A cash advance is quick cash loan from a credit card. There are several ways to acquire a cash advance. You can insert your credit card into an ATM, input your personal identification number and withdraw cash, or make purchases with convenience checks. Cash advances are useful in an emergency and you can use this emergency cash for any purchase. Emergencies may include an unexpected trip, a car repair or an unexpected bill. Although convenient and easily accessible, there are dangers to cash advances.
Cash advances include interests rates higher than standard purchases. In fact, the average interest rate on a cash advance can be greater than 25%. You also pay an upfront fee between 3% and 4% of the cash advance, and with no grace period, interest incurs the moment you withdraw funds.
Even if you recognize the dangers of cash advances, you may decide that there are benefits to keeping cash advance credit cards in your wallet — just in case of an emergency. If so, choose wisely and select a cash advance credit card that offers the best rates
This credit card features a cash advance rate between 12.99% and 21.99%, depending on your credit history. There is no annual fee for the Citi Simplicity and you pay a cash advance fee of 5% ($10 minimum). Other card features include 0% interest on purchases and balance transfers for the first 18 months.
The Discover More credit card offers a cash advance rate of 23.99% and no annual fee. Other card features include 0% interest on purchases and balance transfers for the first 15 months, and a variable interest rate between 10.99% and 20.99% thereafter. Apply for this card and receive 5% cash back on rotating categories, such as gas, restaurants, movies and department stores. The Discover More credit card also offers up to 20% cash back at retailers when you shop through Discover.com.
There is no annual fee with the Slate with Blueprint by Chase. The cash advance fee is 3% of the transaction amount or $10, whichever is greater. This credit card offers a low cash advance rate between 19.24% and 23.24%, depending on your creditworthiness. Other key features of this credit card include no balance transfer fee if you transfer your balances within 30 days of opening an account. Additionally, you pay 0% interest on purchases and balance transfers for the first 15 months.
Pay no annual fee when you open a U.S. Bank Visa Platinum credit card account. The cash advance rate is 23.99%, plus 4% of the transaction amount ($10 minimum). The convenience check fee is 3% of the check amount ($5 minimum). Enjoy 0% interest on balance transfers and purchases for the first 15 billing cycles, and then an interest rate as low as 9.99% thereafter (depending on creditworthiness).