Anyone can face financial emergencies and usually, it occurs at the worst possible time, like when you have to pay rent it is still 5 days until payday. For such a scenario the best cash advance credit card is a good idea because of its various benefits and convenience.
Keep in mind that cash advance credit cards have high fees and high interest rates as compared to other credit cards. Always try to get a credit card with a long 0% intro APR so you can pay for your large purchases without paying heavy interest.
When you are out of money, you may get a cash advance from your credit card. That means you are accessing money without applying for a loan. We have created a list of the best credit cards for cash advances for you. But you decide which credit card is right for you.
If you need cash fast, then these 5 Best Cash Advance Credit Cards can be life savers for you. Keep reading.
What is a Cash Advance on a Credit Card?
A cash advance is a type of loan short-term loan that you can take from a credit card issuer in the form of cash. Taking a cash advance loan, means you are borrowing money against your credit card limit. You will have to pay back the amount you’ve borrowed. Some card issuers may also set separate charges and credit limits for cash advances.
Cash advances are short-term loan types on your credit card limit and charge higher fees and interest rates than personal loans.
Compare the Best Cash Advance Credit Card in 2024
| Credit Card | Annual Fee | Cash Advance APR | Credit Score |
|---|---|---|---|
| Star One Visa Signature Rewards Card | $0 | 8.75% | Excellent |
| PenFed Platinum Rewards Visa Signature® Card | $0 | 17.99% | Excellent/Good |
| DCU Visa® Platinum Secured Credit Card | $0 | 13.75% | Excellent |
| PenFed Pathfinder® Rewards Visa Signature® Card | $95 | 17.99% | Excellent/Good |
| First Tech Choice Rewards World Mastercard® | $0 | 13.50 to 18.00% variable | Fair/Good |
Best Credit Cards with Cash Advance
The Star One Visa Signature Rewards Card is our top pick for the best cash advance credit card because it has a $0 cash advance fee and the lowest cash advance APR of 8.75%. This type of cash advance charge is very rare as compared to other credit cards. Let’s explore all the credit cards in detail.
1. Star One Visa Signature Rewards Credit Card
The Star One Visa Signature Rewards Card is the overall best credit card for a cash advance because it has No annual fee, no balance-transfer fees, no cash advance fees, and no foreign transaction fees. You can get a $5,000 credit limit if you have excellent credit. This card has only 8.75% annual APR which is very uncommon as compared to other credit cards.
Talking about reward points, you earn 1.5 Reward Points per 1 dollar spent and these reward points are redeemable for cash, travel, retail gift cards, or merchandise. You get a TSA Pre or Global Entry five-year membership for each cardholder.
Key Benefits
- There is no annual fee for this card.
- The card has no cash advance fee.
- The card has an annual APR of 8.75% on purchases and balance transfers.
- You earn 1.5 Reward Points for every $1 spent.
- Reward Points are redeemable for cash, travel, and gift cards.
- TSA Pre or Global Entry five-year membership for each cardholder.
- You get trip cancellation and interruption protection.
Card Details
- Annual fee: $0.
- Regular APR: 8.75%
- Cash Advance Fee: $0
- Balance Transfer Fee: $0
- Credit Score: Excellent
Pros
- No annual fee.
- No cash advance fee or foreign transaction fee.
- Low regular annual APR.
Cons
- No welcome bonus.
- No 0% intro APR.
- Require excellent credit.
2. PenFed Platinum Rewards Visa Signature® Card
The PenFed Platinum Rewards Visa Signature® Card is one of the best credit cards for gas rewards in the market. The card has no annual fee and awards you with 5X points per dollar spent on gas at the pump and EV charging stations, 3X points at supermarkets (including most Target and Walmart), and 1X points on all other purchases.
The card also offers a welcome bonus of 1500 bonus points after you spend $1500 within the first 3 months of card activation.
The PenFed Platinum Rewards Visa Signature® Card does not charge a cash advance fee, but it charges a high interest rate of 17.99%. The card offers 0% intro APR for 12 months
Key Benefits
- There is no annual fee for this card.
- $0 cash advance fee.
- You get 1500 Bonus Points as a welcome bonus if you spend $1,500 within the first 3 months of card activation.
- Earn 5X points on gas paid at the pump and EV charging stations.
- Earn 3X points at supermarkets (including most Target and Walmart locations), restaurants, and TV, radio, cable, and streaming services.
- 0% intro APR for 12 months, 3% fees applied to each transaction. After that,t 17.99% will apply.
- A Balance Transfer fee of 3% will apply.
Card Details
- Annual Fee: $0.
- Regular annual APR: 17.99%
- Cash Advance Fee: $0.
- Welcome Bonus: 1500 Bonus Points
- Balance Transfer fee: 3%
- Credit Score: Good
Pros
- No annual fee or Cash Advance Fee.
- No foreign transaction fee.
- High rewards on pump and EV charging stations.
- 1500 bonus points as a welcome bonus.
Cons
- Balance Transfer fee.
- Require excellent credit.
3. DCU Visa® Platinum Secured Credit Card
The DCU Visa Platinum Secured Credit Card has no annual, no cash advance fee, and no balance transfer fee with annual APR as low as 13.75%. This is a secured credit card and is a good option for those applicants who want to build their credit.
DCU’s Visa Platinum Credit Card offers lower rates than you’ll find on most other bank credit cards. Due to its lowest rate in the United States, this is one of the best starter credit cards for anyone who wants to build credit with no extra charges.
Key Benefits
- No annual fee.
- No cash advance fee or balance transfer fee.
- The credit card’s interest rate is below the national average.
- Interest Rate is as low as 13.75% APR.
- The card has an Embedded EMV Chip which protects your credit card information.
- The card is compatible with Mobile Wallet and works with Apple Pay®, Google Pay™, and Samsung® Pay.
- The cardholder will have free access to the credit score based on Equifax data each month.
- Get Optional overdraft protection.
- No foreign transaction fee.
Card Details
- Annual Fee: $0
- Regular annual APR: 13.75%
- Cash Advance Fee: $0
- Welcome Bonus: N/A
- Credit Score: Excellent
Pros
- Low APR as compared to others.
- No annual fee.
- No cash advance fee.
- No foreign transaction fee.
Cons
- No reward benefits.
- A minimum $500 security deposit is required.
4. PenFed Pathfinder® Rewards Visa Signature® Card
The PenFed Pathfinder® Rewards Visa Signature® Card is a good travel rewards credit card with a $95 annual fee. The card has no cash advance fee as well as no foreign transaction fee.
The cardholder earns 4X Points on all Travel categories for PenFed Honors Advantage Members, 3X points on all travel categories, and 1.5X on all other purchases. The card also has 0% intro APR for 12 months and you get 50,000 Bonus Points as a welcome gift if you spend $3000 in the first 3 months of account opening.
The credit card also offers travel benefits like $100 annual domestic air ancillary travel statement credit, $100 Global Entry, or Complimentary Priority Pass Airport Lounge Annual Membership.
Key Benefits
- No cash advance and foreign transaction fee
- Earn 50,000 Bonus Points as a welcome bonus if you spend $3,000 within the first 3 months of card activation
- Get up to $799 as total travel value
- Enjoy 4X points on all travel categories PenFed Honors Advantage Members
- Earn 3X points on all travel categories
- Earn 1.5X points on all other categories.
- 0% intro APR for 12 months, 3% fees applies to each transaction
- Regular purchase APR of 17.99%
Card Details
- Annual Fee: $95
- Regular Annual APR: 17.99%
- Cash Advance Charges: $0
- Balance Transfer Fee: 0% APR for 12 months, after that a variable APR of 17.99% will apply.
- Credit Score Excellent/Good
Pros
- No foreign transaction fee.
- No Cash Advance charges.
- 0% intro APR for 12 months.
- High rewards in the travel category.
Cons
- High annual fee.
- Balance transfer fee.
5. First Tech Choice Rewards World Mastercard®
Choice Awards World MasterCard is a great no-annual-fee credit card that offers 2X points on everyday purchase categories like gas, groceries, household goods, and more, and 1 reward point on all other purchases.
The card charges a $0 cash advance fee and offers 20,000 bonus points after you spend $3,000 in the first 60 days of card activation. This car could be ideal if you are looking for a low-interest card that lets you earn rewards.
The card offers 0% APR for 12 billing cycles for a balance transfer within 90 days of your account opening. After that, a variable APR of 13.50 to 18.00% will apply based on your credit history.
Key Benefits
- No annual fee.
- No cash advance fee.
- Earn 20,000 bonus points after you spend $3,000 within the first 60 days of account opening.
- Earn 2X points on everyday purchases like groceries, household goods, and telecommunication services.
- Earn 1X points on all other purchases.
- You can redeem your reward points for cash back, travel, merchandise, gift cards, and events/experiences.
- 0% intro APR for 12 billing cycles for balance transfer made within the first 2 months of account opening.
- There is no limit to how much rewards you earn and the reward will not expire.
- Your card will be protected from theft for 90 days with Mastercard Purchase Assurance. Also, take advantage of MasterRental Coverage and Master Global Service™.
- You can get a Blazers-branded card if you are a Portland Trail Blazers.
Cad Details
- Annual Fee: $0
- Regular annual APR: 13.50 to 18.00% variable
- Cash Advance Charges: $0
- Balance Transfer fee: 0% for 12 billing cycles, then a variable 13.50 to 18.00% will apply
- Credit Score: Fair/Good
Pros
- No annual fee or cash advance fee.
- Sign-up bonus of 20,000 points.
- 0% intro APR on balance transfer for 12 billing cycles.
- Low annual APR.
- Rewards on everyday purchases.
Cons
- No APR for purchases.
- To be eligible for the card. First Tech Membership is required.
Read more: How to Save Money Fast on a Low Incom
Different Types of Cash Advances
Let’s discuss the different types of cash advances:
Credit Card Cash Advances
Cash Advance on credit cards is a feature offered by many credit card issuers. This is a short-term loan that a cardholder can receive as cash or a cash amount equivalent to up to 20% or 30% of the available credit limit on the card. While some card issuers allow you to withdraw 50% or more of your available credit limit.
Payday Loans
The Payday loans provide you the facility of future payment from your employer. Your income proof is required in most cases such as your previous pay stub. You can get your funds online or at a physical location.
Merchant Cash Advances
MCA, also known as Merchant Cash Advances disburse funds to small business owners based on their past sales and aim for future sales. If your business is making decent daily credit card and debit card sales, then you will likely get a Merchant Cash Advance.
How to Get a Credit Card Cash Advance?
As we have discussed earlier that cash advance is a short-term loan that is available on most credit cards. You will need a credit card to get a credit card cash advance. If you want to get a short-term cash advance loan then you should consider comparing cash advance APRs before choosing a card.
The easiest way to get a cash advance is to go to the nearby ATM on your credit card’s network. You can also get credit card cash advances at your bank branch. While many banks offer online credit card cash advance facility.
The best thing about the credit card cash advance facility is that you don’t require any new application or approval from the bank.
Should You Get a Credit Card Cash Advance?
If you seriously need money then a credit card cash advance facility can be a wedding good idea for you. However, keep in mind that it is an expensive way to fulfill your needs. Credit card cash advances can cause less than BD loans and don’t require any approval or application from the bank.
Generally, the credit card cash advanced line is the limited percentage of your total credit card limit that also comes with a high interest rate.
Before getting a credit card cash advance make sure to consider all the fees. In many cases, there are other less expensive options than cash advances. Make sure to read all the terms and conditions carefully.
Bottom Line
Think carefully before getting a cash advance credit. If you’ve run out of options then you should probably get a credit card cash advance. If you don’t have other options than a cash advance, try to pay a cash advance as quickly as possible. High interest occurs starting from the same day when a cash advance is made.
We hope our review of the Best Cash Advance Credit Card may be helpful for you in choosing the ideal cash advance credit card for you. Be sure to check fees along with terms and conditions so that it fits into your budget.
Best Cash Advance Credit Card Related FAQs
What is a cash advance?
Cash advances are short-term loan types on your credit card limit and charge higher fees and interest rates than personal loans.
Which is the best credit card for Cash Advance?
These are the best credit cards for cash advance:
1. Star One Visa Signature Rewards Card
2. PenFed Platinum Rewards Visa Signature® Card
3. DCU Visa® Platinum Secured Credit Card
4. PenFed Pathfinder® Rewards Visa Signature® Card
5. First Tech Choice Rewards World Mastercard®
Which credit card is best for cash advances?
The Star One Visa Signature Rewards Card is the overall best credit card for a cash advance because it has No annual fee, no balance-transfer fees, no cash advance fees, and no foreign transaction fees.
How to get a cash advance?
The easiest way to get a cash advance is to go to the nearby ATM on your credit card’s network. You can also get credit card cash advances at your bank branch. While many banks offer online credit card cash advance facility.