Best Cash Advance Credit Cards in 2024

Updated: November 3, 2024

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Cash advance credit cards are unique tools that allow you to borrow money from your credit card account. Unexpected expenses could leave you in a financial crisis. If you need an influx of cash for an emergency but don’t have enough funds to cover it, a cash advance can be a real lifesaver.

What's the downside?

MoneyGeek’s Take: Top 10 Credit Cards with Lower Cash Advance Fees

The top cash advance credit cards we’ve selected include several that do not charge any cash advance fees. The best ones also come with competitive cash advance APRs. For example, the Navy Federal Credit Union Platinum Card charges no cash advance fees for transactions carried out at Navy Federal branches or ATMs, and you may qualify for a low cash advance APR depending on your creditworthiness. Other factors that require your attention when choosing a card include annual fees, the ability to earn rewards, purchase APRs and added benefits.

Credit CardBest forAnnual FeeCash Advance FeeCash Advance APR
A fantastic low-interest card that comes with no annual fees
$0
Either $4 or 3% of the amount of each cash advance, whichever is greater.
18.75% – 26.75% variable
On Issuer's Site
A good no-annual-fee business credit card for earning rewards
$0
None if performed at a Navy Federal branch or ATM. Otherwise, $0.50 per domestic transaction or $1.00 per foreign transaction
2% above your Standard APR
On Issuer's Site
A great no-annual-fee balance transfer card for Navy Federal members
$0
None if performed at a Navy Federal branch or ATM. Otherwise, $0.50 per domestic transaction or $1.00 per foreign transaction
13.49% - 18.00% variable
On Issuer's Site
A good no-annual-fee rewards card with bonus categories
$0
None if performed at a Navy Federal branch or ATM. Otherwise, $0.50 per domestic transaction or $1.00 per foreign transaction.
16.24% - 18.00%
On Issuer's Site
A great no annual fee card that offers rewards and travel benefits
$0
Either $4 or 3% of the amount of each cash advance, whichever is greater.
20.75% – 28.75% variable
On Issuer's Site
A good no-annual-fee rewards card with bonus categories
$0
None if performed at a Navy Federal branch or ATM. Otherwise, $0.50 per domestic transaction or $1.00 per foreign transaction.
16.24% - 18.00%
On Issuer's Site
A good low-APR balance transfer card with no annual fees
$0
None
17.99% variable
On Issuer's Site
Best for those looking for a credit-boosting card with a 0% intro APR
$0
3% with a $10 Minimum
29.24% variable
On Issuer's Site
A great no annual fee gas rewards card
$0
None
17.99%
On Issuer's Site

The links in the table above will take you to one of our partner's sites where you can compare and apply for a selected credit card.

On This Page:

Best Cash Advance Credit Cards

Below, we list the very best cash advance credit card offers currently available. These include both low-fee cash advance cards and no-fee options. Our detailed listings offer insights, pros and cons, and an expert editorial review of the card.

Simmons Visa®

Rewards Summary
N/A
APR
14.75% – 22.75% variable
Annual Fee
$0
Recommended Credit
740-850 (Excellent)
GO BIZ® Rewards Credit Card

Rewards Summary
Earn 1X points
APR
17.90% - 18.00% variable
Annual Fee
$0
Recommended Credit
740-850 (Excellent)
Navy Federal Credit Union Platinum Card

Balance Transfer Offer
0.99% introductory APR for 12 months
APR
11.49% - 18.00% variable
Balance Transfer Fee
$0
Recommended Credit
670-850 (Good to Excellent)
GO REWARDS® Credit Card

Rewards Summary
Earn 1X – 3X points
APR
14.24% - 18.00% variable
Annual Fee
$0
Recommended Credit
670-850 (Good to Excellent)
Simmons Rewards Visa Signature®

Rewards Summary
Earn 1.25 points
APR
16.75% – 24.75% variable
Annual Fee
$0
Recommended Credit
740-850 (Excellent)
Gold Visa® Card

Rewards Summary
N/A
APR
17.99% variable
Annual Fee
$0
Recommended Credit
670 – 850 (Good to Excellent)
Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card

APR
29.24% variable
Min. Security Deposit
$200
Annual Fee
$0
Recommended Credit
(No Credit History)
PenFed Platinum Rewards Visa Signature® Card

Rewards Summary
Earn 1X – 5X points
APR
17.99% variable
Annual Fee
$0
Recommended Credit
670-850 (Good to Excellent)
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HOW WE RANK CASH ADVANCE CREDIT CARDS

Our experts ensure you get the latest and most accurate information by collecting 57 data points from card issuers' websites, the Consumer Finance Protection Bureau and our partners. They rely on our unique ranking methodology to examine all new and existing cards from this category to arrive at their revised lists of the best cash advance credit cards on an ongoing basis. The process involves assigning specific percentages to all important parameters. Examples include:

  • Cash advance fee: 20%
  • Cash advance APR: 20%
  • Annual fee: 20%
  • Average APR: 20%

How to Compare Cards with Cash Advance Features in Mind

While taking out a cash advance isn’t the best idea, it’s a valuable option if you’re in a financial pinch. If you’re thinking about applying for a cash advance card, here are several factors to consider while you research available credit cards.

Cash Advance Fees

If you’re taking out a cash advance, look for a card with low cash advance fees. Typically, cash advances fees are a set amount ($5–$10) or a percentage of the advance total, whichever is higher. Some cash advance cards don’t charge any fees — we recommend seeking these out first. If unexpected expenses pop up, the last thing you want to do is tack on even more debt with costly card fees.

Cash Advance APR

Along with expensive fees, most cards charge a higher APR for cash advances. Always check the APR before you open a new card. Also, understand that — unlike standard APR — interest starts accruing on charges immediately when you take out a cash advance.

Introductory APR Offer

Cards may also feature an introductory APR offer. These offers typically feature 0% interest for extended periods of 12 to 18 months. Charging emergency expenses to your card and paying them off over time may be a better option than taking out a cash advance, especially with cards that have introductory APR offers.

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MONEYGEEK QUICK TIP:

Cash advances are helpful if you need cash quickly, but they’re also an expensive way to borrow because of high rates and fees. There may be better options available, such as a balance transfer card or one that offers introductory 0% APR on new purchases, which would allow you to pay off any emergency expenses over a longer period.

Other Fees

Credit cards also charge other fees like annual fees, late fees and more. Always determine what charges are associated with a specific card before you apply.

Card Benefits

While you may be looking for the best card to use for cash advances, it’s a good idea to look at what other benefits a credit card offers. Many credit cards come with travel perks, purchase protections and other useful long-term benefits.

Credit Score

Your credit score and credit history determine if you qualify for a credit card. If your credit score isn’t up to par, look for credit cards geared towards people with fair or low credit.

MoneyGeek’s Quick Guide to Understanding Credit Card Cash Advances

With so many people living paycheck to paycheck these days, there’s often no extra cash cushion when unforeseen expenses occur. Your washing machine breaks. Your car needs repairs. Unexpected doctor visits lead to a pile of medical bills you can’t cover.

Credit card cash advances are a way to tap into quick cash to cover emergencies like these, especially if you don’t have an emergency fund. A cash advance is money given by a credit card issuer. They often come with expensive fees and APR charges, so they aren’t ideal in most circumstances.

So, why would someone use a cash advance? You can look at a cash advance as a short-term loan from your credit card company to use to get out of a financial bind and then pay it back. Cash advances are also more convenient than applying for loans, which can take several days or weeks to be approved.

It’s essential to understand how cash advances work, why they tend to be expensive, and alternatives that might be a better option in the long run.

How a Cash Advance on a Credit Card Works

A cash advance is essentially a loan from your credit card company for access to quick cash. Depending on your card, you can get cash advance funds in person, through an ATM or by check. Cash advance limits are usually lower than your credit limit.

The primary benefit of using a cash advance is the ability to address a pressing financial need immediately. Cash advance funds are easily accessible, giving you a quick way to take care of emergencies.

While you can pay for an emergency expense with a cash advance, remember that these charges are immediately subject to interest charges. Hefty fees and high APR rates usually accompany cash advances. Using a cash advance means you’ll end up paying more than the unexpected expenses themselves. It’s not an ideal option if you just want extra cash in your pocket.

MoneyGeek recommends only using cash advances in extreme circumstances where there’s no other option available, or you need access to extra money fast.

Why Cash Advances Are Expensive

Most experts say to avoid cash advances because of the high fees and interest charges attached to them. If you’re low on available funds, the last thing you want is extra charges on top of what you borrow. That’s precisely what happens when you use a cash advance.

Most cash advance fees are either a minimum flat rate charge or a percentage of the cash advance amount. For example, let’s say you take out a $500 cash advance. If the card has a $5 or 5% fee (whichever is greater), your cash advance fee would be $25.

The cash advance fee isn’t the only charge you need to worry about. Most cards have different APR rates for purchases and cash advances. Consider Chase Sapphire Preferred Card, one of the most popular rewards credit cards in the world. Depending on your credit, you could score a purchase APR as low as 15.99% with this card. Compare that to its 24.99% cash advance APR. Also, consider that the APR on card purchases doesn't typically kick in until after your statement due date. Interest on cash advances starts to accumulate immediately. If you had to borrow cash because of a difficult financial situation, the chances are it will take you a while to pay back your advance, leading to expensive interest charges.

The True Cost of a Cash Advance

Using the Chase Sapphire Preferred Card mentioned above, let’s look at how much it would actually cost to use a cash advance.

This particular card carries a cash advance APR of 24.99%. In our example, we’re taking out a $500 cash advance that we’ll pay back in 30 days, or roughly one month. Cash Sapphire Preferred comes with a cash advance fee of $10 or 5% of the amount of each transaction, whichever is greater. The cash advance fee in this scenario is $25.

  • Divide the cash advance rate (24.99%) by 365 (days in a year) = 0.06846
  • Multiply 0.06846 by the cash advance amount ($500) = $34.23
  • Multiply $34.23 by the number of days until its paid back (30) = $1026.99
  • Divide $1,026.90 by 100 percent = $10.27
  • $10.27 + $25 cash advance fee = $35.27

A $500 cash advance with the Chase Sapphire Preferred Card would cost you $35.27 to borrow for 30 days.

Alternatives to Cash Advances

Using a cash advance may get the job done when you need access to cash quickly, and you’re able to pay it off fast. There are several other options available that might prove to be better and cost less money, though:

  • Borrow money from family and friends. Borrowing money from loved ones is less expensive because you won't have to pay fees or interest charges. Keep in mind that if you aren’t diligent in paying back the money on time, you could damage the relationship, which is much worse than paying credit card fees.
  • A credit card with an introductory APR offer. If you’re going to use a credit card, why not charge unexpected expenses to a card with an 0% intro APR offer and pay it off slowly over the next year or longer?
  • Take out a personal loan. A personal loan might also have high interest rates depending on your credit, but probably still lower than those found with a cash advance.
  • Request a payment extension. Talk to your creditor to see if you’re eligible for a hardship extension. Many creditors are willing to work with customers to offer extended time to pay off debt or work out a payment plan that works for both parties.
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FAQs About Cash Advance Credit Cards

MoneyGeek answered some of the most critical questions about using a cash advance and cash advance credit cards:

What credit score do you need for a cash advance credit card?

Why would someone be denied a cash advance credit card?

Can you get cash advances with all credit cards?

What’s the average cash advance fee?

Why is there a difference between cash advance APR and APR on regular purchases?

How much does a Chase cash advance cost?

Why do credit union credit cards usually have lower cash advance fees?

How do you get a cash advance from a credit card?

How long does it take to get a cash advance from a credit card?

Does a cash advance hurt your credit?

How can I get cash from my credit card without a cash advance?

How much cash advance can I get from my credit card?

Can people with limited or poor credit history be approved for a cash advance card?

Do cash advance credit cards offer rewards like cash back or points?

Cash advances aren’t an ideal option for borrowing money, especially if you’re looking to avoid extra credit card charges. But, if you’re in a bind and need access to cash fast, using a cash advance may be the best choice available. Take time to research each card option by looking at details like cash advance fees and APR charges before choosing a card.

Next Steps

Take a close look at what the best cash advance cards have to offer and make a selection after comparing your top options based on parameters such as cash advance fees, cash advance APRs, annual fees and the possibility to earn rewards on purchases.

Compare Credit Cards

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About Kevin Payne


Kevin Payne headshot

Kevin Payne is an award-winning finance writer and the founder of FamilyMoneyAdventure.com, specializing in credit cards, banking and student loans. His works have been published on Forbes Advisor, The Ascent and Investing Answers. He also writes personal finance content for MoneyGeek.

Payne is in the process of completing his Accredited Financial Counselor (AFC) certification.


sources
*Rates, fees or bonuses may vary or include specific stipulations. The content on this page is accurate as of the posting/last updated date; however, some of the offers mentioned may have expired. We recommend visiting the card issuer’s website for the most up-to-date information available.
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