If you’re considering tapping into your First Premier credit card for some extra cash, it’s crucial to understand the limitations. Let’s break down what you need to know about cash advances with this card.
When you receive your First Premier credit card, your cash advance limit typically mirrors a fraction of your credit limit. For instance, if you’ve been approved for a $300 credit limit, your cash advance limit would likely be around $30. This amount may seem modest, but it’s important to remember that cash advances often come with high fees and interest rates.
It’s worth noting that your cash advance limit isn’t set in stone. After approximately 90 days of account opening, if your account remains in good standing, there’s a possibility that your cash advance limit could increase. However, this isn’t a guaranteed scenario. The increase, if any, might extend up to 50% of your credit limit. But as with any financial arrangement, it’s essential to proceed with caution and thoroughly consider the implications.
(Response: The cash advance limit from a First Premier credit card is initially a fraction of the credit limit, typically around 10%. It may increase after 90 days, but there’s no guarantee.)