Credit Tips: Credit Card Cash Advance Fees and Limits

Posted On: January 1, 2005

Author: Puffinz
Joined: 15 Aug 2004
Posts: 5
Posted: Fri Aug 27, 2004 3:04 am
Post subject: Getting Cash Advance at a Bank

How much do banks usually let you do a cash advance for? I’m talking about the kind where you come to a bank and they slide your card and give you cash (and we also assume that we’re not trying to get cash advance for more than the card’s cash advance limit, obviously).

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Author: Board Monitor
BOARD MONITOR-ADMINISTRATOR
Joined: 05 May 2003
Posts: 459
Posted: Fri Aug 27, 2004 8:33 am

I don’t think there is usually a limit, but it may vary by bank. Why would you want to get a cash advance? The fees/high rates will usually kill you. :0(

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Curtis Arnold
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Author: ALex
Joined: 14 Aug 2004
Posts: 24
Posted: Fri Aug 27, 2004 10:28 am
Post subject: Re: Getting Cash Advance at a Bank

Puffinz wrote:
How much do banks usually let you do a cash advance for? I’m talking about the kind where you come to a bank and they slide your card and give you cash (and we also assume that we’re not trying to get cash advance for more than the card’s cash advance limit, obviously).

A cash advance can usually be taken up to the total amount of your credit line.. But the fee usually 3% with no cap and the interest usually around 19.9% is high.. If you can wait a few days use an Access check or have the cash deposited into your checking account.. Interest is a lot lower

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Author: Polonius
Credit Expert (100+ Posts)
Joined: 19 Jan 2004
Posts: 379
Posted: Fri Aug 27, 2004 7:41 pm

How much you can take out as a cash advance depends on the terms of your card and the way your credit limit was assigned, obviously. There are usually separate figures on your monthly credit card statement that give your overall credit limit and your cash limit. I’ve got three dozen cards. On some, the two limits are the same. On some, the cash limit is half of the credit limit. On some, the cash limit is way below the credit limit. I agree that almost always getting a cash advance is a rotten idea. There’s usually no cap to the 3% fee charged. If you get a balance transfer of $5,000, for example, there may be a 3% fee, but the amount of the fee is capped at $35-$75 usually. If you get the same $5,000 as a cash advance, you’ll pay $150.00 as a fee…even if you repay the loan the next day. And the interest rate is usually much higher than the purchase interest rate. All your payments will be applied to the purchase balance first, so if you have to carry a balance you’re not going to be whittling down the cash advance amount until all your purchase balances are paid off first.

Polonius
“Neither a borrower, nor a lender be; For loan oft loses both itself and friend”

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Author: artie1965
Joined: 02 Sep 2004
Posts: 2
Posted: Fri Sep 03, 2004 12:17 am

The withdrawal of funds from your credit card is typically up to the credit limit allowed. Also, the amount you withdraw may be subject to daily limits. However, there is no interest-free period, so interest is charged from the day you withdraw the funds.

Art

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Author: Polonius
Credit Expert (100+ Posts)
Joined: 19 Jan 2004
Posts: 379
Posted: Fri Sep 03, 2004 2:27 am

Quote:
The withdrawal of funds from your credit card is typically up to the credit limit allowed. Also, the amount you withdraw may be subject to daily limits

No. It’s easy to think that your own experience with your own cards is what is typical, but that may not be true. I’ve never seen a time when a card presented at a bank for a cash advance has a daily limit. Your limit is what your cash limit is; you can always take out all or any part of that if it’s not being used. ATMs limit the cash you can take out in one day, but that’s a separate limit unrelated to the cash advance limit on a credit card. As far as the cash limit being “typically” up to the credit limit involved,

1) My Fleet credit card has a 10,200 purchase limit but a 5100 cash limit.

2) My Costco American Express CashBackcard has a 23,000 purchase limit but a 200 cash limit. That’s right–just $200.

3) My FNB of Omaha card has a 6000 purchase limit but a 3000 cash limit.

4) My CapitalOne Platinum card has a 20000 purchase limit but a 10000 cash limit.

I could go on with this, but I hope the point’s been made.

Polonius
“Neither a borrower, nor a lender be; For loan oft loses both itself and friend”

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Author: mouse
Joined: 29 Jul 2004
Posts: 110
Posted: Fri Sep 03, 2004 5:38 pm

I don’t ever use a CASH ADVANCE. I can BT to my checking account with MBNA

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Author: puck71
Joined: 21 Jul 2004
Posts: 12
Posted: Tue Sep 07, 2004 11:21 pm

It’s typical to be able to take up to 50% of your total credit limit in cash, but some cards are lower. My Citi card is about 25%.

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