The Capital One Quicksilver Secured Cash Rewards Credit Card cash advance fee is 3% (min $10) per transaction, whichever is higher. Taking out a cash advance on the Capital One Quicksilver Secured card is not a good idea, though, because secured credit cards require a deposit up-front, which will usually become your credit limit. If you take out a cash advance on a secured card, you are essentially borrowing the cash from your own deposit, with fees and interest.
Withdraw the cash and remove the credit card from the ATM.
Before you take out a Capital One Quicksilver Secured cash advance, it’s important to note that it is a very expensive transaction. For starters, there’s a 3% (min $10) cash advance fee. There’s also a separate cash advance APR that applies as soon as you withdraw the cash. There may be ATM-owner fees, too.
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%.… read full answer
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.
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.
Cash advances are costly. Not only do they bear very high interest rates, but they also come with hefty cash advance fees.
First, for a cash advance of $1,000, you'll be charged a flat rate fee of about $30 (it's usually around 3% of the advance and you get charged for each advance, no matter how much money you withdraw). Then, interest will start accruing from the moment you perform the withdrawal. The interest would be about 82 cents per day (as your daily interest rate is your APR/365). But it would slightly increase every day as the interest would compound, meaning you'd pay interest on the interest you've already accrued. So you're looking at about $35 interest for the first month.… read full answer
The bottom line is that you'll have to pay a total of $65+ in fees only for the $1,000 cash advance after the first month so is that it's best to avoid credit card cash advances unless it's an emergency. And if you must get one, pay it off as soon as possible.
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