topic Re: Cash Advance whats the limit? in Credit Cards

Cash Advance whats the limit?

BearsAndTurtlesRtheBest — Sun, 12 May 2013 23:31:48 GMT

Do banks like it when you do constant cash advance?

Re: Cash Advance whats the limit?

Anonymous — Mon, 13 May 2013 00:11:08 GMT

on my experience... i have Barclay Ring( 5k Cl ), i used it mostly on cash advance because they charged me only a dollar per transaction plus the ATM fee (i always pay in full before the statements cut ).so when i asked for CLI (asking for 10k +) the analyst told me that they will approved me for 10k because of too many cash advances...hahahahha funny.

Re: Cash Advance whats the limit?

Anonymous — Mon, 13 May 2013 00:25:11 GMT

I don't think so. If I were a bank, I would probably scrutinize customers who take cash advances more than two times in a year.

Just my take.

Re: Cash Advance whats the limit?

visorboy1974 — Mon, 13 May 2013 01:01:04 GMT

@BearsAndTurtlesRtheBest wrote:
Do banks like it when you do constant cash advance?

Probably not...unless you have some sort of credit card/line of credit like is offered by PSECU.

Re: Cash Advance whats the limit?

jsucool76 — Mon, 13 May 2013 01:07:50 GMT

I would say no. Some applications even ask id you plan on using the card at ATMs for cash advances.

With something like the Ring card which seems to be made for things like BTs/cash advances/balance carrying i would say its the best kind of card to do it on, but i still wouldn't recommend doing it constantly.

Re: Cash Advance whats the limit?

DaveSignal — Mon, 13 May 2013 01:12:56 GMT

Think of the reasons why some people would need a cash advance, instead of just using a credit card for purchases:

1. to buy drugs

2. to pay for something illegal where the purchase needs to be untraceable

3. there is no money in your bank account and you can't afford to pay for simple things like a parking meter

cash advances are highly suspicous. they are sign of someone who is going to default on their debt. lots of them will result in adverse action.

Re: Cash Advance whats the limit?

Anonymous — Mon, 13 May 2013 01:18:27 GMT

This is like the recent thread on whether banks like cancelling cards with AF just before the fee becomes due. The basic question for many of us is: Who cares if the bank likes it! They are able to reject a cash advance if it is such a problem, and, in general, as they start charging interest straight away on a cash advance, way above the cost of the money, I'm pretty sure they like it. They keep sending me BT checks which are really very similar.

Two concerns from the bank would be:

a) Is this a sign of financial stress. A soft pull of the credit reports could help confirm or deny this to some extent (are all cards getting maxed out)

b) Is some form of money laundering going on.

The issuer is free to close the card for these or any reason. If they do, move on to another issuer, there are lots. (And if points have been lost due to closure, consider legal recourse).

Re: Cash Advance whats the limit?

BearsAndTurtlesRtheBest — Mon, 13 May 2013 01:38:48 GMT

Okay but why if you pay the money back in full? Would that still seem suspicous?

Re: Cash Advance whats the limit?

ObeyJohnny12 — Mon, 13 May 2013 01:49:08 GMT

I personally dont recommend it. It gives banks/lenders the impression that you are in desperate need of cash or is having financial issues especially if you are constantly doing it.

Re: Cash Advance whats the limit?

Cali_Credit — Mon, 13 May 2013 01:52:37 GMT

Some lender like DCU don't even care! I asked about a balance transfer and they stated just transfer the money to my checking and use a check or my debit card! They treat everything at the same rate and care less what u do with the funds!

Re: Cash Advance whats the limit?

DaveSignal — Mon, 13 May 2013 01:52:51 GMT

@BearsAndTurtlesRtheBest wrote:
Okay but why if you pay the money back in full? Would that still seem suspicous?

I thought I already explained it, but why would you take a high interest loan with no grace period just to pay it back later in the month? it is absolutely suspicious. what legal transaction do you so urgently need that extra cash for where credit transactions are unacceptable? you are asking the creditor to keep an eye on your account more closely. it is a sign that something dangerous to the creditor could be immenent.

Re: Cash Advance whats the limit?

BearsAndTurtlesRtheBest — Mon, 13 May 2013 01:58:01 GMT

@DaveSignal it would be used to pay of high balanced credit cards. Its not being used for somehting illegal (never)

Re: Cash Advance whats the limit?

BearsAndTurtlesRtheBest — Mon, 13 May 2013 01:59:38 GMT

But yeah thinking it about constant cash advances would put us at risk for them to even close the acct. I guess we shall find another way to handle it.

Re: Cash Advance whats the limit?

Anonymous — Mon, 13 May 2013 02:01:19 GMT

Wouldn't using cash advances to pay off other CC balances be losing you money because of the fees and typically higher APR?

Re: Cash Advance whats the limit?

BearsAndTurtlesRtheBest — Mon, 13 May 2013 02:03:47 GMT

Yes it would although the cash advance would only be $350 which is a $5 fee and an interest charge of $4

Re: Cash Advance whats the limit?

DaveSignal — Mon, 13 May 2013 02:07:30 GMT

Most cards offer balance transfers, which work like a cash advance, but they don't raise the same kind of suspicion.... unless this is like a monthly thing of floating balacnes (which would also catch the bank's attention).

Re: Cash Advance whats the limit?

BearsAndTurtlesRtheBest — Mon, 13 May 2013 02:11:46 GMT

Yeah... well thanks for everybodys input, I guess we shall just find another way(if any). Thanks again!

@davidsignal BTs wouldnt work because its a lot of credit card debt.

Re: Cash Advance whats the limit?

SnackTrader — Mon, 13 May 2013 03:00:11 GMT

I think what you are suggesting is WORSE than an illegal transaction. You are using cash advance to cover other debts, which means there is a SIGNIFICANT cash flow problem occurring within your household. As a lender I would absolutely want to take action against that. Additionally, this action is just robbing Peter to pay Paul - and eventually you need to pay Peter back too. So what's the point???

You're family needs to get debt under control. I've been reading about your problems for a while now and will say that a significant amount of spending cuts need to occur. This means no dinners out, no AF credit cards, no movies, reducing cable subscriptions and all sorts of other debt reduction plans. As one of the youngest members of your family you may not have the type of pull to initiate that action, but lets be honest, you need to be aware of it just as much as the other members of your family. If you disagree with what I'm saying, just remember that this thread is discussing taking an expensive, no-grace-period cash advance to pay down other debts. If that isn't a debt problem, I don't know what is. There are only two ways out, increase income or cut spending.

Re: Cash Advance whats the limit?

BearsAndTurtlesRtheBest — Mon, 13 May 2013 03:02:50 GMT

I completely agree!!! In our case it would be cut spending. WOW ima cut and paste your words. They are very true!

Re: Cash Advance whats the limit?

Anonymous — Mon, 13 May 2013 03:10:00 GMT

@SnackTrader wrote:
I think what you are suggesting is WORSE than an illegal transaction. You are using cash advance to cover other debts, which means there is a SIGNIFICANT cash flow problem occurring within your household. As a lender I would absolutely want to take action against that. Additionally, this action is just robbing Peter to pay Paul - and eventually you need to pay Peter back too. So what's the point???

You're family needs to get debt under control. I've been reading about your problems for a while now and will say that a significant amount of spending cuts need to occur. This means no dinners out, no AF credit cards, no movies, reducing cable subscriptions and all sorts of other debt reduction plans. As one of the youngest members of your family you may not have the type of pull to initiate that action, but lets be honest, you need to be aware of it just as much as the other members of your family. If you disagree with what I'm saying, just remember that this thread is discussing taking an expensive, no-grace-period cash advance to pay down other debts. If that isn't a debt problem, I don't know what is. There are only two ways out, increase income or cut spending.

The more I think about what you said, the more I came to this same conclusion. Using cash advances would be losing you money even though you claim you are only losing $9. Really, you are losing more than that because you aren't paying off CC debt, you are just shifting the debt around (pyramiding). You better off attempting a balance transfer on as much of the debt as you can IF you have a card with a good BT offer(Given your situation, don't apply for one since I see it leading to more troubles).