topic Re: Cash Advance Amount? in Credit Cards

Cash Advance Amount?

Andy77 — Fri, 19 Oct 2012 19:23:43 GMT

Does anyone know how much of a cash limit I would have on a Citi card with a 2k limit?

1k for cash?

Re: Cash Advance Amount?

jsickz32 — Fri, 19 Oct 2012 19:25:31 GMT

I have a citi fowards with 2k cl and my cash advance limit is 600

Re: Cash Advance Amount?

Juan123 — Fri, 19 Oct 2012 19:36:36 GMT

Call and ask because i have a citi card with 6k limit and my cash advance limit is only $300

Re: Cash Advance Amount?

DeadSpider — Fri, 19 Oct 2012 21:27:02 GMT

Each card has it's own cash advance limit check your statement.

I think one of my Amex has $2000 cash on 10K limit.

Re: Cash Advance Amount?

Andy77 — Sat, 20 Oct 2012 16:48:50 GMT

Got my card today

2k limit

2k cash limit

Nice!!

Re: Cash Advance Amount?

Jlu — Sat, 20 Oct 2012 17:02:04 GMT

You mean they'll let you take out $2000 with a $100 fee and 25% interest with no grace period? HOW GENEROUS.

Re: Cash Advance Amount?

Andy77 — Sat, 20 Oct 2012 17:03:36 GMT

HA HA HA right...they think they are so clever!!!!

Re: Cash Advance Amount?

maiden_girl — Sat, 20 Oct 2012 17:05:49 GMT

My highest cash advance limit is $1.5k on a $3k limit (chase freedom) I was shocked when I saw that on my paperwork.

Re: Cash Advance Amount?

CribDuchess — Sat, 20 Oct 2012 17:13:08 GMT

If your Citi card offers you a BT, you can actually take the BT offer and have the funds direct deposited into your checking account (they are very quick about it). So if the BT offer came with X months at 0%, you would just have to pay the 3% BT fee. No interest as long as you repay the money within the 0% time frame.

We just did this. Had to replace our furnace last week and I used my Cash+ card to pay for it (to earn rewards), then used my DH's Citi Simplicity to do a BT and I chose to have the money direct deposited into our checking account (the same acct we have linked to Citi to pay our bill each month). The BT had a 3% fee, but it's 0% until December 2013.

The terms are way better than a cash advance would be. And Citi direct deposited the funds into our checking account the very next day. I was impressed!

Re: Cash Advance Amount?

Jlu — Sat, 20 Oct 2012 20:16:44 GMT

My golden rule is don't charge anything you couldn't otherwise buy with cash unless it is an asset (home, car, equities etc). This rule plays back in my head each time I swipe my card. However if you are taking out a cash advance it is due to the fact that you don't have any (cash) thus it is in and of itself a violation of my rule.

Re: Cash Advance Amount?

ShiningDown — Sat, 20 Oct 2012 19:53:05 GMT

My citi card has 500 cash advance. Never used it.

HSBC has 1,200 cash advance limit. Because I have used it so many times.

Chase has 1,200 cash advanced limit. Used this often in the past.

Re: Cash Advance Amount?

TheConductor — Thu, 25 Oct 2012 16:33:45 GMT

@Jlu wrote:
My golden rule is don't charge anything you couldn't otherwise buy with cash unless it is an asset (home, car, equities etc). This rule plays back in my head each time I swipe my card. However if you are taking out a cash advance it is due to the fact that you don't have any (cash) thus it is in and of itself a violation of my rule.

+1 to this. In an ideal world of fully-informed borrowers, this thread would never exist.

Cash advances are the devil incarnate. Simply do NOT do it. Treat every card as if your cash advance limit is $0.

No, make that $-20, because believe me, any time you pull a cash advance they are going to find a way to make 20 bucks or more off of you.

Cash advances are essentially the way otherwise prime lenders get to dabble their toe in the usurious payday-loan industry pool. No thank you.

When I was unemployed, I found myself at a point where I was strapped for cash. I had the option of doing a credit card cash advance. Instead, I found odd jobs on the Gigs section of Craigslist and scrounged up cash mopping floors, repairing fences, and organizing closets. That was definitely the better choice.

Re: Cash Advance Amount?

HiLine — Sat, 15 Dec 2012 03:30:49 GMT

Yeah seriously, don't ever take cash advance. I tried to lower my cash advance limit to 0, but the lowest limit my creditors would allow is 200....