Best Cash Advance Credit Cards in September 2024 | LendingTree (2024)

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• What is a cash advance on a credit card?
• How to get cash advance from a credit card
• Pros and cons
• Best cash advance credit cards
• How to avoid taking a cash advance
• 0% APR credit cards
• Cash advance credit cards by issuer
• FAQs
• Methodology

Citi is an advertising partner.

Financial emergencies happen to everyone — and, usually, at the worst possible time. When your car breaks down and it’s still five days until payday, a cash advance may seem like a good idea because of its convenience. But you should avoid credit card cash advances, because of their fees and high interest rates. Instead, we recommend using a card with a long 0% intro APR, so you can pay off large purchases over time without paying interest. Or you can take out a personal loan as a lower-cost option with more flexible terms.

Before you decide what’s right for you, read on to learn about exactly how cash advances work, their true cost and alternative options for a cash advance.

A cash advance is a way to take the available credit on your credit card and use it to take a loan in the form of cash. Essentially, you’re using your credit card to borrow cash, rather than charging a purchase to your credit card. You’ll have to pay back what you’ve borrowed, and there’s usually no grace period for interest.

A cash advance is a type of loan, though it’s not the same as a personal loan. A personal loan is a type of installment loan that allows borrowers to take a one-time cash payment. This is paid back plus interest in monthly payments over a set period of time. Cash advances are shorter term loans from your credit card rather than a lender, and charge higher fees and interest rates than personal loans.

Common ways to get a cash advance include:

• At a bank branch
• Using an ATM (you’ll need a PIN)
• From a convenience check that your credit card issuer sent in the mail

Making a cash advance comes with a fee decided by the credit card issuer. Most issuers will charge either a flat-fee or a percentage, depending on which is greater. The fee is usually around 5% or $10.

It’s typical for issuers to limit how much cash you can get from a cash advance. This cap might be set at a percentage of your card’s credit limit, like 30%.

Let’s take a look at how much a $1,000 cash advance would cost if you paid it back in 30 days using a credit card with a cash advance fee.

This card has a cash advance APR of 17.99% and 5% cash advance fee.

As you can see from our math below, you’d pay more than $60 in taxes and fees (more than 6% of the principal) for this short-term loan. This is a hefty amount compared to what you might pay with a personal loan, and it assumes you can pay off your balance in the first month. If you continue to carry a balance, the interest could build up rapidly.

You can find a few credit cards that wave the cash advance fee and offer a reasonable APR for cash advances. While a cash advance credit card generally isn’t the best option for paying off debt, you should consider the following cards if you want to opt for a cash advance:

There are a number of ways to avoid having to take a cash advance that are far less expensive and will leave you in a better financial situation. We suggest leaving a cash advance as a last resort and trying one of these first.

Using a card with a long 0% intro APR is an excellent way to avoid fees and interest altogether. Emergencies happen and you may not be able to pay for them immediately — a 0% intro APR credit card offers up to 21 months to pay off that emergency purchase without paying interest. This is a much better option than a cash advance. These cards also come with lower APRs and sign-up bonuses that can help you pay off the purchase. Plus, many of these cards have no annual fee.

*The information related to the U.S. Bank Visa^® Platinum Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.

*The information related to the Citi Custom Cash^® Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.

*The information related to the Wells Fargo Reflect^® Card has been collected by LendingTree and has not been reviewed or provided by the issuer of this card prior to publication. Terms apply.

Credit cards with 21-month-long intro APR

• Wells Fargo Reflect® Card
• Citi Simplicity® Card
• U.S. Bank Visa® Platinum Card

Credit cards with 18-month-long intro APR

• BankAmericard® credit card

Credit cards with 15-month-long intro APR

• Chase Freedom Unlimited®
• Discover it® Cash Back
• Capital One VentureOne Rewards Credit Card (see rates & fees)
• PNC Core® Visa® Credit Card

Credit cards with 12-month-long intro APR

• Wells Fargo Active Cash® Card
• Wells Fargo Autograph℠ Card
• Ink Business Cash® Credit Card

*A balance transfer fee applies for promotional rates that Capital One may offer.

If you aren’t facing a cash emergency, you may want to look into a personal loan. APRs for personal loans can range from 3% to 36%. If you have a good credit score (670 or higher), you’re likely to be offered an interest rate lower than what you’d pay on a credit card cash advance. Plus, personal loans offer set monthly payments and repayment dates, and interest generally doesn’t start accruing from day one.

You may be able to apply for a personal loan with a bank, a credit union or an online lender.

Note, however, that you may be charged an origination fee for your personal loan.

By doing a balance transfer from a credit card with a high interest rate to a card with a lower interest rate, you may be able to pay less in fees and interest than with a cash advance. A bank may send you a convenience check for a 0% APR balance transfer offer to move debt from your current card to a new one with them. This makes sense if the interest rate is lower than your current one. Sometimes issuers offer a 0% APR introductory promotion for a specified number of months. But, only do this if you’re certain you can pay off your card before the higher interest rate kicks in.

The Citi Double Cash® Card is an excellent example of a balance transfer credit card. It has a long intro APR on balance transfers and comes with a solid cash back program, making it worth keeping around after paying off your balance transfer.

In situations where you have an unexpected expense, don’t underestimate the power of an honest conversation with the company’s billing department. See if they can delay the payment date or split the bill into monthly payments. Whatever you do, being proactive and acknowledging the debt will go a long way, especially in negotiating medical bills.

Borrowing from people you know isn’t the best strategy — but in a pinch, it could be an option. Generally, your loved ones may be more willing to help you out in troubled times. They’re likely to be flexible with repayment terms and expect little, if any, interest.

The downside is that if they need the money back before you’ve repaid it, or if you don’t hold up your end of the bargain, your relationship could become awkward. If you decide to borrow from your family, create a personal loan contract, so you’ll all be on the same page.

Rather than pay interest on a credit card cash advance or a personal loan, you may be able to use a mobile app to get money from your paycheck before payday. While you may end up paying a tip or a small fee to use one of these apps, you’ll likely pay less than what you’d accrue in interest if you were to get a credit card cash advance.

Three paycheck apps worth considering:

• Earnin

  To use Earnin, you’ll need to link a checking account and add your employment info. You’ll get $100 per pay period at the start, and your limit has the potential to increase to $750 per pay period as you demonstrate responsible use of the app. Earnin doesn’t charge fees or interest, and instead relies on users to tip what they feel is fair. Any cash you’ve received, plus tips, is deducted from your account on or after payday.

• Chime

  Access your paycheck up to two days early when you set up mobile banking through the Chime app. For times when you need cash before payday, use the SpotMe service. Qualifying members will receive a debit card with up to $200 that they can apply toward debit card purchases and cash withdrawals with no extra fees.

• DailyPay

  You can use DailyPayto get early access to your paycheck if your employer signs up and offers it as a benefit to employees. There’s a $1.99 fee for next day transactions and a $2.99 fee for instant transactions. Employers can choose to pay these fees or leave them for employees.

In selecting the best credit cards for a cash advance, we’ve selected cards that don’t charge a cash advance fee and cards with a lower cash advance APR and regular purchase APR. All of the cards on this list charge no annual fee.

Sammi Scharf

Sammi Scharf is a staff writer at LendingTree, where she compares and reviews credit cards. She loves to help consumers make the best financial decisions and find products that match their lifestyle. Sammi entered the personal finance space in 2022, when she joined LendingTree as a web content coordinator.

Through her work, Sammi has fostered a profound knowledge of credit card products. She enjoys deep-diving into card benefits that people may not know about and helping readers see how they can leverage all the features on their credit cards to save money.

Before joining the personal finance world, Sammi worked in the home appliances and real estate spaces. She wrote product information about appliances and new homes coming to market. Her passion for explaining products to consumers and helping them tackle major financial decisions led her to personal finance writing. When Sammi is not researching and reviewing credit cards, she’s training for her next race or hitting the beach.

Specialties

• Credit card reviews
• Credit card comparisons
• Rewards programs
• Travel and travel loyalty programs

Achievements

• 2 years of credit card reporting experience
• Nearly 50 articles written for LendingTree
• Helped develop LendingTree’s process for updating credit card details.

Education

• Bachelor of Arts, Appalachian State University

Sammi’s favorite credit cards

“I’m all about cash back credit cards. I love the Wells Fargo Active Cash® Card because it’s an easy way to earn 2% cash back on everything I purchase. We’re a big Amazon household so I also love the Prime Visa. I’ve been able to use my cash back earnings to purchase furniture from Amazon for my home. Finally, the Chase Freedom Unlimited® is my favorite go-to credit card for dining out at restaurants.”

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