can someone explain this credit card business to me?

[Corporate Thug]

i got my first credit card today.

it says:

Credit Line: $3000
Cash advance limit: $900

can anyone explain the latter to me?

does the credit line me i can spend up to $3000?

 

[Aves]

http://www.cardweb.com/cardlearn/faqs/2002/jan/12.amp

Q: What is a cash advance ??

A: These are cash funds advanced to you from your credit card. By using your credit card in an ATM or by presenting it to a bank you can receive cash. However cash advances on credit cards are assessed special fees and higher interest rates than what you pay for purchases made with your credit card.

 

[Pliablemoose]

Originally posted by: shady06
i got my first credit card today.

it says:

Credit Line: $3000
Cash advance limit: $900

can anyone explain the latter to me?

does the credit line me i can spend up to $3000?

Yep, go for it

Take 20 years to pay it off

 

[kalster]

Originally posted by: Pliablemoose

Originally posted by: shady06 i got my first credit card today. it says: Credit Line: $3000 Cash advance limit: $900 can anyone explain the latter to me? does the credit line me i can spend up to $3000?

Yep, go for it Take 20 years to pay it off

20 years to pay 3000?

wow, bad economics alright

 

[Corporate Thug]

so i can spend up to $3000?!?!

wow, off to hot deals j/k

my friends keep telling me that usually people get a $500 credit line fot their first card. is it unusal for me to start @ $3000?

 

[RossMAN]

Originally posted by: shady06
my friends keep telling me that usually people get a $500 credit line fot their first card. is it unusal for me to start @ $3000?

Yes, my first cc was a CitiBank $300.

 

[RIGorous1]

Originally posted by: shady06
so i can spend up to $3000?!?!

wow, off to hot deals j/k

my friends keep telling me that usually people get a $500 credit line fot their first card. is it unusal for me to start @ $3000?

no, it totally depends. if you have no credit history and a low income (like most first time users) you'll probably get $500 like your friend said... I got $500 when I applied on my own.

However, if you do a joint credit card with your parents or have an unusually high income then they'd start you off higher. I started a joint card with my mother years back and we got $10,000 each.

 

[KarenMarie]

you can charge up to $3000.00
You can take a cash advance of $900.00
But, if I am not mistaken, if your credit limit is $3000.00 and you do take the $900.00 the you can only charge an additional $2100.00

But be careful... cause if you take a cash advance, they will make you pay that off first, even if you charge stuff before you took the cash. and normally the interest clocks up at a higher rate on charges while you pay off the cash advance. for example.. we got stuff in the mail offering us to extend our cash advance... the fine print said that the cash advance was at a lower interest rate than what we have charged and would be paid off first.

1/2/04 $1,000. charges at higher rate.
2/2/04 $1,000. cash advance at lower rate
3/4/04 $1,000. charges at higher rate.
all payments monthly payments would go to cash advance while charges would rack up interest at higher rate.

 

[Yossarian]

don't use the cash advance!! they rape you on the interest. (those checks they send you count as cash advances too.)

 

[Turkish]

My first CC was $500.

Then I got a $2,000 card.

Now at $10,000 I am a happy camper

 

[Techie333]

yep

 

[Corporate Thug]

Originally posted by: RIGorous1

Originally posted by: shady06
so i can spend up to $3000?!?!

wow, off to hot deals j/k

my friends keep telling me that usually people get a $500 credit line fot their first card. is it unusal for me to start @ $3000?

no, it totally depends. if you have no credit history and a low income (like most first time users) you'll probably get $500 like your friend said... I got $500 when I applied on my own.

However, if you do a joint credit card with your parents or have an unusually high income then they'd start you off higher. I started a joint card with my mother years back and we got $10,000 each.

here is the thing: i have no credit history at all (this is my first card) and my income is $0

 

[kalster]

Originally posted by: shady06

Originally posted by: RIGorous1

Originally posted by: shady06 so i can spend up to $3000?!?! wow, off to hot deals j/k my friends keep telling me that usually people get a $500 credit line fot their first card. is it unusal for me to start @ $3000?

no, it totally depends. if you have no credit history and a low income (like most first time users) you'll probably get $500 like your friend said... I got $500 when I applied on my own. However, if you do a joint credit card with your parents or have an unusually high income then they'd start you off higher. I started a joint card with my mother years back and we got $10,000 each.

here is the thing: i have no credit history at all (this is my first card) and my income is $0

is it american express blue?

or a card from the bank you have an account in?


amex normally gives 3500 to student with no credit history too

same with banks, where you have had a checking/savings account for sometime

 

[RabidMongoose]

What did you state your income as when you applied for the credit card?

 

[Corporate Thug]

Originally posted by: kalster

Originally posted by: shady06

Originally posted by: RIGorous1

Originally posted by: shady06 so i can spend up to $3000?!?! wow, off to hot deals j/k my friends keep telling me that usually people get a $500 credit line fot their first card. is it unusal for me to start @ $3000?

no, it totally depends. if you have no credit history and a low income (like most first time users) you'll probably get $500 like your friend said... I got $500 when I applied on my own. However, if you do a joint credit card with your parents or have an unusually high income then they'd start you off higher. I started a joint card with my mother years back and we got $10,000 each.

here is the thing: i have no credit history at all (this is my first card) and my income is $0

is it american express blue?

or a card from the bank you have an account in?


amex normally gives 3500 to student with no credit history too

same with banks, where you have had a checking/savings account for sometime

its a mastercard from citibank (but i dont have an account with them, i bank with wamu)

 

[Corporate Thug]

Originally posted by: RabidMongoose
What did you state your income as when you applied for the credit card?

i told them my income was $0