Updated: July 1, 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?
The downside to borrowing money through a cash advance is that you typically pay higher interest rates than standard purchases and face additional card fees. Because of the extra costs involved, consumers should only take out a cash advance when absolutely necessary.
When choosing a cash advance card, always pay attention to the fine print, including extra fees, interest charges and advance limits. MoneyGeek recommends considering other card benefits included — not just the cash advance option — to find the right card choice for your spending.
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 | 19.50% – 27.50% Variable | |
2. | GO BIZ® Rewards Credit Card | 0 | 0 | 16.15% – 18% Variable |
3. | $0 | 0% | 12.99% – 18% Variable | |
4. | GO REWARDS® Credit Card | $0 | 0% | 15.99% – 18% Variable |
5. | $0 | $4 or 3%, whichever is greater | 21.50% – 29.50% Variable | |
6. | GO REWARDS® Credit Card | $0 | 0% | 15.99% – 18% Variable |
7. | Navy Federal Credit Union cashRewards World Mastercard® | $0 | 0% | 16.65% – 18% Variable |
8. | Gold Visa® Card | $0 | 0% | 17.99% Variable |
9. | Assent Platinum 0% Intro Rate Mastercard® Secured Credit Card | $49 | 3% | 15.74% |
10. | $0 | 0% | 17.99% Variable |
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.
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.
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:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
A $500 cash advance with the Chase Sapphire Preferred Card would cost you $35.27 to borrow for 30 days.
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:
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.
MoneyGeek answered some of the most critical questions about using a cash advance and cash advance credit cards:
Credit score requirements depend on the specific card. Typically, we recommend you have a FICO credit score of at least 670 to qualify for most cash advance cards. However, cards are available for individuals with fair credit (a score between 580–669).
You could be refused a cash advance credit card if you don’t meet the credit card issuer’s credit requirements and other criteria.
No, not all credit cards offer cash advances. Check whether a card offers cash advances before applying.
Typically, cash advance fees range from 3% to 5 or a minimum of $10, whichever is greater.
Cash advances typically have a higher APR than the APR for regular purchases because you’re borrowing cash, not making a purchase. A cash advance is like a loan from a credit card issuer and carries a greater lending risk, hence a higher APR.
Chase cash advance costs depend on the specific card. The Chase Sapphire Preferred Card, for example, carries a $10 or 5% (whichever is higher) cash advance fee, plus a 24.99% cash advance APR.
Credit unions generally charge lower rates and fees because they don’t need to generate large profits to satisfy investors and shareholders.
Typically, cash advances are available via ATM, by check or in-person if there’s access to a local branch.
Getting a cash advance can take just a few minutes. The fastest way is to use an ATM and request a cash advance.
Using a cash advance doesn’t automatically hurt your credit. However, it does increase your credit utilization ratio, which is one of the primary factors in determining credit scores.
A cash advance is the primary way to get cash from your credit card. You can also buy a prepaid gift card or purchase an item you can sell for cash.
Each credit card has its own cash advance limit, which is usually a percentage of your card’s total credit limit.
Yes, there are a few credit cards for people with fair credit that offer cash advances.
Some cash advance credit cards also earn rewards for card spending.
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.
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.
About Kevin Payne
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.
