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Access cash when you need it through a cash advance credit card. has used its ranking algorithm to find the best cash advance credit card offers for 2022 to help you make the best decision for you.
Cash advance credit cards are unique tools that allow you to borrow money from your credit card account. Unexpected expenses can leave you in a financial crisis. If you need cash flow for an emergency but don’t have enough funds to cover it, a cash advance can be a real savior.
Cash Advance Credit Card Offers
The downside to borrowing money through a cash advance is that you typically pay higher interest rates than standard purchases and additional card fees. Due to the additional costs involved, consumers should only take a cash advance when absolutely necessary. When choosing a cash card, always keep an eye out for the enemy, including additional fees, interest rates, and advance limits. recommends considering other included card benefits, not just the cash option, to find the right card option for your spending.
What Is A Credit Card Cash Advance Fee?
Quick Tip: Cash advances are helpful when you need cash fast, but they’re also an expensive way to borrow due to high rates and fees. Better options may be available, such as a balance transfer card or one that offers a 0% introductory APR on new purchases, allowing you to pay all of your emergency costs over a longer period of time.
We analyzed over 100 credit cards to find the best cash advance credit cards on the market for consumers. Factors we considered included APRs, cash advance fees, other card fees, card benefits, potential upsides and downsides. If you decide to go this route, using our detailed guide as part of your research can help you determine the credit card that best suits your needs.
Below are the best cash advance credit card deals currently available. Our detailed lists include information on offers, pros and cons, and an expert editorial review of the card.
The following cards offer something even better than low cash advance fees, with no fees at all. With no extra cost to worry about, you can pay off your card faster and save money on interest costs.
What Is A Cash Advance, And Is It Worth It?
Finding a credit card with low cash advance fees can save you money when unexpected expenses arise. Below are the cards that currently have some of the lowest cash advance fees.
Know your credit score from the start: Your credit score primarily determines whether you qualify for a cash card. Knowing your credit score can guide you to the best card options for your situation. Many credit cards come with free credit score access these days, so check to see if this is an advantage with any of your current cards.
Our list of the best credit cards is based on publicly available data from card issuers and other reputable sources like the Consumer Financial Protection Bureau. We review each card’s cost, interest rates, rewards, benefits, and more to rate each feature. These ratings are stacked and weighted to determine each card category for our top picks for each user type. Because map details change regularly, we review our data every month to update our ratings, recommendations, and other map information as needed. Learn more about our data collection and classification process.
While getting a cash advance isn’t the best idea, it’s a valuable option if you find yourself in a financial bind. If you’re thinking about applying for a cash advance card, here are some factors to consider when researching available credit cards.
Best Cash Advance Credit Cards & How To Get One
The links in the table below will take you to our partner site, CardRatings.com, where you can compare and apply for a selected credit card.
With so many people living paycheck to paycheck these days, there are often no additional cash cushions when unexpected expenses occur. Your washing machine breaks down. Your car needs repairs. Unexpected doctor visits lead to a bunch of medical bills that you don’t cover.
Credit card cash advances are a way to use quick cash to cover emergencies like these, especially if you don’t have an emergency fund. A cash advance is money from a credit card issuer. They often come with expensive fees and APR costs, so they’re not ideal in most circumstances.
You can look for a cash advance as a short-term loan from your credit card company to get out of a financial bond and then pay it off. Cash advances are also more convenient than applying for loans, which can take several days or weeks to be approved.
What Are Credit Card Cash Advances? And How Do They Work?
It’s essential to understand how cash advances work, why they tend to be expensive, and alternatives that might be a better option in the long run.
A cash advance is essentially a loan from your credit card company to access quick cash. Depending on your card, you can receive cash advance funds in person, through an ATM, or by check. Cash advance limits are usually lower than your credit limit.
The main benefit of using a cash advance is the ability to address an urgent financial need immediately. Cash advance funds are easily accessible, giving you a quick way to deal with emergencies.
While you can pay for emergency costs with a cash advance, remember that these costs are directly subject to interest rate charges. Frequent fees and high APRs typically accompany cash advances. If you use a cash advance, you’ll end up paying more than the unexpected expenses themselves. Not an ideal option if you just want extra money in your pocket.
Why You Should Avoid A Credit Card Cash Advance
We only recommend using cash advances in extreme circumstances where no other option is available, or if you need quick access to extra money.
Most experts recommend avoiding cash advances due to the high fees and interest costs associated with them. If you’re low on funds, the last thing you want is an additional cost on what you borrow. This is exactly what happens when you use a cash advance.
With the Chase Sapphire Preferred card mentioned above, let’s see how much it really costs to use a cash advance.
This particular card has a cash advance APR of 24.99%. In our example, we take out a $500 cash advance, which we pay back in 30 days, or about a month. Cash Sapphire Preferred comes with a cash advance of $10 or 5% of the amount of each transaction, whichever is greater. The stock advance fee in this scenario is $25.
Best Cash Advance Credit Cards Of 2022
Having a cash advance can get the job done when you need access to cash fast, and you can start paying it off quickly. There are several other options available that may be better and cost less, but:
Credit score requirements depend on the specific card. We generally recommend that you have a FICO credit score of at least 670 to qualify for most cash advance cards. However, the cards are available to people with good credit (a score between 580 and 669).
You may be denied a cash advance credit card if you do not meet the credit card issuer’s credit requirements and other criteria.
Based on our dataset of over 2,000 credit cards, we found that the average cash advance APR was 16.90%, with an average cash advance APR range between 15.33% and 18.47%.
Explaining The Credit Card Cash Advance Fee
Cash advances generally have a higher APR than the APR for regular purchases because you borrow money, not make a purchase. A cash advance is like a loan from a credit card issuer and has a higher loan risk, thus a higher APR.
Chase cash advance costs depend on the specific card. The Chase Sapphire Preferred Card, for example, has a cash advance fee of $10 or 5% (whichever is higher), plus a cash advance APR of 24.99%.
Getting a cash advance can only take a few minutes. The fastest way is to use an ATM and request a cash advance.
Using a cash advance does not automatically damage your credit. However, it does increase your credit utilization ratio, which is one of the main factors in determining your credit score.
Credit Card Cash Advance
A cash advance is the main way to get cash from your credit card. You can also purchase a prepaid gift card or an item that you can sell for cash.
Cash advances are not an ideal option for borrowing money, especially if you are looking to avoid additional credit card costs. However, if you’re in a bind and need quick access to cash, using a cash advance may be the best option available. Take the time to explore each card option by looking at details like cash advance fees and APR costs before choosing a card.
Kevin Payne is a personal finance writer who specializes in credit cards, banking, and student loans. He is a regular contributor to Forbes Advisor, The Ascent, Investing Answers, and Student Loan Planner. Kevin is the family budgeting and travel expert behind FamilyMoneyAdventure.com.
* Rates, fees or bonuses may vary or contain specific provisions. The content of this page is accurate as of the date of publication/last update; however, some of the previous offers may have expired. We recommend that you visit the card issuer’s website for the most up-to-date information available.
Cash Advance Limits By Issuer (2022)
Editing Post: Opinions, Reviews,
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