cash advance CLI question

[redheadtempe36]

Wells Fargo and US Bank (and many CU's) offer lines of credit with no advance fees.  I'd really check into something like that rather than using a card.

[Anonymous]

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@K-in-Boston wrote:

If you have the funds in a deposit account, do you not have an ATM card that you could use instead?

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Hi K, I have funds in other accounts intentially so that I don't have easy access to them.  Transferring them takes atleast a business day.  Usually if I am doing cash advances, I've hit the daily limit on my ATM cards.  Once I win enough to cover the fees and half of what I originally loss, I usually throw in the towel.  Sometimes I win it all back; other times I lose half the cash advance.  

@Remedios - it's ok, I knew as soon as I posted the topic it would open it self up to comments like those.  I take no offense.  It's a vice and a form of risky behavior.  A lot of topics on this forum is about how to follow a path.   Some paths lead down slippery slopes.  I always quote the line from Ocean's Eleven "play the house long enough you lose until one time you bet it big and you take the house".  If I take the path that everyone else takes, it will lead to same place.  Nothing ventured, nothing gained.  Still, there is a risk.  

[Anonymous]

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@Anonymous wrote:

Like others have said, there are much cheaper ways to get cash, especially if your credit is excellent. 

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My credit is not excellent.  I'm actually in the middle of a rebuild. I've taken chances in life and choose not to prioritize some things (paying bills on time, default on rent) which have dinged my credit.  I'm changing my perspective on things but I have developed several bad habits.  This is more of an academic question.  Looking to get short term money quickly if the need arises.  I already have a plan in place to have an account that is exclusively for gambling.  Once the balance is > X, I am green lit to go.

Your points are valid, risky behaviour can lead to a slippery slope.  So far, I've managed the tightrope.

[CreditInspired]

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@Remedios wrote:

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@Anonymous wrote:

First, I know, I know, cash advances are awful and shouldn't be used ever and are dumb.  I still do it (use every tool in the toolbox).  

My question: can you ask for an increase in your cash advance limit?  Only one card, VentureOne, allows the full CL to be a cash advance.  I have a Quicksilver with the same CL but it only allows 1500 cash advance.  My other cards don't allow more than 1K.  Just curious about how I could increase it to atleast 50% of CL.  Do travel cards typically have a higher cash advance limit?  Does Chase put a 30% limit on cash advance?  How about AmEx?  I really want to know how to broach the subject.  What I don't want is to ask and then get AA.

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It's lender specific, you can see that from your own experience. Chase does cap them at 30%, not sure if increasing cash advance is even possible, but I have to ask, how is cash advance a tool? 

You're paying high interest from the moment it's made, higher the amount more you pay, so I'm really failing to see how can this be beneficial to you.  

Also, cash advances scream of financial distress, so I really would not be approaching this topic with any lender. 

I get the part where maybe you haven't had any AA so far, but utilizing cash advances on a frequent basis is one way to ensure AA happens 

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+1000. Every single word.

[CreditInspired]

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@Anonymous wrote:

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@Remedios wrote:

 but I have to ask, how is cash advance a tool?  You're paying high interest from the moment it's made, higher the amount more you pay, so I'm really failing to see how can this be beneficial to you.  

Also, cash advances scream of financial distress, so I really would not be approaching this topic with any lender. 

I get the part where maybe you haven't had any AA so far, but utilizing cash advances on a frequent basis is one way to ensure AA happens 

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Casino gambling. Again, this isn't "by the book" behavior so I'm not advocating anyone do this but I do.  During the weekend if I don't have access to my bank account and need some more ammunition. Typically, I pay it all back (including fees and anticipated interest) the next business day or before the statement cuts.  I've done it more frequently with Cap1 but also with Chase. I haven't seen any AA.

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[Anonymous]

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@Anonymous wrote:

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@Anonymous wrote:

Like others have said, there are much cheaper ways to get cash, especially if your credit is excellent. 

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My credit is not excellent.  I'm actually in the middle of a rebuild. I've taken chances in life and choose not to prioritize some things (paying bills on time, default on rent) which have dinged my credit.  I'm changing my perspective on things but I have developed several bad habits.  This is more of an academic question.  Looking to get short term money quickly if the need arises.  I already have a plan in place to have an account that is exclusively for gambling.  Once the balance is > X, I am green lit to go.

Your points are valid, risky behaviour can lead to a slippery slope.  So far, I've managed the tightrope.

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I'm seeing it now as you are using cash advances as a convenient stopper, not necessarily as the cheapest way to go.

My uncle was in the same boat. He told me he used his credit card for cash advances for gambling, and then PIF a few days or a week later. He did it for many years. I told him the same thing about cheaper ways, but for him it was a stopper from going too far, so that was his preferred way.

I didn't want to insinuate that you'd end up homeless, it was more a joke. Banks look at cash advances as possible funding of risky or illegal behavior, those that might end up with the cardholder having a loss of income or seizure of assets, in which they have no recourse since the debt is not secured debt. That's why they seek a big return on cash advances.

I'm willing to bet that if you use a lot of cash advances on the card, you won't be seeing a CLI, for which a cash advance CL is a % of CL. Unless maybe if you've done it for 10 years, and they have a long history of good payment habits.

[Anonymous]

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@CreditInspired wrote:

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@Anonymous wrote:

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@Remedios wrote:

 but I have to ask, how is cash advance a tool?  You're paying high interest from the moment it's made, higher the amount more you pay, so I'm really failing to see how can this be beneficial to you.  

Also, cash advances scream of financial distress, so I really would not be approaching this topic with any lender. 

I get the part where maybe you haven't had any AA so far, but utilizing cash advances on a frequent basis is one way to ensure AA happens 

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Casino gambling. Again, this isn't "by the book" behavior so I'm not advocating anyone do this but I do.  During the weekend if I don't have access to my bank account and need some more ammunition. Typically, I pay it all back (including fees and anticipated interest) the next business day or before the statement cuts.  I've done it more frequently with Cap1 but also with Chase. I haven't seen any AA.

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This is more prevalent than I originally thought. I wonder if you do it for years, and ask for a CLI, they give it to you, provided you have never missed a payment and PIF or mostly PIF.

[SouthJamaica]

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@Anonymous wrote:

First, I know, I know, cash advances are awful and shouldn't be used ever and are dumb.  I still do it (use every tool in the toolbox).  

My question: can you ask for an increase in your cash advance limit?  Only one card, VentureOne, allows the full CL to be a cash advance.  I have a Quicksilver with the same CL but it only allows 1500 cash advance.  My other cards don't allow more than 1K.  Just curious about how I could increase it to atleast 50% of CL.  Do travel cards typically have a higher cash advance limit?  Does Chase put a 30% limit on cash advance?  How about AmEx?  I really want to know how to broach the subject.  What I don't want is to ask and then get AA.

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1. Not a good idea to bring it up.

2. Not a good idea to use cash advances which have a fee and/or high interest.

3. Your best bet for a cash advance is a credit union, non-rewards, platinum card, with no cash advance or balance transfer fee, and a low or at least reasonable interest rate. There are many such cards available.

[HeavenOhio]

@Anonymous, how much money do you typically want to get via a cash advance? How much do you pull from your debit cards before going the cash advance route?

[mikesonthemend]

@CreditDiceRoll63 , you must play poker. Hard to imagine the casino wouldn't extend credit if you were actually playing the house.

Comenity has a card for casinos.