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.