Is there a fee for cash advance on credit cards? This question is about Credit Card Cash Advance: Fees, APR, How to Get & More

Yes, there is a fee for cash advance on credit cards, usually. Only a few credit cards don’t charge cash advance fees. Cash advances typically cost around 3.84% of the withdrawn amount. The cash advance fee is applied every time you use your credit card to get a cash advance. How a Cash Advance Fee is Determined The first method is a flat rate fee that will be assessed no matter how much money you withdraw. The second method is to charge a percentage of the money you withdraw, usually between 2% and 5%, as a fee. The third method, which is the most common, is a combination of the first two. Many issuers charge either a flat rate or a percentage of the amount withdrawn – whichever is higher. According to WalletHub’s latest Credit Card Landscape Report, the average cash advance fee is currently just above $8.

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Is there a fee for cash advance on credit cards?

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This question is about Credit Card Cash Advance: Fees, APR, How to Get & More

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Maria Adams, Credit Cards Moderator

@m_adams • 08/19/22 This answer was first published on 08/19/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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Yes, there is a fee for cash advance on credit cards, usually. Only a few credit cards don’t charge cash advance fees. Cash advances typically cost around 3.84% of the withdrawn amount. The cash advance fee is applied every time you use your credit card to get a cash advance.

How a Cash Advance Fee is Determined

The first method is a flat rate fee that will be assessed no matter how much money you withdraw.
The second method is to charge a percentage of the money you withdraw, usually between 2% and 5%, as a fee.
The third method, which is the most common, is a combination of the first two. Many issuers charge either a flat rate or a percentage of the amount withdrawn – whichever is higher.

According to WalletHub’s latest Credit Card Landscape Report, the average cash advance fee is currently just above $8.

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What credit cards can I get with no cash advance fees and a low APR?

There are very few credit cards that have no cash advance fees and low APRs, the best of which is the PenFed Platinum Rewards card. This card has a 0% cash advance fee and a cash advance APR of 17.99%. The regular APR is 17.99% (V). In addition, the card also offers 1 - 5 points per $1 on purchases.... read full answer

Here are some good credit cards with no cash advance fees and low APRs:

Overall PenFed Platinum Rewards Visa Signature® CardPenFed Platinum Rewards Visa Signature® CardLearn MoreLearn Moreon issuer's website
No minimum deposit required Chime Credit CardChime Credit CardLearn MoreLearn More
Secured DCU Visa® Platinum Secured Credit CardDCU Visa® Platinum Secured Credit CardLearn MoreLearn More

It is worth noting that every time you use your card at an ATM, you'll probably be charged with an ATM fee. Plus, there's no grace period on interest, so it starts accruing immediately. That's why you should avoid cash advances, unless it’s absolutely necessary.

However, there are plenty of credit cards that offer low APRs. The best low interest credit cards you can get are the Chase Freedom Unlimited and the Wells Fargo Reflect, but a credit score of at least 700 is required for approval.

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