topic Re: Cap1 Secured cash advance in Credit Cards

Cap1 Secured cash advance

tboy1977 — Tue, 07 Aug 2012 19:23:06 GMT

When I applied for Cap1 secured, I put $1500 behindit. When I got the card, my cash advance limit was $750. Since then I have increased my limits on $500 increments until I reached the max 3K. But my cash advance limit is still $750? What gives? I don't necessarily need it (in fact I'm not looking for it now). But I want to be prepared for an emergency, the biggest reason for having CCs in the first place. Who can I call to get it raised. I just called Cap1 backdoor and got some foreigner who told me me there is nothing I can do.....

Re: Cap1 Secured cash advance

Anonymous — Tue, 07 Aug 2012 19:59:55 GMT

@tboy1977 wrote:
When I applied for Cap1 secured, I put $1500 behindit. When I got the card, my cash advance limit was $750. Since then I have increased my limits on $500 increments until I reached the max 3K. But my cash advance limit is still $750? What gives? I don't necessarily need it (in fact I'm not looking for it now). But I want to be prepared for an emergency, the biggest reason for having CCs in the first place. Who can I call to get it raised. I just called Cap1 backdoor and got some foreigner who told me me there is nothing I can do.....

I believe the cash advance limit on mine was less than deposit just like yours (don't remember the amounts exactly). I think you are stuck with it.

Re: Cap1 Secured cash advance

tboy1977 — Tue, 07 Aug 2012 21:22:06 GMT

It's supposed to be 50% of credit limit. 750 is 50% of 1500, but now that my limit has grown to $3k, it should be $1500

Re: Cap1 Secured cash advance

jsucool76 — Tue, 07 Aug 2012 23:04:01 GMT

They might not increase it because if they let you take out $1500, when you add on the cash advance fee, and then tack on cash advance APR, your security deposit might not be enough to ensure they don't get cheated out of money if you default.

Re: Cap1 Secured cash advance

trumpet-205 — Wed, 08 Aug 2012 00:22:43 GMT

You do also realize that ATM might have its own withdraw limits for cash advance, which is probably going to be less than $750.

It will be so much better to get a prepaid card like Serve or AMEX Prepaid instead of relying to cash advance.

Re: Cap1 Secured cash advance

tboy1977 — Wed, 08 Aug 2012 00:30:29 GMT

I don't want the cash advance......I just want to be dealt with fairly. My goal is to get my secured cards as good as possible so when I finally enter the garden, I will stay a LONG TIME!

Besides 5% of $1500 is $75. I'm sure I wont go that far over limit :-)

Re: Cap1 Secured cash advance

trumpet-205 — Wed, 08 Aug 2012 00:45:05 GMT

@tboy1977 wrote:
I don't want the cash advance......I just want to be dealt with fairly. My goal is to get my secured cards as good as possible so when I finally enter the garden, I will stay a LONG TIME!

Besides 5% of $1500 is $75. I'm sure I wont go that far over limit :-)

You said you want to be prepared, which is why I suggested getting AMEX branded prepaid card instead (free ATM withdrawal). Cash advance has no grace period, so from day 1 you are charged with interest of 24.9% APR.

$750 cash advance limit is a lot actually, considering that my Chase Freedom card has $600 cash advance limit for $3K CL. That and the fact that each ATM imposes limit on cash advance withdrawal (which is more likely to be less than $750), you SHOULD be happy with a $750 cash advance limit. You are already being dealt fairly, perhaps too fairly.

Re: Cap1 Secured cash advance

jsucool76 — Wed, 08 Aug 2012 02:00:46 GMT

@trumpet-205 wrote:
@tboy1977 wrote:
I don't want the cash advance......I just want to be dealt with fairly. My goal is to get my secured cards as good as possible so when I finally enter the garden, I will stay a LONG TIME!

Besides 5% of $1500 is $75. I'm sure I wont go that far over limit :-)
You said you want to be prepared, which is why I suggested getting AMEX branded prepaid card instead (free ATM withdrawal). Cash advance has no grace period, so from day 1 you are charged with interest of 24.9% APR.

$750 cash advance limit is a lot actually, considering that my Chase Freedom card has $600 cash advance limit for $3K CL. That and the fact that each ATM imposes limit on cash advance withdrawal (which is more likely to be less than $750), you SHOULD be happy with a $750 cash advance limit. You are already being dealt fairly, perhaps too fairly.

Cap1 gave me a 100% cash advanced limit of $3000 which is crazy lol. and definitely. that APR can take you right up to your limit pretty quickly. After one year you'd be at over $1000 dollars

A lot of people who get cash advances usually don't have means to pay them back.

Re: Cap1 Secured cash advance

LS2982 — Wed, 08 Aug 2012 02:05:01 GMT

I would stay far away from cash advances, it only leads to trouble.

Re: Cap1 Secured cash advance

Revelate — Wed, 08 Aug 2012 02:46:05 GMT

Cash advance limit has nothing to do with FICO, at all.

Actually, if you take a cash advance on your secured card, they will reduce the limit.

End of the day, taking a cash advance on a credit card is just a bad idea period for a whole lot of reasons and something you should rarely, if ever do, *regardless* of circumstances. It's an even worse idea on a secured card, to the point you're probably just better off closing it if you need the cash. That said, C1 you can deposit gracefully to increase your limit so they and USAA might be exceptions, but it's a pretty silly idea to begin with. Other than paying rent and parking / valet tips, there's really nothing you can't do with a credit card that you can do with cash or a check. Plus you can float a balance on a CC, which you can't do with cash... not to mention the fees and the fact banks REALLY frown on cash advances.

Just say no.

Re: Cap1 Secured cash advance

tboy1977 — Wed, 08 Aug 2012 14:48:36 GMT

I make enough (Thank you God) not to NEED the advance. But I'm fine. The last time I took my credit card to the ATM I was at some silly club that didn't take CC. I pulled $40 and after paying additional $10 advance fee, $3ATM fee, I was cured. INSTANTLY!

I just want everything reporting as flawlessly as possible. I have one card at $0 and the other four will be there by the end of next month.