There are a few 0% APR cash advance credit cards that you can get, but they’re offered by certain credit unions. For instance, the Justice Federal Credit Union cards have a 0% APR intro rate for up to 18-month on cash advances. But they come with a cash advance fee of either 2% or $10, whichever is greater ($50 maximum). The regular APR is 11.9% to 18%, depending on the card and your creditworthiness. Randolph-Brooks Federal Credit Union also has a similar offer.
The drawback, as is the case with most credit unions, is that you’ll have to meet specific membership requirements to be eligible. For instance, Justice FCU limits membership to those who are connected to the justice or law enforcement community. Also, Randolph-Brooks FCU is mostly for Texas residents. So, unless you belong to one of these categories, you won’t be able to get a 0% APR cash advance credit card.
Here’s more Info about cash advances:
Cash advances are costly. They usually come with both a cash advance fee and high APR that starts accruing interest immediately, with no grace period.
Cash advance limit: There is a maximum percentage that you can use for cash advances from your entire credit limit. It varies based on the issuer, but it typically is 20% of your credit line.
How to get a cash advance: You can get a cash advance at an ATM or at a local bank. A PIN is normally required for taking out a cash advance at an ATM. Plus, a government-issued ID is required for getting a cash advance at a local bank.
However, it would be best to avoid taking out a cash advance, unless you have absolutely no choice. If you must take out a cash advance, your best bet is to find a credit card that offers no cash advance fee and a lower APR. A good option is the PenFed Platinum Rewards Visa Signature® Card. It has a 0% cash advance fee and an APR of 17.99%.
A credit card cash advance is a way to access a portion of your credit line via cash withdrawal or, in some cases, a paper check provided by the issuer. The most common way to do a credit card cash advance is by making an ATM withdrawal. To do that, you will need to request a PIN from your card’s issuer.… read full answer
How a Cash Advance Works
When you take out a cash advance, you basically get a short-term loan by your credit card issuer. There are several ways you can get a credit card cash advance, each of which requires different steps.
From an ATM: To get a cash advance from an ATM, insert your credit card and enter your PIN. Choose the cash advance option and enter the amount you want to withdraw. If you don’t have a PIN yet, you’ll need to request one from your credit card company.
At a bank branch: You can also get a credit card cash advance at a bank branch. You will need to present your credit card and a government-issued photo ID to the bank teller, and tell them how much money you wish to borrow.
With a cash advance check: Your issuer may send you cash advance checks automatically or you may have to request one. You can write the check out to yourself or someone else and once it processes, the transaction will appear on your credit card statement.
Why Cash Advances Should Be Avoided
Credit card cash advances should be reserved for emergencies only, as they are very expensive. Cash advance fees tend to be around $10, depending on the credit card company. The current average cash advance APR is about 21%. Cash advances also don’t get any kind of grace period, so they immediately start accruing interest.
A cash advance has no direct impact on your credit score, but it can affect your score indirectly. A cash advance raises your outstanding balance and, consequently, your credit utilization. As a rule of thumb, you should use less than 30% of your credit limit in order to avoid credit score damage. You should also pay your bill by the due date each month, which cash advances can make more difficult to accomplish by adding to your balance.
Alternatives to Cash Advances
If you find yourself in need of cash, you could avoid getting a cash advance by opting for some alternative options that have better terms.
Borrow from family or friends: You can ask family or friends for a loan. This can be the most cost-effective way to get the cash you need. Just make sure you create a repayment plan.
Apply for a personal loan: Personal loans usually offer better terms than a cash advance. You usually can pay back the loan at a fixed interest rate that’s much lower than the APR charged by credit card issuers.
When to Consider Getting a Cash Advance
Credit card cash advances should be avoided altogether, due to their high cost. However, a cash advance could be a reasonable option if you have an emergency need for money and limited resources for getting it. For example, a cash advance is usually a better option than a payday loan or a car title loan due to the exorbitant interest rates those loans typically carry.
Although our world has been moving toward a cash-less society, there are still times when you might need to pay for something with cash. For those instances, it’s best to use a debit card or a prepaid card that lets you make free cash withdrawals from ATMs, whenever possible.
There are a few ways to get a cash advance on a credit card without a PIN. The easiest way to withdraw cash from a credit card without a PIN is to visit a bank that does business with your credit card company, ask the teller for a cash advance, and present your card along with a government-issued photo ID. You could also ask your credit card’s issuer for so-called … read full answercredit access checks, which you can then use to withdraw cash from your credit line.
The other ways to get a cash advance on a credit card without a PIN are to purchase a money order from the likes of MoneyGram or Western Union, or link your credit card account to a service such as Amazon Pay. Alternatively, using an app such as Venmo, PayPal or Cash App can also help you pay people and businesses that can’t accept credit cards directly. Those services often charge a fee for using a credit card, but the transaction may actually be processed as a payment rather than a cash advance.
To get a cash advance with a credit card at an ATM, however, you need a PIN. But getting one is easy. If you didn’t create a PIN when you activated your card, you should be able to call customer service, choose your number and get it set it up right away. Some issuers, such as Bank of America and Discover, also let you set a PIN online.
Whether or not you use a PIN, you’ll want to be careful about cash advances. They typically charge high interest rates and a 2%-5% fee. Plus, there’s no grace period, so interest starts accruing as soon as you complete the transaction. But unforeseen circumstances arise for everyone, so here are your options if you need cash but don’t have a PIN.
Here’s how to withdraw cash from a credit card without a PIN:
Bank teller: You can get a cash advance without a PIN at a bank branch, but you’ll need both your credit card and a government issued photo ID like a driver’s license or passport.
Access checks: If your credit card issuer has sent you access, or convenience, checks, you can use them to withdraw cash at any bank that accepts them. Access checks are blank checks that draw on your credit line rather than your checking account. Some issuers send access checks without being asked, but you can also request them by calling customer service. Keep in mind that access checks are subject to the same high APRs and lack of grace periods as cash advances.
Money-transfer service:You can buy a money order with a credit card from a service such as Western Union or MoneyGram. This would allow you to transfer funds to a recipient using just a phone number or email address. It won’t give you cash on the spot, but it could make it possible to ultimately spend part of your credit line in cash if you transfer the money to the right person. The transaction likely will be treated as a cash advance, however.
Digital payment service: Apps such as PayPal, Venmo and Cash App allow you to make payments from a linked credit card account. That could remove the need to withdraw cash altogether, though these services usually charge a fee. The transaction may or may not be considered a cash advance, too, depending on the service and the credit card.
Similarly, you can link a credit card to an Amazon Pay account and pay a merchant that way. The merchant needs an Amazon "Recipient Name," however. And if you don’t mark the payment as being for "goods and services," the transaction will be considered a cash advance.
So, there are a handful of different ways to get a cash advance on a credit card without a PIN. Just remember that cash advances tend to be quite expensive and should be reserved for emergencies.
If you need a way to access cash on a regular basis, it’s best to look for a cheaper, more sustainable alternative. Two options in particular are good for the job, though each will usually require a PIN of its own.
For example, you could just get cash with a debit card. You won’t be able to borrow money with a debit card, but it would enable you to make purchases from cash-only merchants. Just go to an ATM or make a small purchase at a store and select the cash back option.
Using a prepaid card is another possibility. A prepaid card is like a checking account with a debit card, minus the checkbook. You can use it to make purchases directly or to withdraw cash from ATMs. But it only allows you to use your own money and doesn’t help you build credit.
The best cash advance credit card is the PenFed Platinum Rewards Visa Signature® Card because it has a 0% cash advance fee and a low cash advance APR: 17.99%. All PenFed cards have 0% cash advance fees and fairly low cash advance APRs. But this is very uncommon for other issuers. Cash advance fees are typically 3%-5%, and cash advance interest rates are usually over 20%.… read full answer
Unfortunately, no credit card offers free cash advances. All credit cards charge interest on cash advances, at least. And that interest always starts accruing the moment you take out the advance. But if you get a card with no fee and pay off the balance right after doing a cash advance, you shouldn’t have to deal with much in the way of extra costs.
Some of the best cash advance credit cards also offer some excellent rewards. For example, the PNC Premier Traveler® Visa Signature Credit Card offers 30,000 miles for spending $3,000 in the first 3 months. And it gives 2 miles / $1 on all purchases.
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