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@Ficoproblems247 wrote:
@Anonymous wrote:
@Anonymous wrote:Thank you for the info. I was wondering about that Amex. They're kinda particular.
I have a $400 limit on my $5K BCE, $200 on my $3K Cash Magnet, $2800 on my $14K Business Amazon Prime. They definitely don't like cash advances and you can tell because of the small limit and the fact you can't even see your cash advance limit easily on the website. I had to look at a statement for the two personal cards and my mailed documentation for my business card since a statement hasn't generated for that one yet to figure out what they were.
@Anonymous you've got it made with those AMEX CA limits! 😂 Look at my BCP!
I think the limit is set when you open the card instead of growing with it like other cards do. Was that card originally a lot lower? Like $1500-2K or thereabouts?
My Cash Magnet (10k CL) has a cash advance limit of 2,000 -- both limits which I've had since I received the card about a year and a half ago.
Based on the few AMEX responses in this thread, there seems to be no rhyme or reason to their method. Are there different underwriting criteria for cash advances? It appears seemingly random.
I need to find that other thread that was alluded to...
@Anonymous wrote:
@Ficoproblems247 wrote:
@Anonymous wrote:
@Anonymous wrote:Thank you for the info. I was wondering about that Amex. They're kinda particular.
I have a $400 limit on my $5K BCE, $200 on my $3K Cash Magnet, $2800 on my $14K Business Amazon Prime. They definitely don't like cash advances and you can tell because of the small limit and the fact you can't even see your cash advance limit easily on the website. I had to look at a statement for the two personal cards and my mailed documentation for my business card since a statement hasn't generated for that one yet to figure out what they were.
@Anonymous you've got it made with those AMEX CA limits! 😂 Look at my BCP!
I think the limit is set when you open the card instead of growing with it like other cards do. Was that card originally a lot lower? Like $1500-2K or thereabouts?
Yup, 2K. Looks like this one doesn't change with you as the limit grows. I know better than to use CA from any of my cards, but I always chuckle when I see this one.
If I were a card issuer, I would wonder about the implications of a customer getting a cash advance, like how close are they to the edge? There are of course many reasons to do so, but still...
@W261w261 wrote:If I were a card issuer, I would wonder about the implications of a customer getting a cash advance, like how close are they to the edge?
That is exactly why banks aren't fond of them. Credit unions tend to promote them and make them more accessible with lower interest rates and low or no fees but banks want no part of it.
Using them isn't always indicative of trouble brewing though. I occasionally use them when I need some quick cash rather than transfer out of savings and I've got 36% of my annual income in savings right now.
Thats hilarious for that CL
It seems Amex is quick to penalize you for using cash advances as well...
I have always wondered what the process was for taking a cash advance, not that I have any plans to do so. Do people do it through an ATM, and if so, aren't you limited to the daily withdrawal amounts of $200 - $300. Or, do you go into any bank and present your card and ask for a cash advance on it?
@rbentley wrote:I have always wondered what the process was for taking a cash advance, not that I have any plans to do so. Do people do it through an ATM, and if so, aren't you limited to the daily withdrawal amounts of $200 - $300. Or, do you go into any bank and present your card and ask for a cash advance on it?
You can go into a bank, and present the card and your drivers license to the teller.