Question : How much of your credit limit is typically available for cash advances?
for example, If I had good credit, and established a credit card with a 1000 limit, would I be able to get at least half of it in cash advance if needed? (I realize it's unwise to do it, but I need to know the answer to this).
- asked by myportraitdrawing
All Answers:
Answer #1
Usually the limit is much lower if the card isnew.I've noticed that they increase it as theyears go by.My guess - $300 cash advance limit ona $1,000 card.Also, all credit card companies aredifferent.Good to know you are aware that theinterest rate is usually double - that's why it issuch a bad idea./
- answered by Judy
Answer #2
usually about half. Some cards give a littlemore, some a little less.The interest is immediateand extreme.
- answered by timothy p
Answer #3
It depends on the issuer, some cards have cashlimits and some allow the entire limit.I have cards that are both ways. Call the bank and ask
- answered by Life Is Better After Retirement
Answer #4
Look on your credit card statement. It can varybetween 0% to 100% of your credit limit. All cardsand individual accounts are different.
- answered by Anjell
Answer #5
every card is different, but I would imagine banksare leaning towards allowing lower amounts - andyou have to pay a very high int rate for those -probably 20+% - from day one - no grace period
- answered by Doctor Deth
Answer #6
Read the information they gave you when they sentyou the card. There is a good chance differentlenders have different policies. Most do usuallycharge you a higher percentage rate when youborrow cash as opposed to buying merchandise.
- answered by redhead
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