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Cash advance limits

Saeren
Mega Contributor

Re: Cash advance limits


@Ficoproblems247 wrote:

@Saeren wrote:

@kkboom 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. 


@Saeren you've got it made with those AMEX CA limits! 😂 Look at my BCP!

6F948E7B-8FAA-41C9-9F71-6A5D8660BB96.jpeg

 

 

 

 

 


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?





Message 11 of 17
LooksAreDeceiving
Contributor

Re: Cash advance limits

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...

Wells Fargo Propel: 4300 (3-19)
Discover it: 5500 (9-19)
American Express Cash Magnet: 10,000 (12-19)
Chase Freedom Unlimited: 8500 (4-20)
Citibank Double Cash: 5300 (7-20)
FICO 8 EX 736 (9-1-20) EQ 776 (8-14-20) TU 730 (8-14-20)
INQ EX 4/12, 8/24 EQ 2/12, 4/24 TU 0
Message 12 of 17
Ficoproblems247
Valued Contributor

Re: Cash advance limits


@Saeren wrote:

@Ficoproblems247 wrote:

@Saeren wrote:

@kkboom 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. 


@Saeren you've got it made with those AMEX CA limits! 😂 Look at my BCP!

6F948E7B-8FAA-41C9-9F71-6A5D8660BB96.jpeg

 

 

 

 

 


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. 


FICO 8: June '21 EX 751 EQ 746 TU 744
Message 13 of 17
W261w261
Regular Contributor

Re: Cash advance limits

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... 

Message 14 of 17
Saeren
Mega Contributor

Re: Cash advance limits


@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. 





Message 15 of 17
Lebrunrf
Established Member

Re: Cash advance limits

Thats hilarious for that CL Smiley LOL

Message 16 of 17
RickNATL
Established Contributor

Re: Cash advance limits

It seems Amex is quick to penalize you for using cash advances as well...

Message 17 of 17
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