Baby's Got Cash Back, Member
@BabyGotCashback
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: 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: 0% cash advance fee. 17.99% cash advance APR. $0 annual fee. Requires excellent credit.
- PenFed Power Cash Rewards: 0% cash advance fee. 17.99% cash advance APR. $0 annual fee. Requires excellent credit.
- DCU Visa Platinum Rewards: 0% cash advance fee. 11.25% - 18% (V) cash advance APR. $0 annual fee. Requires excellent credit.
- DCU Visa Platinum Secured: 0% cash advance fee. 11.50% (V) cash advance APR. $500 minimum security deposit. $0 annual fee. Bad credit accepted.
- PNC Premier Traveler: $5 cash advance fee. 15.99% (V) cash advance APR. $85 annual fee, waived the first year. Requires excellent credit.
- Simmons Bank Visa: 3% (min $4) cash advance fee. 12.25% (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 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 / $1 spent on gas, 3 points/$1 at supermarkets and 1 point / $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.
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onetray, Member
@onetray
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
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.
Dodger Bernard, Member
@dodger_bernard
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
What is a credit card cash advance limit?
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 th… read full answer
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There are no cash advance-fee-free credit cards. Every time you use your card at an ATM you're charged with a high cash advance fee and there's no grace period on interest, so it starts accruing immediately. That's why you should avoid cash advances to begin with.
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Anthony Horton, Member
@anthony_horton
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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