cash advance CLI question

[Anonymous]

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.

[Remedios]

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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 

[AverageJoesCredit]

The only Cash advances that really arent frowned upon are ones on a Credit Union credit card. Im a firm believer Credit Card companies should not advertise this feature so heavily then frown when someone uses it. But thats me. So long as yyou pay it back they shouldnt care but unfortunately many do.

[Anonymous]

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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.

[Anonymous]

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@AverageJoesCredit wrote:
The only Cash advances that really arent frowned upon are ones on a Credit Union credit card. Im a firm believer Credit Card companies should not advertise this feature so heavily then frown when someone uses it. But thats me. So long as yyou pay it back they shouldnt care but unfortunately many do.

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Agreed.  I think if the feature is avaible then you should have the expectation it will be used.  Just like credit itself, it can be misused.  The lender took on that risk so they shouldn't flinch when further exposure (that they allow) is used.

[Anonymous]

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@Anonymous wrote:

... Casino gambling ...Typically, I pay it all back (including fees and anticipated interest) the next business day ...

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You might consider getting a CLOC. Then you'd have acccess to the whole CL on short notice by simply writing a check. 

[K-in-Boston]

Frequent cash advances are indeed a warning sign of financial distress and a red flag for many lenders, particularly when used to cover gambling.  Not judging as it sounds like you can cover any potential losses, but from a pure risk standpoint that is a giant red flag, particularly if the point of the cash advance is shown to be a casino or racetrack.  CapOne likely doesn't care, and it appears that Chase may not either as long as they're getting their fees.  I would not at all risk that with American Express, though.

To answer one part of the question, Amex cash advance limits are set very low as they're intended for emergencies like being mugged or losing your wallet while traveling internationally.  Even my Delta Reserve with its $50,000 limit only has a $2,000 cash advance limit.  If you do insist on cash advances, as suggested earlier I would personally use a credit union card with lower fees where they are less likely to frown upon it.

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

[Anonymous]

The petty cash advances from disco, cash overs, are free lol. Won't cover the casino though.

If you want to spook your lender, doing those will do it, at least at first. They figure you are in financial distress, have a gambling problem, a drug problem, or involved in some other high risk behavior in that your willing to take a shellacking to get the cash, and you might end up in a tent on the streets of San Francisco very soon. It's a high risk, high return revenue stream for them, but if you've done it for years and was never late, and PIF, and you're still alive, it's a nice low risk, high return revenue stream for them, and they might not mind as much.

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

[Remedios]

OP provided an honest answer, which is something we do not see that often
Bringing homelessness, drugs, bridges, and whatever else stream of consciousness conjures, is uncalled for.

[Anonymous]

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@Remedios wrote:
OP provided an honest answer, which is something we do not see that often
Bringing homelessness, drugs, bridges, and whatever else stream of consciousness conjures, is uncalled for.

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Ask a bank what they fear when they see new cash advances all of a sudden. You'll get the same answer. And that's an honest answer.

[Mod cut - This was not needed. - KiB]