA) ?

Life_take2 — Sun, 02 Apr 2023 03:00:30 GMT

My breakout:

Bank. Max allowed for CA

PenFed 100% ($ 12,500)

Wells Fargo 100% ($16,000)
NFCU 30% ($ 15,000)

Barclays 20% (2,280) ** But offers 'Balance Transfer' advance into checking up to the full limit ($11,400) so ...

Discover $5,000 hard limit

Citi (Costco). $2,500 hard limit

Apple Card. Not offered

Re: Can we get DPs for Cash Advance (CA) ?

SeaProbe — Sun, 02 Apr 2023 03:07:24 GMT

Three DPs to add.

My BofA CCR had CA limit of 3.3K with a CL of 11K, so exactly 30%. This card came from a CU through a series of mergers with MBNA and FIA. BofA *never* gave me an auto CLI. I did ask for two CLIs between last year and this year, so now up to an even 30K. My CA limit did not change, remaining at 3.3K.

My AmEx BCE has a CA limit of 5K or exactly 16%.

My Apple card has no indication of a way to request a cash advance, at least not through the Wallet app. I have not tried to use the titanium card at an ATM and don't expect to ever do so…

Re: Can we get DPs for Cash Advance (CA) ?

M_Smart007 — Sun, 02 Apr 2023 03:05:00 GMT

Interesting Subject!

Be careful running to many CA's through a regular bank, it will send up red flags!

I once got a call from the back office at a major bank, had to explain things and provide several documents to prove it.

It was a royal pain in the you know what! ....

WF Used to let you take 100% many years ago. (I know, I had bought a car)

The best resource for Cash Advances are Credit Unions ..They almost encourage them, and most are No Fee CA's.

The largest Cash Advance I have taken is $45,000.00 ..transferred into checking account at same credit union,

all done online within minutes, then wrote a check! ..The credit union never once flinched.

In fact, they will allow a cash advance for the full CL of $50K

High limit was $45K cash advance.

(Click image to enlarge)

$50K allowable.

(Click image to enlarge)

I do have a few credit unions with lower rates,

but the credit limits are lower, and can't take $50K

(Click image to enlarge)

Out of curiosity, I will be following this thread!

Re: Can we get DPs for Cash Advance (CA) ?

markbeiser — Sun, 02 Apr 2023 04:36:29 GMT

BoA will use a recent cash advance as a reason code for denying a CLI for at least a few months after, even if you pay it off within a few days.
I suspect that other banks do something similar.

I wouldn't look to a CA from a credit card unless it is a real emergency, and/or the card specifically has written provisions that you won't be penalized for taking it.
Typically there is a fee involved when taking a cash advance on a CC, and there is no grace period on interest, it starts being calculated from the moment you take the CA.

Re: Can we get DPs for Cash Advance (CA) ?

M_Smart007 — Sun, 02 Apr 2023 04:53:27 GMT

@markbeiser wrote:
BoA will use a recent cash advance as a reason code for denying a CLI for at least a few months after, even if you pay it off within a few days.
I suspect that other banks do something similar.

I wouldn't look to a CA from a credit card unless it is a real emergency, and/or the card specifically has written provisions that you won't be penalized for taking it.
Typically there is a fee involved when taking a cash advance on a CC, and there is no grace period on interest, it starts being calculated from the moment you take the CA.

@markbeiser,

This is the great part of Credit Unions !

You do NOT get dinged for Cash Advances. and out of the 30+ Credit Unions I am a member of,

there are only maybe (2) that charge for a cash advance fee. Also the rates are very low compared to mainstream banks.

Here is an example of a Cash Advance I just initiated from Navy Federal Credit Union;

(Click image to enlarge)

Re: Can we get DPs for Cash Advance (CA) ?

markbeiser — Sun, 02 Apr 2023 05:03:14 GMT

I think I can do something similar at Amplify if I get a CC with them.
Apparently they are supper generous with approving PLOCs too.
I just got my HELOC opened with them 2/28 though, so no longer have a potential need for advances from a CC though.

Once I'm done gardening, I plan on getting the Max Cash card with them, and may open a PLOC to keep a plethora of options open.
I'm pretty new to doing business with credit unions.

Re: Can we get DPs for Cash Advance (CA) ?

SUPERSQUID — Sun, 02 Apr 2023 12:08:33 GMT

@NoMoreE46 wrote:
There was an older thread on the mechanics and outcome of doing a Discover Cash Advance. There's been a recent thread about a tactic to leverage CA from Bank A into Bank B's DDA in an attempt to get a decent CC SL from Bank B....

However, the point of this thread is to discuss your cards' CA lines other DP.

I cannot figure out if The Apple Card offers a CA.
Wells Fargo has hardset my max CA at 20%.
Cap One is at 30% of my CL.
Surprisingly, my PenFed is at 100% of my $15000 CL.

On my penfed cards at the bottom of the cash advance page it says min 100 max 1000 even thogh i have more than 5k available.

Does your card have those parameters? min 100 max 1000

Re: Can we get DPs for Cash Advance (CA) ?

coldfusion — Sun, 02 Apr 2023 12:38:09 GMT

@SeaProbe wrote:

My BofA CCR had CA limit of 3.3K with a CL of 11K, so exactly 30%. This card came from a CU through a series of mergers with MBNA and FIA. BofA *never* gave me an auto CLI. I did ask for two CLIs between last year and this year, so now up to an even 30K. My CA limit did not change, remaining at 3.3K.

With BoA I know the ratio can vary from at least between 10-40% depending upon card type. If you PC a card you at least sometimes retain the ratio of the old card.

Re: Can we get DPs for Cash Advance (CA) ?

fury1995 — Sun, 02 Apr 2023 15:42:21 GMT

@coldfusion wrote:
@SeaProbe wrote:

My BofA CCR had CA limit of 3.3K with a CL of 11K, so exactly 30%. This card came from a CU through a series of mergers with MBNA and FIA. BofA *never* gave me an auto CLI. I did ask for two CLIs between last year and this year, so now up to an even 30K. My CA limit did not change, remaining at 3.3K.

With BoA I know the ratio can vary from at least between 10-40% depending upon card type. If you PC a card you at least sometimes retain the ratio of the old card.

BOA UCR is $8,400/$30,000 - 28%

BOA CCR is $750/$10,000 - 7.8%

Re: Can we get DPs for Cash Advance (CA) ?

Kforce — Sun, 02 Apr 2023 17:33:18 GMT

All base on 20,000 CL

AOD CU (100%)

Wescom CU (50%)

USAlliant CU (30%)

FNBO (20%)

Ist City (100%)

Could not find Info on BofW statement ?

Not worth a call and waiting on line for a forum data point

Re: Can we get DPs for Cash Advance (CA) ?

Bockrocker — Sun, 02 Apr 2023 20:36:14 GMT

USAA cards allow up to 100%. However if you want the fee-free cash advance to USAA checking there are velocity limits:

Max $2500/transaction

Max $5000/8 cash advances per 30 days

Re: Can we get DPs for Cash Advance (CA) ?

SouthJamaica — Sun, 02 Apr 2023 21:16:23 GMT

@NoMoreE46 wrote:
There was an older thread on the mechanics and outcome of doing a Discover Cash Advance. There's been a recent thread about a tactic to leverage CA from Bank A into Bank B's DDA in an attempt to get a decent CC SL from Bank B....

However, the point of this thread is to discuss your cards' CA lines other DP.

I cannot figure out if The Apple Card offers a CA.
Wells Fargo has hardset my max CA at 20%.
Cap One is at 30% of my CL.
Surprisingly, my PenFed is at 100% of my $15000 CL.

My experience has been that most credit unions allow cash advances up to the amount of the total credit limit.

Some credit unions offer cards that have no cash advance fee.

Re: Can we get DPs for Cash Advance (CA) ?

nytokyobred79 — Mon, 03 Apr 2023 00:46:02 GMT

Just adding a few more dp's to this thread.

For my 2 BofA cards, both allow up to 30% CA. Opened beginning of Feb this year.
For my Amex cards, I have fixed amts for each: $3800 for Reserve, $2600 for EDP and $2700 for Skymiles Platinum. I did move around $5K from my Reserve to Platinum recently and I know that adjusted the CA.
For Cap 1, it's currently fixed at $3000.
For Chase, I can't seem to find it on the mobile app although I can easily find on desktop( out at the moment). But from what I remember, both Chase cards have fixed amts between 1200-2000.

In my own instance, BofA seems to be the most generous with CAs.

( signatures up to date)

Re: Can we get DPs for Cash Advance (CA) ?

AverageCreditsUser — Mon, 03 Apr 2023 10:30:33 GMT

@Kforce wrote:
All base on 20,000 CL
AOD CU (100%)
Wescom CU (50%)
USAlliant CU (30%)
FNBO (20%)
Ist City (100%)
*
Could not find Info on BofW statement ?
Not worth a call and waiting on line for a forum data point

Here are my cash advance percentages on each bank and credit union line of credit ratio.

Amex (25%)
BOA (40%)
CapOne (50%)
Disco (Hard)
FNBO (20%)
NFCU (30%)
PenFed (100%)
BOTW (100%)

Re: Can we get DPs for Cash Advance (CA) ?

NoMoreE46 — Thu, 20 Apr 2023 16:25:53 GMT

@SUPERSQUID

So you have amount stipulations- interesting. Thanks for volunteering this DP.

Wondering if anyone else has a set range on not just their Penfed?

Mine has no range.

Re: Can we get DPs for Cash Advance (CA) ?

crystal626 — Fri, 21 Apr 2023 20:14:05 GMT

You have to actually click the more actions link when looking at the credit card and choose cash advance to see the limit. My statement says I have $25K in cash advance available but when clicking to actually use it, it's $100-$1000.

Re: Can we get DPs for Cash Advance (CA) ?

NoMoreE46 — Fri, 21 Apr 2023 21:55:18 GMT

Hey @crystal626,

Thanks for the note. It looks like you are right about having to dig in in further to get the specific details. When I do so, I see that I have the same range of $100 to $1000 as @SUPERSQUID had noted.

When I actually played with feature on my laptop, I could not get my PF savings accounts to populate. So I dunno. (This is typical of PF's not-so-great execution and lack of attention to certain important details IMHO. Furthermore, I cannot figure how to navigate to the More Actions via their App.)

{Maybe @AverageCreditsUser and @Life_take2 can confirm.}

Re: Can we get DPs for Cash Advance (CA) ?

M_Smart007 — Fri, 21 Apr 2023 22:17:32 GMT

@NoMoreE46 wrote:
Hey @crystal626,

Thanks for the note. It looks like you are right about having to dig in in further to get the specific details. When I do so, I see that I have the same range of $100 to $1000 as @SUPERSQUID had noted.

When I actually played with feature on my laptop, I could not get my PF savings accounts to populate. So I dunno. (This is typical of PF's not-so-great execution and lack of attention to certain important details IMHO. Furthermore, I cannot figure how to navigate to the More Actions via their App.)

{Maybe @AverageCreditsUser and @Life_take2 can confirm.}

@NoMoreE46,

Mine populates the Bank Accounts ¯\_(ツ)_/¯

I do have to use chrome to log-in to PenFed(Click image to enlarge)

Re: Can we get DPs for Cash Advance (CA) ?

AverageCreditsUser — Sat, 22 Apr 2023 01:36:13 GMT

@NoMoreE46 wrote:
Hey @crystal626,

Thanks for the note. It looks like you are right about having to dig in in further to get the specific details. When I do so, I see that I have the same range of $100 to $1000 as @SUPERSQUID had noted.

When I actually played with feature on my laptop, I could not get my PF savings accounts to populate. So I dunno. (This is typical of PF's not-so-great execution and lack of attention to certain important details IMHO. Furthermore, I cannot figure how to navigate to the More Actions via their App.)

{Maybe @AverageCreditsUser and @Life_take2 can confirm.}

I go with the concept of @crystal626 assumption.

I think the minimum and maximum amounts for loan transfers may depend on day-to-day transactions. As far as I can guess, this is by no means the maximum amount you can borrow.