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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.
What's in this guide?
- Compare cash advance credit cards
- What exactly is a cash advance?
- Best cash advance credit cards
- How to compare low cash advance credit cards
- What else should I keep in mind?
- How do low cash advance credit cards work?
- What are the benefits of low cash advance rate cards?
- How do I apply for a low cash advance credit card?
- Frequently asked questions
Our pick for a cash advance credit card
OpenSky® Secured Visa® Credit CardRead more
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.
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.
Best cash advance credit cards
Best for interest-free period on cash advances: RBFCU CashBack Rewards Mastercard®
- Cash advance intro APR period.
Enjoy 0% intro APR for cash advances during your first 12 billing cycles. After that, a variable APR of 11.65% to 18% applies.
- Cash back.
Earn unlimited 2% cash back on all purchases you make.
- No fees.
You won’t pay an annual fee or fees on foreign transactions, balance transfers and cash advances.
Best for low fixed APR: ECU Platinum Preferred Visa® Credit Card
- 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.
Best for gas rewards: PenFed Platinum Rewards Visa Signature® Card
- Low interest rates.
Depending on your creditworthiness, you can get an APR of 11.74% 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 11.74% to 17.99% applies.
Best secured card for cash advances: SDFCU Savings Secured Visa Platinum Card
- 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 13.49% 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.
Quick look at the best cash advance credit cards
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.
How to compare low cash advance credit cards
Not all low cash advance rate credit cards are the same, so when you consider applying for one, take some time to compare the following aspects:
- 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.
- 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”.
- Annual fee. Weigh the features of the card and consider whether they’ll offset the annual fee so you can choose a product that’s affordable for you.
- 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.
- Introductory offers. 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.
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.
How do low cash advance credit cards work?
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.
- Employment status and gross annual income.
Frequently asked questions
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