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Best cash advance credit cards
Withdraw cash from your credit card without incurring huge fees.
An important feature of a credit card is that it allows you to withdraw cash from ATMs or credit card readers in the form of cash advances. These transactions are known to attract a higher interest rate and a cash advance fee, but there is a selection of credit cards that charge competitive interest rates for cash advances.
Here, we’ll explain how they work, compare low cash advance rate credit cards and share what else you need to know before choosing and using a credit card for cash advances.
The RBFCU CashBack Rewards Mastercard® is one of the rare cards that offer a long intro APR period on cash advances and balance transfers and a low ongoing APR after that.
Cash advance intro APR period. Enjoy 0% intro APR for cash advances during your first 12 billing cycles. After that, a variable APR of 9.9% to 17.9% applies.
Annual Fee
$0
Purchase APR
9.9% to 17.9% variable
Balance transfer APR
0% intro for the first 12 billing cycles (then 9.9% to 17.9% variable)
The ECU Platinum Preferred Visa® Credit Card is a rewards card with low fixed APR on cash advances, purchases and balance transfers. It also comes without some of the most common fees, including the annual fee and cash advance fee.
Low APR. You get one of the lowest interest rates on cash advances, balance transfers and purchases of 9.9% fixed.
Reward points. With each purchase you make, you earn 1x points.
No fees. Save money without paying annual fee or fees for balance transfers and cash advances.
If you're looking for low APR on cash advances, no cash advance fees and to earn rewards on your purchases, then the PenFed Platinum Rewards Visa Signature® Card should definitely be on your radar.
Low interest rates. Depending on your creditworthiness, you can get an APR of to 17.99% variable. This applies to purchases, balance transfers and cash advances.
Rewards points. Earn 5x points on gas purchases when you pay at the pump and 3x points at supermarkets. All other purchases earn 1x points.
Intro APR on balance transfers. You can consolidate your debt with this card as you get 12 months of 0% intro APR period on balance transfers made by March 31, 2020. After that, a variable APR of to 17.99% applies.
Annual Fee
$0
Purchase APR
13.49% to 17.99% variable
Balance transfer APR
0% intro for the first 12 months (then 17.99% variable)
Welcome offer
$100 after spending $1,500 in the first 90 days
Rewards
5x points on gas at the pump, 3x points on groceries and 1x points on all other purchases
If you have poor credit or no credit history and you need a card for cash advances, the SDFCU Savings Secured Visa Platinum Card could be an option worth considering. You get ongoing low interest rates and you get to earn points on all purchases.
Secured card. To use the card you must make a secured deposit as low as $250. Your deposit then acts as your credit limit.
Low interest rates. This card comes with a variable 11.99% APR on cash advances, purchases and balance transfers.
Rewards points. Earn 1x points on all purchases. A secured card with a reward program is rare.
Annual Fee
$0
Purchase APR
11.99% variable
Balance transfer APR
11.99% variable
Welcome offer
N/A
Rewards
1x points on all purchases
How we picked our best cards
We looked at all credit cards and compared features such as the interest rates on cash advances, the cash advance fees, as well as other features including the annual fee or rewards. We chose the cards that had the best combination of these perks.
What’s changed in 2020?
Not much has changed this year, with cash advances remaining a feature that few should perform if they can help it. The cards we’ve chosen remain those that possess fewer risks or at least ways to offset that risk.
What exactly is a cash advance?
A cash advance is when you use your credit card to access money, for example, if you get cash out of an ATM. Cash advances can also include “cash equivalent” transactions, such as using your credit card to buy gift cards, foreign currency, traveler’s checks or for gambling transactions.
As these transactions give you access to actual money or an equivalent, they typically attract a higher interest rate, as well as a cash advance fee of around 5% or a flat fee, whichever is greater, of the total transaction.
What else should I keep in mind?
If you end up getting a cash advance using your credit card, consider the following:
Budget for repayments. The longer you carry a balance on your credit card, the more interest you will pay. Factoring repayments into your budget, or using savings to clear the balance, can help keep these costs to a minimum.
Make a payment as soon as possible. Each day you carry a balance from a cash advance, interest is calculated daily. By making payments before your statement is due, you can reduce the overall cost of a cash advance.
Overseas fees for cash advances. If you use your credit card to get cash out while traveling overseas,you could also have to pay ATM fees and international transaction fees.
Rewards. If your credit card comes linked to a rewards program, any cash advances you make won’t be eligible for rewards.
They are just like regular credit cards except they offer a competitive interest rate on cash advances — many of these cards actually charge the same interest rate for both purchases and cash advance transactions.
These transactions also won’t be eligible for any interest-free days your card may offer for standard purchases, which means interest will accrue from the time the transaction is made until it is paid off in full.
What are the benefits of low cash advance rate cards?
They provide an affordable way to use your credit card for a cash advance transaction and can particularly useful if you need extra funds but can’t use your credit card to make a payment. For example, if you’re overseas or shopping somewhere that only accepts cash.
How do I apply for a low cash advance credit card?
Applying for a low cash advance rate card is simple and can be completed online in around 10-15 minutes. After comparing cards and choosing one that suits your needs, just click the “Go to site” button. Make sure you meet the eligibility for the card first, it may vary but it generally includes the following criteria:
At least 18 years old.
A resident of the US.
A good credit rating.
Have the following documents and details ready to speed up the process:
Full name, personal contact information and Social Security number.
Housing status and monthly rent or mortgage payments.
How to choose the best low cash advance credit cards
Not all low cash advance rate credit cards are the same, so consider a few factors before applying:
Do you really need to perform a cash advance? Cash advances are generally a poor idea thanks to their high fees and interest rates.
Look at the interest rates. The standard variable cash advance rate may not be the same as the purchase rate, so it’s important to look at both.
What’s the cash advance fee. This fee is charged every time you make a cash advance transaction and is usually a fixed dollar amount or percentage. For example, “$10 or 5% of the transaction, whichever is greater.”
International transaction fee. Most credit cards charge a fee of usually 3% for transactions made in a foreign currency — make sure you also consider this fee and how it could impact the overall cost of a cash advance.
Do you want an introductory offer? A range of credit cards offer signup bonuses and introductory 0% interest rates for purchases or balance transfers. It’s important to note that these benefits usually don’t apply to cash advance transactions, so read the terms and conditions.
Should I get a cash advance credit card?
Since cash advances should be reserved for emergency situations, it’s not often in your interest to choose a credit card purely based on cash advance rates and fees. Instead, you should look for a card that will be useful on the day-to-day. For example, you might want to instead consider a rewards card, travel card or balance transfer card. These are popular picks with everyday perks, but can also be used for cash advances.
Compare cash advance credit cards
Most credit cards come with a cash advance fee of between 3% and 5%. But there are some credit union cards that have a 0% fee on cash advances.
We update our data regularly, but information can change between updates. Confirm details with the provider you're interested in before making a decision.
Unlike regular credit card purchases, cash advances give you access to actual money or an equivalent. In this sense, they are similar to more traditional loans but don’t require you to apply for more credit. This could suggest to a lender that a person is desperate for funds or needs cash to make a questionable purchase. As a result, most credit card providers view cash advances as “higher risk” transactions and apply higher interest rates and fees.
You can continue making minimum monthly payments until you clear the balance completely, but by doing so you would end up paying a lot in interest. Ideally, you should aim to pay the balance off in full as quickly as possible to keep these costs to a minimum.
You can consider getting a secured or unsecured personal loan – both tend to charge lower interest rates when compared to credit cards. How quickly you get access to funds depends on the loan issuer.
Amy Bradney-George is the acting editor for Finder X and a senior writer for credit cards and Finder Green. She has more than 13 years' experience as a journalist and writer, with bylines in publications including The Equity Magazine, The Sydney Morning Herald, ABC News and produce industry website FreshPlaza. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University, and when she’s not putting (virtual) pen to paper, she spends her time as an actress.
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