What's the best cash advance credit card?

This question is about Credit Cards

Baby's Got Cash Back, Member

@BabyGotCashback 12/18/18 First posted on 05/21/18
Last reviewed on 12/18/18

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The best cash advance credit card is the PenFed Platinum Rewards Visa because it has a $0 cash advance fee and a low cash advance APR: 11.74% to 17.99% (V), depending on credit standing. 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.

Here are the best cash advance credit cards:

PenFed Platinum Rewards Visa: $0 cash advance fee. 11.74% - 17.99% (V) cash advance APR. $0 annual fee. Requires excellent credit.
PenFed Promise: $0 cash advance fee. 11.74% - 17.99% (V) cash advance APR. $0 annual fee. Requires excellent credit.
DCU Visa Platinum Rewards: $0 cash advance fee. 13.25% - 18% (V) cash advance APR. $0 annual fee. Requires excellent credit.
DCU Visa Platinum Secured: $0 cash advance fee. 13.50% (V) cash advance APR. $500 minimum security deposit. $0 annual fee. Bad credit accepted.
PNC Premier Traveler: $5 cash advance fee. 17.99% (V) cash advance APR. $85 annual fee, waived the first year. Requires excellent credit.
Simmons Bank Visa: 3% cash advance fee (minimum $4). 14.25% (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 points for spending $3,000 in the first 3 months. And it gives 2 miles per $1 on all purchases.

The PenFed Platinum Rewards Visa offers 5 points per $1 spent on gas, 3 points per $1 at supermarkets and 1 everywhere else. And it gives a $100 statement credit for spending $1,500 in the first 90 days. Only PenFed members can get the card, but anyone can join PenFed with a $17 one-time donation to the National Military Family Association or Voices for America’s Troops. U.S. military or government employees and their families join for free.

To get either of the DCU credit cards, you must be a relative of a member, work for one of 700+ New England employers, or live in one of seven communities in MA and GA.

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onetray, Member

@onetray 07/23/18

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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.

Dodger Bernard, Member

@dodger_bernard 06/21/18

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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.

People also ask

Can I get a cash advance on my 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.

… read full answer

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.

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Are there any 0% apr cash advance credit card offers?

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.

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Anthony Horton, Member

@anthony_horton 06/01/18

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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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