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Chase cash advance limits decreased?

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Established Contributor

Chase cash advance limits decreased?

 I was looking at the account details on both my Chase cards, and noticed the cash advance limits had been reduced by a lot.  My Amazon Visa, which has a $1500 limit and previously had a $300 cash advance limit, now has a CA limit of $75.  My CFU, which has double the CL at $3000 has a $150 CA limit now (previously it was $600).

 

Is this the case for everyone?  I think they set the CA limits to 5% of total CL instead of 20%.

 

This seems to be quite recent, as last month's statements for both cards show the old limits.

 

It's not an issue for me since I never take cash advances, but for someone who does (why??), it might affect them.

 

 

I pretend to work, they pretend to pay me. I have pretend credit cards with pretend limits, so I can pretend to buy pretend things and pretend to pay the bills.

Message 1 of 52
51 REPLIES 51
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Established Contributor

Re: Chase cash advance limits decreased?

I'm not entirely sure what my cash advance limits were before (had no reason to care), but I just checked and this is what they are now:

 

CSR ($10k SL): $500

CFU ($4k SL): $200

 

Come to think of it, I'm quite sure those cash advance limits used to be a lot higher than that. And it corresponds with the 5% you're reporting.

    Total Loan Balance: $28k / $70k

    Total SL: $41.2k
Goal cards:



United 1K - 675,000 lifetime flight miles    |    Chase 6/24
Message 2 of 52
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Frequent Contributor

Re: Chase cash advance limits decreased?

My new CFU still has a cash advance limit of 20% total limit, but my $5k limit Amazon Visa, which had $1k cash advance available as of my last statement, is now down to $250.

Wallet: Chase FU & Disco IT CB
Sock Drawer: Chase Amazon, State Farm GN
TU 817, EX 817, EQ 826
Message 3 of 52
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Established Contributor

Re: Chase cash advance limits decreased?

Weird. I wonder why they tanked some limits and not others.

 

I've never even taken a cash advance, and they know perfectly well that I still have have a job because I bank with them. Might have something to do with my CFU being at 91% utlization right now Smiley LOL It's getting paid back down to zero in the next few days, so I'm curious if that'll have any effect. My SL has been getting massacred on that card ever since I moved a lot of it over to my CSP (now CSR). Been bouncing off that SL multiple times a month since then. Need a CLI! Put easily $7k a month on that card and they won't budge it past a $4k SL... But I digress. Weird about these reduced CA limits, but I guess we can all surmise why they're doing it. Uncertain economic conditions and all that jazz.

 

I would think that typically one doesn't take a credit card cash advance unless they're in financial trouble and it's a last resort (although it can come in handy at foreign ATMs, but nobody is traveling right now...) Tanking the CA limits reduces their exposure, so it kinda makes sense they'd do that right now. When you look at it that way, I'm sort of surprised they waited until now to do it.

    Total Loan Balance: $28k / $70k

    Total SL: $41.2k
Goal cards:



United 1K - 675,000 lifetime flight miles    |    Chase 6/24
Message 4 of 52
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Established Contributor

Re: Chase cash advance limits decreased?

Yes, at least on my Freedom Visa Signature card they did. $32,900 credit limit and Chase cut $5,000 from the cash advance limit to bring it down to just below $1,650. I didn't check my other Chase cards, but they likely adjusted those as well. I probably wouldn't have even noticed since I don't touch cash advances. 


Message 5 of 52
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Community Leader
Super Contributor

Re: Chase cash advance limits decreased?

I'm assuming its covid related risk management.


Last App: 8/24/2020
NFCU Secured Card

Currently rebuilding as of 04/11/2019.

Starting FICO 8 Scores:




Current FICO 8 scores:


Message 6 of 52
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Frequent Contributor

Re: Chase cash advance limits decreased?

If this is what they are going to do in lieu of CLDs, I am 100% down for it.

Wallet: Chase FU & Disco IT CB
Sock Drawer: Chase Amazon, State Farm GN
TU 817, EX 817, EQ 826
Message 7 of 52
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Established Contributor

Re: Chase cash advance limits decreased?


@Slabenstein wrote:

If this is what they are going to do in lieu of CLDs, I am 100% down for it.


Absolutely, agree 100%. I'll take it.

    Total Loan Balance: $28k / $70k

    Total SL: $41.2k
Goal cards:



United 1K - 675,000 lifetime flight miles    |    Chase 6/24
Message 8 of 52
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Moderator

Re: Chase cash advance limits decreased?

Yep, the cash advance limit on my Amazon Visa and Freedom are now both 5% of the total credit line. 

 

I've not had a statement on my Freedom since back in the summer, but on my Amazon Visa September statement the cash advance limit was still 20% of the credit line, so the change appears to be rather recent.

 

I agree with others who have mentioned that this is better than CLD'ing the overall credit line.  I would personally never take a cash advance from a Chase credit card, but I can see how this "adjustment" might inconvenience others, especially if they aren't aware of the change and they only realize it when they need a cash advance.  (This actually happened to me years ago... a cash advance was declined with a bank teller, and I called from the lobby phone only to find out my cash advance limit had been reduced.  A second try with a smaller amount was approved.)

Message 9 of 52
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Established Contributor

Re: Chase cash advance limits decreased?

Especially with my CSR teetering right on the edge of their $10k minimum SL, I'd be pretty sad about a CLD. Couldn't care less about CA limits.

    Total Loan Balance: $28k / $70k

    Total SL: $41.2k
Goal cards:



United 1K - 675,000 lifetime flight miles    |    Chase 6/24
Message 10 of 52
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