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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.
Card Name | Annual Fee | Cash Advance Fee | Cash Advance APR | |
|---|---|---|---|---|
1. | $0 | $4 or 3%, whichever is greater | 18.50% – 26.50% Variable | |
2. | GO BIZ® Rewards Credit Card | 0 | 0 | 14.15% – 20.00% Variable |
3. | $0 | 0% | 11.74% – 20.00% Variable | |
4. | GO REWARDS® Credit Card | $0 | 0% | 14.74% – 20.00% Variable |
5. | $0 | $4 or 3%, whichever is greater | 20.50% – 28.50% Variable | |
6. | GO REWARDS® Credit Card | $0 | 0% | 14.74% – 20.00% Variable |
7. | Navy Federal Credit Union cashRewards World Mastercard® | $0 | 0% | 15.40% – 20% Variable |
8. | Gold Visa® Card | $0 | 0% | 17.99% |
9. | Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card | $49 | 3% | 15.74% |
10. | $0 | 0% | 17.99% |
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®
A fantastic low-interest card that comes with no annual fees
- NoneRewards Rate
- 15.50% – 23.50% VariableAPR
- $0Annual Fee
- ExcellentRecommended Credit
- GO BIZ® Rewards Credit Card
A good no-annual-fee business credit card for earning rewards
- 1x pointRewards Rate
- 14.15% – 18.00% VariableAPR
- $0Annual Fee
- Good–ExcellentRecommended Credit
- Navy Federal Credit Union Platinum card
A great no-annual-fee balance transfer card for people with average credit
- 0% Intro APR (then variable APR)Balance Transfer Offer
- 12 monthsBalance Transfer Duration
- 10.99% – 18% VariableAPR
- 0%Balance Transfer Fee
- Fair–ExcellentRecommended Credit
- GO REWARDS® Credit Card
A good no-annual-fee rewards card for earning points faster through its bonus categories
- 1–3 pointsRewards Rate
- 13.99% – 18.00% VariableAPR
- $0Annual Fee
- Fair–ExcellentRecommended Credit
- Simmons Rewards Visa Signature®
A great no annual fee card that offers rewards and travel benefits
- 1.25 Points per $1Rewards Rate
- 17.50% – 25.50% VariableAPR
- $0Annual Fee
- ExcellentRecommended Credit
- GO REWARDS® Credit Card
A great no-annual-fee rewards card for people with average credit
- 1–3 pointsRewards Rate
- 13.99% – 18.00% VariableAPR
- $0Annual Fee
- Fair–ExcellentRecommended Credit
- Navy Federal Credit Union cashRewards World Mastercard®
A good no-annual fee cash back card for those with average credit
- 1.50% – 1.75% Cash BackRewards Rate
- 14.65% – 18.00% VariableAPR
- $0Annual Fee
- Fair–ExcellentRecommended Credit
- Gold Visa® Card
A good low-APR balance transfer card with no annual fees
- NoneRewards Rate
- 17.99% VariableAPR
- $0Annual Fee
- Good–ExcellentRecommended Credit
- Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card
Best for those looking for a credit-boosting card with a 0% intro APR
- 12.99% VariableAPR
- $200Min. Security Deposit
- $49Annual Fee
- None–PoorRecommended Credit
- Platinum Rewards Visa Signature® Card
A great no annual fee gas rewards card
- 1–5 pointsRewards Rate
- 17.99% VariableAPR
- $0Annual Fee
- Good–ExcellentRecommended Credit
The Best Cash Advance Credit Cards at a Glance
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Other Credit Cards with Low Fees
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.
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.
Expert Advice For Finding the Right Card
We asked industry experts a couple of questions about cash advance credit cards with the aim of helping you make suitable decisions surrounding their use.
- What fees or limits do people have to worry about when using their credit cards to get cash advances?
- When might penalty APRs apply on cash advances?
- What are some options a person could take to avoid using a cash advance on a credit card?
Edward Nelling, Ph.D., CFA
Professor and Finance Department Head at Drexel University
Dr. Cory S. Fawcett
Medical Doctor, Certified High Performance Coach
Jon Dulin
Founder and CEO at Money Smart Guides
Elizabeth Buffardi
CFP(R), CPA
Jordan Frey
MD, Founder of The Prudent Plastic Surgeon
John Lopez
Senior Professor of Practice at C.T. Bauer College of Business at the University of Houston
Thomas Kopelman
Co-Founder and Financial Partner at AllStreet Wealth
AJ DiLiberto
COO, CCO at Noble Wealth Management
Kane Brolin
CERTIFIED FINANCIAL PLANNER™ Practitioner
Rachel McCullough
Financial Planner at TCI Wealth Advisors
Nick Rose, CFP®, CEPA®
Co-Founder & Financial Consultant at TrailWise Financial Partners
Rick Raybin, CFP®
Author and Founder of Lifetime Capital Group
Lena Nebel, CFP®, MSFS
Chief Operating Officer at BFG Financial Advisors
Robby Lewis
Investment Advisor Representative at Gerber Kawasaki & Investment Management
Gabriel Shahin
President, CFP, MBA
Jon Coughlin
Private Wealth Manager at Munroe Morrow Wealth Management
Jonathan Grannick
Financial Planner & Founder of Wonder Wealth
Craig Joncas
Financial Advisor & Chief Executive Officer
Rob Bertman, CFA, CFP®
Founder, Family Budget Expert
David Peters
CPA, CFP, ChFC, CLU, CPCU, CGMA
Brendan Sheehan
Managing Director at Waymark Wealth Management
Danielle Seurkamp, MS, MPAS®, FBS®, CFP®
Founder at Well Spent Wealth Planning
Donna Bobek-Schmitt
Professor of Accounting, Darla Moore School of Business at the University of South Carolina
D'Arcy Becker, Ph.D.
Professor and Chair of Accounting at the University of Wisconsin
Sherrill Shaffer
Guthrie Distinguished Professor of Banking and Financial Services Emeritus at the University of Wyoming
Jared Weitz
CEO at United Capital Source
Jeanne Kelly
CEO and Founder of The Kelly Group
Michael Outar
Founder at Savebly.com
Abhijit Roy
Professor of Marketing at The University of Scranton
Nada Nasr Bechwati
Associate Professor of Marketing at Bentley University
Madeline Reeves
Founder and CEO at Fearless Foundry
Marc Compeau
Professor of Practice, Marketing and Entrepreneurship at Clarkson University
Ling Thich
Personal Finance Content Creator at Finsavvy Panda
Bobbi Olson
Financial Coach & Host of the "CentsAble Chat" Podcast
Catalin Stefanescu
Professorial Lecturer at the Kogod School of Business at American University
Raymond P. H. (Pat) Fishe
The Patricia A. and George W. Wellde, Jr. Distinguished Chair in Finance and Professor of Finance at the University of Richmond
Dr. Ajay Patel
Thomas S. Goho Chair in Finance, Area Chair and Professor at Wake Forest University
Robert Warren
Instructor at The University of North Dakota
Blain Pearson, Ph.D., CFP®
Professor of Practice at Coastal Carolina University
Prateek Sharma
Assistant Professor of Finance at The University of Minnesota, Duluth
Debora Almirall
Instructor of Finance at the Labovitz School of Business and Economics at the University of Minnesota
FAQs About Cash Advance Credit Cards
MoneyGeek answered some of the most critical questions about using a cash advance and cash advance credit cards:
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.
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sources
- Finder. "Cash advances – the interest rate and fee you’ll pay." Accessed July 12, 2021.
- Chase. "Chase Sapphire Preferred Card® Credit Card." Accessed July 12, 2021.
- Chase. "Pricing and Terms." Accessed July 12, 2021.
- Chase. "How do credit card cash advances work?." Accessed July 12, 2021.
- Chase. "When does interest start to accrue on a credit card?." Accessed July 12, 2021.
- Consumer Financial Protection Bureau. "What is a grace period for a credit card?." Accessed July 12, 2021.
- CapitalOne. "What Is a Cash Advance on a Credit Card?." Accessed July 12, 2021.
- Bank of America Better Money Habits. "What is a credit card cash advance?." Accessed July 12, 2021.
- MyFICO. "What is a FICO® Score?." Accessed July 12, 2021.
- Experian. "What Is a Cash Advance?." Accessed July 12, 2021.
*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.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.
Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, credit card issuer, hotel, airline, or other entity. Learn more about our editorial policies and expert editorial team.
Advertiser Disclosure: MoneyGeek has partnered with CardRatings.com and CreditCards.com for our coverage of credit card products. MoneyGeek, CardRatings and CreditCards.com may receive a commission from card issuers. To ensure thorough comparisons and reviews, MoneyGeek features products from both paid partners and unaffiliated card issuers that are not paid partners.