The Deserve® EDU Mastercard for Students card does not have a cash advance fee because the card does not allow cash advances. The Deserve EDU card can only be used for purchases. On the other hand, the Deserve EDU card can be used for purchases wherever cards on the Mastercard network are accepted.
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Cash advances typically cost around 3.8% of the withdrawn amount. This cash advance fee is applied every time you use your credit card to get a cash advance.
In addition to expensive cash advance fees, there is also a high cash advance APR (21.48%, on average). From the moment you withdraw the money, your credit card company will immediately begin charging you interest. And the charges will continue to mount until you pay off the entire cash advance balance.… read full answer
The costs of a $1,000 cash advance:
Cash advance fee: The fee for a $1,000 cash advance would be $37.5, based on the current average cash advance fee. But it could be even higher, depending on the card. Some credit card companies charge a 3% fee, while others charge up to 5%. Keep in mind that you’ll have to pay a fee every time you take out a cash advance.
Cash Advance APR: The cash advance APR for this amount would be around 56 cents per day at the current average cash advance APR of 21.48%. Keep in mind that interest will start accruing from the moment you perform the withdrawal. Plus, the interest you’re charged one day also becomes part of the balance accruing interest the next. In other words, credit card interest compounds daily.
Other costs: There might also be ATM fees in case you use one that’s not affiliated with your card’s issuer. Banks charge non-customers $1.50 to $3.50 at their ATMs, but non-bank ATM operators often charge more, up to $10 per transaction.
As you can see, cash advances are very expensive transactions. So, it's best to avoid them unless it's an emergency. In case you must get one, make sure pay it off as soon as possible.
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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