What's the best cash advance credit card?

Question

A credit card cash advance limit is the maximum amount a credit card user can withdraw from the card’s full credit line as a cash advance. Your credit card cash advance limit will be a certain percentage of your whole credit card limit. Some reports online suggest the rule of thumb for cash advance limits is 20% of your credit card limit, but it can vary based on the card issuer.… read full answer

Note that you will need a PIN to get a cash advance from an ATM. Notoriously high APRs and fees also mean that doing a credit card cash advance should be reserved for emergency situations only.

The cash advance limit is also called “cash credit line” or “cash access line,” depending on the card issuer. They all refer to the same thing.

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Answer 1 · 2021-11-12 14:07:50

WalletHub, Financial Company

@WalletHub • 11/12/21 This answer was first published on 11/12/21. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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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%.

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.

Best Cash Advance Credit Cards

PenFed Platinum Rewards Visa Signature® Card: 0% cash advance fee. 17.99% cash advance APR. $0 annual fee. Requires excellent credit.
PenFed Power Cash Rewards Visa Signature® Card: 0% cash advance fee. 17.99% cash advance APR. $0 annual fee. Requires excellent credit.
DCU Visa® Platinum Rewards Credit Card: 0% cash advance fee. 11.25% - 18% (V) cash advance APR. $0 annual fee. Requires excellent credit.
DCU Visa® Platinum Secured Credit Card: 0% cash advance fee. 11.75% (V) cash advance APR. $500 minimum security deposit. $0 annual fee. Bad credit accepted.
PNC Premier Traveler® Visa Signature Credit Card: $5 cash advance fee. 16.24% (V) cash advance APR. $85 annual fee, waived the first year. Requires excellent credit.
Simmons Bank Visa®: 3% (min $4) cash advance fee. 15% - 23% (V) cash advance APR. $0 annual fee. Requires excellent credit.

Some of the best cash advance credit cards also offer some excellent rewards. For example, the PNC Premier Traveler card offers 30,000 miles for spending $3,000 in the first 3 months. And it gives 2 miles / $1 on all purchases.

The PenFed Platinum Rewards Visa offers 5 points per $1 spent on gas and electric vehicle charging stations, 3 points per $1 at supermarkets and restaurants, 3 points per $1 on cable, satellite and other pay television/radio/streaming services, as well as 1 point per $1 on all other purchases. And it gives a 15,000 points for spending $1,500 in the first 3 months. Only PenFed members can get the card, but anyone can join PenFed, all you need to do is simply fund a savings account with at least $5.

Answer 2 · 2018-07-23 17:20:45

onetray, Member

@onetray • 07/23/18 This answer was first published on 07/23/18. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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There aren't any good credit cards for cash advances and you should avoid cash advances with credit cards at all costs. They're really expensive. Interest starts building up immediately at high rates.

Wil B @wilfredob_2

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That's true but if you withdraw is $1,000 (example) and you interest rate is 15% (Penfed and others have it) and you are going to pay total principal plus interest in the first 30 days. The total payment is 1,000 plus interest ($12.32) = $1,032. , total interest cost was 1.23% (32/1000) by $1,000 is really cheap to borrow money.

Answer 3 · 2018-12-26

Wil B @wilfredob_2

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That's true but if you withdraw is $1,000 (example) and you interest rate is 15% (Penfed and others have it) and you are going to pay total principal plus interest in the first 30 days. The total payment is 1,000 plus interest ($12.32) = $1,032. , total interest cost was 1.23% (32/1000) by $1,000 is really cheap to borrow money.

Answer 4 · 2018-06-21 09:27:02

Dodger Bernard, Member

@dodger_bernard • 06/21/18 This answer was first published on 06/21/18. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Big bank credit cards that offer cash advances have fairly similar fees and interest rates. That being said, the Capital One Venture Rewards credit card is pretty good.

Answer 5 · 2018-06-01 17:43:28

Anthony Horton, Member

@anthony_horton • 06/01/18 This answer was first published on 06/01/18. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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PenFed cards are the best as far as cash advances go. That being said, you shouldn't really make a habit out of it, you might find yourself in a world of hurt from fees and interest rates.

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