@dak17 wrote:
OP, could you share what your cash advance limit is?
@dak17
It's right at 30% of my total credit line. $7,200 cash advance limit. This is similar to what I have on most of my other accounts, in the "old days" (pre 2007/2008) and the Credit Card Act of 2009 most lenders were 50% but that's much less common now. Payments now have to be applied to high interest rate balances first.
This ended a money maker for banks pre 2009. The profits from lending at say 29.99% on cash advances were significant especially if the consumer had purchases or balance transfers already on the account. Payments were applied to those lower interest rate balances first and had to be paid off before any portion of the payment would be applied to the cash advance. This offset a significant portion of the risk to lending cash...
