6 Best Cash Advance Credit Cards
Credit cards provide a number of benefits, but they can also come in handy by providing a line of credit you can use in the event of an emergency. If you ever need cash quick, most cards allow a cash advance option you can access from either the ATM or checks that you can fill out and use as if you are writing the check from your bank account.
However, cash advances are not generally recommended because they not only come with extra fees and a higher APR, but there usually isn’t a grace period. So even if you do pay off your balance before the next billing cycle, you’re still charged an extremely high amount of interest. If you do find yourself in a pinch and have no other choice, here are the best credit cards to consider for cash advances.
Low Cash Advance APR
The cash advance APR with most credit cards can be as much as 24.99% or higher. If you’re looking for a cash advance credit card, it’s important to weigh how much the card will cost you. For example, will you save more with a low APR or no cash advance fee? Will you use the card for foreign purchases, and is there an additional fee?
However, if you’re simply looking to save money on interest with your cash advance, use a card offering the lowest APR for advances such as the following.
A low, variable APR on purchases, balance transfers, and cash advances
No annual fee
No balance transfer fees
No foreign transaction fees
Chip technology, so paying for your purchases is more secure at chip-card terminals in the U.S. and abroad
Free online access to FICO® Credit Score
This card offers a low APR of 8.25% for cash advances made with the card, with a $3 cash advance fee. When compared to other credit cards, this is one of the least expensive options for cash advances. The Barclaycard Ring MasterCard also offers a variable APR of 8.25% for purchases and balance transfers, which is also among the lowest available, as well as other benefits like free FICO score, no annual fee, balance transfer or foreign transaction fee, and the Giveback program which allows members to share community profits.
This card requires membership in the State Department Federal Credit Union through either your employment or relationship with someone who qualifies. The SDFCU Visa Platinum Credit Card is a good card for cash advances because of the low variable APR of 7.24%. Plus, if you request the advance over the counter, there is no cash advance fee; through an ATM, the fee is only $3. This card also has no annual fee, balance transfer fee, or foreign transaction fee. Further, this card is also available as a secured credit card with some of the lowest fees as well, which is helpful if you are in the process of building or rebuilding your credit rating.
Excellent Credit Required - Applicants that do not have excellent credit will not be approved
Low 9.25% variable standard purchase APR and platinum benefits
No balance transfer fee for balances transferred in response to this online offer
No Annual Fee
The Simmons Bank Visa® Platinum Credit Card offers a variable APR of 13.25% for cash advances made with the card. The cash advance fee is 3% of the advance, with a maximum fee of $50. The APR for purchases and balance transfers is also among the lowest at 9.25% variable APR. This card is also great for balance transfers not only because of the low APR but because there is no balance transfer fee. There is, however, a foreign transaction fee of 2% if you plan on using the card for foreign purchases.
The APR for cash advances with the Citi Simplicity can be as low as 13.24% with a cash advance fee of $10 or 5%, whichever is greater. Although this isn’t the lowest cash advance APR, it is significantly lower than the nearly 30% APR that other cards charge. Plus Citi Simplicity comes with a broad range of other benefits such as a 0% introductory APR for 21 months for purchases and balance transfers. There is a foreign transaction fee of 3% but no annual fee, penalty rate, or late fee.
Low or No Cash Advance Fee Credit Cards
Although rare, there are also credit cards available from time to time that doesn't charge cash advance fees, which can be as much as 5% of the cash advance. If for example, you need a cash advance of $1,000, it will cost you $50 just in fees. For this reason, it’s a good idea to use a card that doesn’t charge this fee. Here are a couple credit cards available that do not charge cash advance fees.
Further, Bank of America and other card issuers do send out promotional offers for cash advances that waive this fee or provide a lower APR for a certain amount of time. If you are having difficulty finding a card without a cash advance fee, it’s best to opt for low-interest rate cards to save the most money.
The PenFed Promise Visa is one of the best cards available for cash advances because it’s known for being a no-fee credit card. There are no annual fees, balance transfer fees, or cash advance fees. The APR for cash advances can also be as low as 10.24%, depending on your credit worthiness.
You can qualify to become a member of Pentagon Federal Credit Union as either a member of the United States military or Uniformed Services or an employee of the U.S. government or related to someone who is a member. You can also join one of the organizations available to become a member - the National Military Family Organization or Voices for America’s Troops, for instance.
First Option Visa® Platinum Preferred
Although not one of the most well-known banks, First Option does provide a credit card with one of the lowest cash advance fees available, at 2% or $5, whichever is greater. You’ll need to weigh the cost of the transfer versus the APR, as the cash advance APR on the First Option Visa Platinum Preferred is 18.00%. There is no annual fee or balance transfer fee, but the foreign transaction fee is 2% for foreign purchases. Plus, many of the cards with the best cash advance offers require membership in a credit union, but the First Option Visa does not.
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