What's the best cash advance credit card?

Yes, you can get a cash advance on a credit card. Well, on most credit cards actually. Most store cards and some credit cards for bad credit will not allow you to get cash advances, so it's always a good idea to call your issuer in advance and ask.

Anyway, getting a cash advance with a credit card isn't a great idea. Cash advances are really expensive considering that you are hit not only with a cash advance fee (usually 3% or $10, whichever is greater) but also with a high-interest rate that starts accruing from the moment you take the money out of the ATM.

The only 0% APR cash advance credit cards are from Justice Federal Credit Union. Its cards have a six-month 0% introductory APR on cash advances. After that, the APR is 11.9% to 18%, depending on the card and your creditworthiness. But even though these cards have 0% APR cash advances, there is a cash advance fee of 2% of the transaction or $10, whichever is greater. The maximum cash advance fee is $50.… read full answer

The drawback, as is the case with most credit unions, is that you’ll have to meet specific membership requirements to be eligible. Justice FCU limits membership to employees (including retirees and family members) of the Department of Justice, Department of Homeland Security, U.S. Courts system and a number of law enforcement agencies and associations. For a complete list of eligible entities, click here. Unless you belong to one of these categories, you won’t be able to get a 0% APR cash advance credit card.

All major credit card issuers will charge interest and fees on a cash advance transaction. You’ll pay an interest rate usually higher than the card’s regular APR. That interest accrues immediately after you withdraw the cash, and there is no grace period. In addition, your credit card will charge you a cash advance fee of 3% to 5% of the amount withdrawn. You may also be charged a fee by the ATM or bank from which the transaction was made. 0% APR cash advance credit card offers are the exception, not the norm.

Here is more on 0% APR cash advance credit card offers:

• All major credit card issuers will charge interest right away on a cash advance transaction.
• Justice Federal Credit Union offers six-month 0% APR cash advance credit card offers.
• To join Justice FCU, you must be an employee (or family member of an employee) at the Department of Justice, Department of Homeland Security, U.S. Courts system, or a number of law enforcement agencies and associations.
• A cash advance is a withdrawal of money from your credit line. Interest starts accruing immediately after you withdraw the cash. Interest compounds daily, which means you’ll pay interest on top of any interest already accrued.
• A cash advance APR is often higher than the card’s regular purchase APR. There is no grace period on a cash advance.
• Most credit cards will also charge a cash advance fee of 3% to 5% of the amount withdrawn. That’s on top of any fee(s) charged by the bank and/or ATM where the transaction occurred.

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.

The Fort Knox Federal Credit Union Visa Platinum Card has an 11% - 18% APR (V). The PenFed Promise Visa charges 17.99% (V). Neither card has a cash advance fee.