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Credit Cards With No Cash Advance Charge
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Credit Cards with No Cash Advance Fee
Most cards charge an upfront fee for advances and immediately charge steep interest. But a few cards have no fees.
by Anisha Sekar Anisha is a former personal finance journalist for NerdWallet. She has worked with Silicon Valley startups as well as the public sector and has contributed to publications like Technorati along with Women Grow Business. She studied applied mathematics and economics at Brown University.
Updated June 1st, 2022 at 1:54PM PDT
A majority of the products featured here are provided by our partners who compensate us. This influences which products we review and where and how the product is displayed on a page. However, this does not influence our evaluations. Our opinions are our own. Here's a list and .
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In a dire situation, this could be a useful (if costly) way to get fast cash. But this is usually an expensive proposition, for three reasons:
Cash advance fees. This could be a flat rate of around $5 or $10 for cash advances, or as much as 5percent of the amount advanced. Sometimes it's a percentage with a minimum dollar amount -like the equivalent of 3% or $10 or more, whichever is higher.
Bank or ATM fees. These fees are imposed on the bank responsible for the transaction -- which is the owner of the ATM or the bank from which you can get the advance.
Interest. Some credit cards charge an interest rate that is higher when you cash out than they do for purchases. There's also no limit , meaning the interest begins to accrue the moment you receive the cash.
There aren't many credit cards that don't have cash advance fees, but they are available. Some cards also charge the same APR for advances as on transactions, making them advantageous because they still begin charging the interest for cash advances as soon as it is made. If you require to advance funds, the card that has these features is sure to be a better deal -- but remember, it is a strategy of last choice. Before taking your card into the ATM, you should consider alternative options to cash advances, like , cards that offer the capability to pay for be used for .
Here are a few choices for credit cards with no cash advance fees.
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PenFed Platinum Rewards Visa Signature(r) Card
The ratings of NerdWallet are made by our team of editors. The scoring formula is based on the nature of the card being assessed (such as cash back or balance transfer) and the card's rates, fees, rewards and other benefits.
It does not have any cash advance fees, but it will charge the card's highest rate of interest. In other words, the annual-fee-free $0 card boasts a sign-up bonus and impressive ongoing rewards:
5 points for every $1 spent for gas at the pump, and charging stations for electric vehicles.
3 points per $1 spent on groceries, dining out and dining, as well as television, radio, cable as well as other streaming and TV services.
1 point for $1 spent on other purchases.
There are a few drawbacks. Points can be used to purchase gift cards, travel and other merchandise, but not cash returned. The card requires good credit to be eligible. Additionally, you have to sign up with PenFed to be qualified to apply for this card. PenFed Platinum Rewards Visa Signature(r) Card . This isn't difficult but does present an additional obstacle. For joining, you must create a savings account at PenFed with a $5 minimum deposit.
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Chime Credit Builder Visa Secured Credit Card
This is a different option for those wanting to increase their credit score, and it functions differently from more traditional credit cards. As opposed to a deposit you can use the card in tandem with a Chime Spending Account that you first open.
From there, you move funds from your Spending Account and into the Credit Builder secured account, which essentially lets you set up an annual budget for credit card spending. When your bill has been paid, funds are taken out of the Credit Builder secured account. It does not charge any interest since it makes it not possible to make purchases that exceed the amount you moved in the bank account.
You can use the Chime Credit Builder Visa Secured Credit Card at any ATM, without paying interest. If you use an in-network ATM there is no need to be charged for fees either. You can find in-network ATMs within your region within Chime. Chime app.
Nerdy Tip
On July 6 2021, the non-profit news outlet ProPublica revealed that a number of Chime customers' accounts were shut down without notice, leaving them with no access to funds. In the ProPublica report, Chime claimed that many closures were linked to fraud, however it also acknowledged that some of the closures were mistaken. If your account has been shut down by Chime or another neobank without notice, there are to be a possibility of resolving the issue. Make contact with the neobank directly to discuss the situation. And, if you aren't supported by the neobank You can submit a complaint to the Consumer Financial Protection Bureau.
DCU Visa(r) Platinum Secured Credit Card
The NerdWallet ratings are based on the work of the editorial staff. The scoring algorithm takes into consideration the kind of card being evaluated (such as cash back, travel or balance transfer) and also the card's rates, fees, rewards and other features.
The offer includes no cash advance fee with the same rate for advances in cash as it charges for purchases. ( The ongoing APR is 16.00 percent variable .) It is an option for applicants who want to build their credit. It charges a $0 annual fee, but it provides no reward on an ongoing basis. It also is required to make a $500 minimum amount of security, which can be high when compared with other .
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Prosper Card
Prosper Card Prosper Card is an for those who are building credit. It is charged a $39 annual fee, which is waived for the first year if you opt for autopay before you get your first statement. The card is accepted at ATMs in which Mastercard is accepted, and Prosper will not charge any ATM fees. However, you could be charged fees by the ATM's owner, as well as being charged at the card's maximum interest rate.
There is no sign-up bonus or ongoing rewards, but Prosper will check your account each three months to determine whether you are eligible for an increase in credit limit.
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About the author: Anisha Sekar is a former personal finance writer at NerdWallet. She worked for Silicon Valley startups and in the public sector. She studied applied mathematics and economics in Brown University.
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