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7 Alternatives to Credit Card Cash Advances
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7 Alternatives to Cash Advances on Credit Card Cash Advances
Cash advances can be costly. They are a viable option when you're stuck but you must look at the alternatives first.
by Kimberly Palmer Senior Writer/Spokesperson | Budgeting, personal finance financial planning for families Kimberly Palmer is a personal expert in finance at NerdWallet. She is also the author of three books about finances "Smart Mother, Rich Mom," "The Economy of You" and "Generation Earn." Kimberly's writing also appears on .
and Funto Omojola Lead Writer Auto loans and credit cards Funto Omojola started writing for NerdWallet in 2020. Before joining NerdWallet, she covered personal finance-related topics for various financial sites and organizations and has more than 5 years experience writing about money. Her work has been featured by MarketWatch, Yahoo Finance, Realtor.com, New York Post as well as Nasdaq among others. Funto earned an undergraduate degree in global and international studies and an MFA at Bard College. She lives within Brooklyn, New York.
Updated Feb 9, 2023 at 4:56PM PST
Written by Erica Corbin Assistant Assigning Editor Erica Corbin joined NerdWallet in 2020 as an assistant assigning editor at large. She was previously a writer and editor of material for companies like GOBankingRates as well as Nasdaq. Her work has been syndicated to USA Today, Yahoo Finance, MSN and more. She has also worked as an editor and writer on a freelance basis for more than a decade with various clients and publications across industries, with particular focus on entertainment-related reporting. Erica thinks that the subject of money like most topics, is best handled with a sense of transparency, understanding and a healthy dose of humor.
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Taking out a on your credit card sounds appealing. You'll have quick access to cash that you may need to purchase grocery items, or even pay for rent.
However, there are a number of negatives for cash advances, such as fees that can be high , and the interest starts accruing right away. There's typically a limit on the amount you are able to cash out however, it's usually lower than your card's overall credit limit.
While they may be a feasible option- and a better option than, say, taking out a -- cash advance should be utilized only in the last instance when you're in a financial emergency.
Before you pull one of them out, take a look at the following options:
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1. Low-interest or 0% intro APR credit cards
Certain credit cards have zero percent intro APR for purchases, which means you are able to use them to finance your purchase of grocery items and other essentials , without paying interest in advance. Of course, you'll owe the money however, you'll be given a significant period of time which can be anywhere from six months to almost two years -- to pay back the loan in full before interest begins to accrue.
For instance, with the it is possible to avail of a two-year break from interest. It offers an APR that is 0% at the beginning on Purchases up to 21 months and zero intro APR on Balance Transfers of up to 21 months from the date of account opening for qualifying balance transfers. Then, the ongoing APR of 17.74%-29.74% Variable APR .
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2. Credit card loan programs
Some credit card issuers provide loans to customers who are already customers. These loans can, among other things permit them to pay specific purchase off over time, in exchange for an amount. Examples of this are and features.
Similarly, Citi offers a and Chase has . The programs allow customers to borrow money at a lower rate than they would get with a cash advance and to repay it over time.
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3. Third-party payment services
If you're looking to buy the time between your next paycheck, you could think about a program like this to pay off some debts. It allows you to use a credit card to cover costs that aren't normally paid that way, including utility bills, rent and day care. With the 2.9 per cent service fee, Plastiq will charge your card for the amount, pay a check to the vendor under your name and mail the check to them.
If you are able to pay the bill quickly and, ideally and without carrying it over to the next month and being penalized by your credit card's double-digit rate of interest -- a 2.9% convenience charge may be worth it and can be cheaper than other options. If you use a rewards credit card to pay for the bill, it can also help defray that upfront fee.
4. Pay now, buy later services
It's often not practical to cough up a large amount of cash at one time, no matter if you're in a financial pinch or not. providers, like Affirm, Afterpay and Klarna, allow users to split purchases into smaller installments which you pay over time, usually between three and twelve months.
While certain BNPL options come with interest rates and fees that are costly however, if you're capable of paying off your bill within an extremely short time they could provide greater flexibility in financial aid.
It is crucial to remember, however, that BNPL is provided only by particular merchants. So if you need cash fast for groceries or rent for instance, the services may not be of help to you.
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5. Options for credit cards with flexible options
There are that can offer an affordable and flexible alternatives to financing as opposed to cash advances. For instance, the $0 -annual-fee allows holders to dip into their credit limits for personal loans. Customers are able to repay the loan by equal monthly installments, with an interest rate fixed and an advance of 5% fee.
They are usually more affordable to those who might not be able to qualify for traditional credit cards. This is because they do not rely on standard credit scoring models for determining eligibility. The cards that are eligible include that (issued by ), the and the .
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6. Personal loans
Lenders offer many types of , including secured loans that are backed by collateral, and unsecure loans that aren't. Certain types of loans come with fixed rates which means you pay the same amount every monthly until your loan is fully paid back Some lenders provide variable rates, which means your monthly payments may change in time. Rates generally vary between 5% and 36 percent.
While the interest rate isn't too high, it can be lower than a cash advance, especially after you consider the other cost involved in the process that is usually a flat fee or a percentage of the amount you withdraw.
7. Alternative 'quick cash' options
If you're in a pressing financial situation and require more urgent funds, there are some fast methods to help you get your finances in order:
Pay your rewards in cash If you have a credit card with a cash-back rewards program it is possible to redeem your rewards for an amount of money.
Ask for an advance on your pay check: While an advance of cash on your credit card could be risky and expensive, asking your employer for an advance of your pay could be a way to cover your financial needs, without paying any charges or fees.
Get help from local sources Local organizations often provide financial aid to those who are facing difficult times. Local organizations that can typically help comprise religious institutions, nonprofit groups, or community centers.
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Authors' Bios Kimberly Palmer is a personal finance expert at NerdWallet. She has been featured in the "Today" show as well as in The New York Times.
Funto Omojola is the auto loans writer for NerdWallet. The work she writes for has been featured on MarketWatch, Yahoo Finance and Nasdaq.
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