Reddit user Expert_Grape_9506 recently funded a U.S. Bank account with a Chase credit card. After doing so they reported the following message in app:
You recently used your credit card to transfer money or to fund an account(s). This is like withdrawing cash, which has a cash advance fee and APR.
It then linked to another page stating in the future this would be coded as a cash advance (page isn’t in the way back machine, so unsure when it was created). Keep in mind this is a single datapoint and we haven’t been able to verify this. Mostly posting in case anybody else can confirm.
DP: Funded Harvard FCU $2495 with Chase Ink Preferred today, coded as purchase, no message from Chase. Lowered cash advance limit to $100 last week.
Funded US Bank checking account with Chase Sapphire Preferred with no issue coded as purchase. I did lower my cash advance on the card to only $100 and funded the US Bank account with $250. I have not received any message from Chase about it.
Funded new accounts at OneAz CU on 3/19 ($2500) and 3/20 ($2000) with Chase Business Ink Plus. OneAZ still has management holds on them, but they posted on Chase as sales. No messages from Chase.
Funded US Bank Silver Biz checking with Ink Preferred last week, $3k posted and coded as Financial institutions: merchandise and services; no notification in my app yet…
Funded minimum $25 for US Bank with Chase Freedom Unlimited and it coded as personal purchase
Ah, the good old days when you could fund US Bank biz accounts with $5k and personal with $3k are gone. We hit many SUBs this way.
Opened CU account for 5k with personal Hyatt on 3/19, posted 3/21 as sale with no message.
I’ve always been afraid to try this. Outside of DPs will most banks confirm to you that funding with a credit card won’t be charged as a cash advance?
No, they will not confirm how it will code. The best way to prevent your card from coding as a cash advance is to lower the cash advance limit to its lowest possible and make sure to fund the bank account more than the cash advance limit for your card. That way if it funds successfully you are all set and if it doesn’t then it doesn’t code as a cash advance.
Hm okay, that’s pretty clever! I might try this next time around. Although, I tend have a good amount of expenses most of the time to meet the SUBs as it is. Definitely on the next big spending requirement though.
When you are funding multiple accounts (ie Savings & Checking) in an app, try to fund an amount for each account above the cash limit. I’ve had FIs charge my card for each account separately and this could still trigger a cash advance if you don’t plan properly.
For example, if your cash limit is $200, fund each of the accounts with at least $201.
I recently had a credit union charge the $10 (to join blah blah blah association) separately from the main deposit, even though it was all listed as one amount on the funding page. That was annoying.. got hit with my first cash advance fee ever
US Bank/Elon cards are weird though. Whenever I fund a bank account on my Fidelity 2% card, the preauth lowers my CA limit(set to 25% of your credit limit and cannot be lowered as per phone reps), but it will post as a purchase. I tried to fund $7k once at Wings FCU, and was denied because that was above my CA limit, but it would have posted as a purchase had I had $7k CA available. Seems unique to only US Bank/Elon however.
*Elan. Lol
Did Elon start a cc business that I don’t know!!!!!
how do you adjust the cash advance amount?specifically chase sapphire preferred or ink
Remember when Chase used to occasionally have positive changes – like increased signup bonuses and referral bonuses on Ink cards? Or 1.5x pay yourself back in categories like grocery stores? Those were the days!
Or this week, when Chase increased the CSP SUB to 100k?
Just when I though I could grift forever on Chase cards, sheetz!
You know the King of Grifters, that’s for sure 😉