topic Re: Credit limit Vs. Cash credit line in Credit Cards

Credit limit Vs. Cash credit line

Shijinlife — Wed, 30 Apr 2014 01:39:25 GMT

I recently got CLI for three of my credit accounts (BOA Cash Rewards, Citi Diamond Preferred and Bill Me Later) yeah! But I noticed that the cash credit lines all remain the same.

I wonder should cash credit line goes up proportionally with total credit line? How does this work? Thanks ahead!

Re: Credit limit Vs. Cash credit line

trumpet-205 — Wed, 30 Apr 2014 02:18:23 GMT

Cash credit line is how much you can take cash advances out.

Each lender calculates cash credit line differently. Some based on a percentage of total credit limit (varies among lenders), while others uses fixed amount.

Re: Credit limit Vs. Cash credit line

hyp0luxa — Wed, 30 Apr 2014 02:23:44 GMT

Sometimes the cash limit will be raised a few days after the CLI. When I got my first BOA CLI, the cash limit was raised proportionally, but it took about a week or so, IIRC

Re: Credit limit Vs. Cash credit line

maiden_girl — Wed, 30 Apr 2014 02:25:55 GMT

Cash advance limits can vary with each card and each lender. I have a 5k CL with Cap1 yet they only let me take 250. I have a 5k line with Discover and they let me take 800. Each lender varies and sometimes uses a fixed amount or a amount that increases with your CL.

Re: Credit limit Vs. Cash credit line

Membersince2013 — Wed, 30 Apr 2014 02:44:45 GMT

Not to be a jerk, but get rid of BillMeLater. You'll regret it.

Re: Credit limit Vs. Cash credit line

jm1991 — Wed, 30 Apr 2014 02:56:22 GMT

does the cash line depend on the person? because some of my cards have a relatively high cash advances. My BoA card with credit line of 1700 has a 1200 cash credit line. BoA credit line 2900 only 600 cash credit line. Chase with credit line of 7000 has 1400 cash limit. I dont know about my amex, i could not find it anywhere or if it has one.

Re: Credit limit Vs. Cash credit line

hyp0luxa — Wed, 30 Apr 2014 03:07:42 GMT

I'm not really sure. My Chase, BOA and PayPal MC are 20%, WalMart is just under 10%, Cap1 is 5% and NFCU is 100%

Re: Credit limit Vs. Cash credit line

Shijinlife — Wed, 30 Apr 2014 03:34:40 GMT

@trumpet-205 wrote:
Cash credit line is how much you can take cash advances out.

Each lender calculates cash credit line differently. Some based on a percentage of total credit limit (varies among lenders), while others uses fixed amount.

Thank you @trumpet-205!

Re: Credit limit Vs. Cash credit line

Shijinlife — Wed, 30 Apr 2014 03:41:57 GMT

@hyp0luxa wrote:
Sometimes the cash limit will be raised a few days after the CLI. When I got my first BOA CLI, the cash limit was raised proportionally, but it took about a week or so, IIRC

That makes sense. Let me wait for a few more days. Thank you @hyp0luxa!

Re: Credit limit Vs. Cash credit line

Shijinlife — Wed, 30 Apr 2014 04:09:56 GMT

@Membersince2013 wrote:
Not to be a jerk, but get rid of BillMeLater. You'll regret it.

I don't use BML very often. Only for some deals with good discounts like SkinStore.com

Re: Credit limit Vs. Cash credit line

Shijinlife — Wed, 30 Apr 2014 03:50:44 GMT

@hyp0luxa wrote:
I'm not really sure. My Chase, BOA and PayPal MC are 20%, WalMart is just under 10%, Cap1 is 5% and NFCU is 100%

Cool!

Re: Credit limit Vs. Cash credit line

navigatethis12 — Wed, 30 Apr 2014 11:53:34 GMT

@hyp0luxa wrote:
I'm not really sure. My Chase, BOA and PayPal MC are 20%, WalMart is just under 10%, Cap1 is 5% and NFCU is 100%

All the Chase cards I have are 20%, except the Chase Amazon, which is 50%. US Bank is also 100%.

Re: Credit limit Vs. Cash credit line

takeshi74 — Wed, 30 Apr 2014 12:48:52 GMT

@Membersince2013 wrote:
Not to be a jerk, but get rid of BillMeLater. You'll regret it.

Just because you regret it doesn't mean that everyone else will. I don't regret it and there are certainly others that do not. Don't just assume that your situation/needs/wants/preferences/priorities/etc are universal regardless of topic.