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Can we get DPs for Cash Advance (CA) ?

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NoMoreE46
Community Leader
Senior Contributor

Can we get DPs for Cash Advance (CA) ?

There was an older thread on the mechanics and outcome of doing a Discover Cash Advance.   There's been a recent thread about a tactic to leverage CA from Bank A into Bank B's DDA in an attempt to get a decent CC SL from Bank B....

   

However, the point of this thread is to discuss your cards' CA lines other DP. 

 

  • I cannot figure out if The Apple Card offers a CA.
  • Wells Fargo has hardset my max CA at 20%.
  • Cap One is at 30% of my CL.
  • Surprisingly, my PenFed is at 100% of my $15000 CL.

 

Message 1 of 21
20 REPLIES 20
Life_take2
Contributor

Re: Can we get DPs for Cash Advance (CA) ?

My breakout:

Bank.                      Max allowed for CA

PenFed                  100% ($ 12,500)

Wells Fargo           100% ($16,000)
NFCU                       30% ($ 15,000)

Barclays                  20% (2,280) ** But offers 'Balance Transfer' advance into checking up to the full limit ($11,400) so ...

Discover                $5,000 hard limit

Citi (Costco).        $2,500 hard limit

Apple Card.            Not offered

 

 

BK7 -9/15 Starting EQ-571 | TU-528 | EX-572 ---> Feb'24- Fico8: EQ-756 | TU-759| EX-751 Fico9: EQ-804 | TU-813 | EX-806


Amazon Store 10,000 * Apple Card-GS 12,000 * Barclay View 11,400 * Citi Costco Visa 8,100 * * Citi BB Visa 10,000 * Discover 8,100 * Discover Miles 14,500 * Eddie Bauer 4,000 * Home Depot 10,000 * HSN 10,000 * Kohls 3,000 * NFCU Flagship 30,000 * NFCU AMEX 25,000 * PenFed Gold 12,500 * Sam's Club MC 15,000 *Wells Fargo Platinum 1,100 * Wells Fargo Autograph 20,000 *
Total CL $204,700
Util% >1% AAOA: 62 Mo

Message 2 of 21
SeaProbe
Regular Contributor

Re: Can we get DPs for Cash Advance (CA) ?

Three DPs to add.

 

My BofA CCR had CA limit of 3.3K with a CL of 11K, so exactly 30%. This card came from a CU through a series of mergers with MBNA and FIA. BofA *never* gave me an auto CLI. I did ask for two CLIs between last year and this year, so now up to an even 30K. My CA limit did not change, remaining at 3.3K.

 

My AmEx BCE has a CA limit of 5K or exactly 16%.

 

My Apple card has no indication of a way to request a cash advance, at least not through the Wallet app. I have not tried to use the titanium card at an ATM and don't expect to ever do so…

Message 3 of 21
M_Smart007
Legendary Contributor

Re: Can we get DPs for Cash Advance (CA) ?

Interesting Subject!

 

Be careful running to many CA's through a regular bank, it will send up red flags!

 

I once got a call from the back office at a major bank, had to explain things and provide several documents to prove it.

It was a royal pain in the you know what!  ....

 

WF Used to let you take 100% many years ago. (I know, I had bought a carSmiley Tongue)

 

The best resource for Cash Advances are Credit Unions ..They almost encourage them, and most are No Fee CA's.

The largest Cash Advance I have taken is $45,000.00 ..transferred into checking account at same credit union,

all done online within minutes, then wrote a check! ..The credit union never once flinched.

 

 

In fact, they will allow a cash advance for the full CL of $50K

High limit was $45K cash advance.

(Click image to enlarge)(Click image to enlarge)

$50K allowable.

(Click image to enlarge)(Click image to enlarge)

I do have a few credit unions with lower rates,

but the credit limits are lower, and can't take $50K

(Click image to enlarge)(Click image to enlarge)

 

Out of curiosity, I will be following this thread!

 

Message 4 of 21
markbeiser
Established Contributor

Re: Can we get DPs for Cash Advance (CA) ?

BoA will use a recent cash advance as a reason code for denying a CLI for at least a few months after, even if you pay it off within a few days.
I suspect that other banks do something similar.

I wouldn't look to a CA from a credit card unless it is a real emergency, and/or the card specifically has written provisions that you won't be penalized for taking it.
Typically there is a fee involved when taking a cash advance on a CC, and there is no grace period on interest, it starts being calculated from the moment you take the CA.

Back to gardening until Late February 2025.
Current FICO8:
Message 5 of 21
M_Smart007
Legendary Contributor

Re: Can we get DPs for Cash Advance (CA) ?


@markbeiser wrote:

BoA will use a recent cash advance as a reason code for denying a CLI for at least a few months after, even if you pay it off within a few days.
I suspect that other banks do something similar.

I wouldn't look to a CA from a credit card unless it is a real emergency, and/or the card specifically has written provisions that you won't be penalized for taking it.
Typically there is a fee involved when taking a cash advance on a CC, and there is no grace period on interest, it starts being calculated from the moment you take the CA.


@markbeiser,

 

This is the great part of Credit Unions !

You do NOT get dinged for Cash Advances. and out of the 30+ Credit Unions I am a member of,

there are only maybe (2) that charge for a cash advance fee. Also the rates are very low compared to mainstream banks.

 

Here is an example of a Cash Advance I just initiated from Navy Federal Credit Union;

 

(Click image to enlarge)(Click image to enlarge)

 

(Click image to enlarge)

 

Message 6 of 21
markbeiser
Established Contributor

Re: Can we get DPs for Cash Advance (CA) ?

I think I can do something similar at Amplify if I get a CC with them.
Apparently they are supper generous with approving PLOCs too.
I just got my HELOC opened with them 2/28 though, so no longer have a potential need for advances from a CC though.

Once I'm done gardening, I plan on getting the Max Cash card with them, and may open a PLOC to keep a plethora of options open.
I'm pretty new to doing business with credit unions.

Back to gardening until Late February 2025.
Current FICO8:
Message 7 of 21
SUPERSQUID
Valued Contributor

Re: Can we get DPs for Cash Advance (CA) ?


@NoMoreE46 wrote:

There was an older thread on the mechanics and outcome of doing a Discover Cash Advance.   There's been a recent thread about a tactic to leverage CA from Bank A into Bank B's DDA in an attempt to get a decent CC SL from Bank B....

   

However, the point of this thread is to discuss your cards' CA lines other DP. 

 

  • I cannot figure out if The Apple Card offers a CA.
  • Wells Fargo has hardset my max CA at 20%.
  • Cap One is at 30% of my CL.
  • Surprisingly, my PenFed is at 100% of my $15000 CL.

 


On my penfed cards at the bottom of the cash advance page it says min 100 max 1000 even thogh i have more than 5k available.

Does your card have those parameters? min 100 max 1000

{ BK7 DC 12/2019 } target 2100/ kohls Visa 7000/ discover IT cb 6500 / 2nd discover IT cb 6000/mercury 4100 / firestone 2800 /legacy 3000 /first savings bank cc 3000/ cap1 QS 5000/ cap 1 savor one 3100 /Bread rewards Amex 4k, Penfed PCR signature visa 10k/ penfed gold 7.5k NFCU >signature visa cash rewards 21700/bread cashback amex 8000

>/ nfcu platinum 15k, BABY NEEDS NEW SHOES !!!!!
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Rebuilding since September 2020
who i burned - chase, cap 1, TD bank, Sync, were the biggies
Income 40k
Total utilization around 20 pct depending on my current usage/needs
Ficos in the 680 - 690 range, the 9's slightly higher than the 8's
My vantage scores 708 - 711
TCL - about 110k
Retired since 2017
Message 8 of 21
coldfusion
Community Leader
Mega Contributor

Re: Can we get DPs for Cash Advance (CA) ?


@SeaProbe wrote:

 

 

My BofA CCR had CA limit of 3.3K with a CL of 11K, so exactly 30%. This card came from a CU through a series of mergers with MBNA and FIA. BofA *never* gave me an auto CLI. I did ask for two CLIs between last year and this year, so now up to an even 30K. My CA limit did not change, remaining at 3.3K.

 

 


 With BoA I know the ratio can vary from at least between 10-40% depending upon card type. If you PC a card you at least sometimes retain the ratio of the old card.

(5/2024)
FICO 8 (EX) 846 (TU) 850 (EQ) 850
FICO 9 (EX) 850 (TU) 850 (EQ) 850

$1M+ club

Artist formerly known as the_old_curmudgeon who was formerly known as coldfusion
Message 9 of 21
fury1995
Valued Contributor

Re: Can we get DPs for Cash Advance (CA) ?


@coldfusion wrote:

@SeaProbe wrote:

 

 

My BofA CCR had CA limit of 3.3K with a CL of 11K, so exactly 30%. This card came from a CU through a series of mergers with MBNA and FIA. BofA *never* gave me an auto CLI. I did ask for two CLIs between last year and this year, so now up to an even 30K. My CA limit did not change, remaining at 3.3K.

 

 


 With BoA I know the ratio can vary from at least between 10-40% depending upon card type. If you PC a card you at least sometimes retain the ratio of the old card.


BOA UCR is $8,400/$30,000 - 28% 

BOA CCR is $750/$10,000 - 7.8%

 

August 28, 2023 FICO 8

August 28, 2023 FICO BankCard 8

August 28, 2023 FICO Auto 8

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Message 10 of 21
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