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7 Alternatives for Credit Card Cash Advances
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7 Alternatives to Credit Card Cash Advances
Cash advances are expensive. They're an option if you're stuck, but take a look at your options first.
Written by Kimberly Palmer Senior Writer/Spokesperson | Personal finance, budgeting family finances Kimberly Palmer is a personal expert in finance at NerdWallet. She is also the author of three books on finances "Smart mom, Rich Mom," "The Economy of You" and "Generation Earn." Kimberly's writing also is published on .
as well as Funto Omojola as Lead Writer Auto loans Credit cards Funto Omojola started the writing process for NerdWallet in the year 2020. Prior to joining NerdWallet, she covered personal finance-related topics for financial organizations and websites and has over 5 years experience in writing about money. Her writing has appeared in MarketWatch, Yahoo Finance, Realtor.com, New York Post as well as Nasdaq among others. Funto earned an undergraduate degree in global and international studies as well as she also holds an MFA from Bard College. She is located within Brooklyn, New York.
Updated Feb 9, 2023 4:56PM PST
Edited by Erica Corbin Assistant Assigning Editor Erica Corbin joined NerdWallet in 2020 as an assistant editor assigned to the large. She was previously a writer and editor of material for companies like GOBankingRates as well as Nasdaq. The work she wrote was published on USA Today, Yahoo Finance, MSN and more. She has also been editor and freelance writer for over a decade , working for various clients and publications across industries, with particular focus on entertainment-related reporting. Erica is of the opinion that money like most topics, is best discussed with understanding, transparency and a healthy dose of humor.
A majority of the products featured here are provided by our partners, who pay us. This impacts the types of products we review and where and how the product appears on the page. But, it doesn't influence our evaluations. Our opinions are entirely our own. Here's a list of and .
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A credit card on your credit card can sound appealing. You have easy access to money, which you might need to buy grocery items, or even pay for rent.
However, there are a number of negatives with cash advances, like fees that tend to be high , and the interest starts growing instantly. There's usually a limit on the amount you are able to withdraw, and generally it's much lower than your card's overall credit limit.
They may be a feasible optionthey are a better choice over, for instance, taking out a -- cash advances should be considered only as a last resort when you're facing financial hardship.
Before you take one of these out, think about these options:
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1. Low-interest or 0% introduction APR credit cards
Some credit cards offer 0 percent intro APR for purchases, which means you can use them to finance your purchase of grocery items as well as other essentials , without paying interest upfront. Of course, you'll have to pay back the loan however, you'll be given the time -- often ranging between six months and nearly two years to pay back the loan in full before the interest begins to accrue.
For instance, with the that you are able to take advantage of a two-year break from interest. It offers an APR that is 0% at the beginning on purchases of for up to 21 months, and the option of a zero-introductory APR for Balance Transfers of up to 21 months after the date of account opening for qualifying balance transfers. Then, the current APR of 17.74%-29.74 percent variable APR .
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2. The credit card loan programs
Some credit card issuers provide loans to existing customers that, among other things, allow them to pay certain purchase off over time, and for an amount. Examples of this are and features.
Similarly, Citi offers a and Chase has . These programs let customers take out loans at a lower interest rate than they get with the cash advance, and also to repay it over time.
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3. Third-party payment services
If you need to buy sometime before the next pay day, you might consider a service like to tackle some bills. It allows you to utilize a credit card cover expenses that often aren't otherwise payable in this way, such as utility bills, rent and day care. With a 2.9 per cent service fee, Plastiq will charge your card for the bill, pay a check to the vendor under your name and then mail it to them.
If you are able to pay the debt in a short time and, ideally not having to carry it over to the next month, and then being hit with your credit card's double-digit interest rate , an 2.9 per cent convenience fee might be worth it and could be cheaper than alternatives. If you use a rewards credit card to pay for the cost, it could aid in paying for the initial cost.
4. Pay now, buy later for services
It's often not practical to pay a huge amount of cash at one time, no matter if you're cash-strapped or not. Providers, such as Affirm, Afterpay and Klarna permit users to break up purchases into small installments which you pay over time -- typically anything from 3 to twelve months.
While certain BNPL choices come with charges and interest rates which can be expensive however, if you're able to pay the bill in an extremely short time they may offer greater flexibility in financial aid.
It is crucial to remember it is important to note that BNPL is only available through particular merchants. This means that if you need cash fast for rent or groceries such as, for example it is unlikely that the service will offer you the assistance you need.
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5. Credit card choices that are flexible
There are that can offer flexible and less costly financing options than cash advances. For instance, the zero annual-fee permits customers to dip into their credit limit for personal loans. Customers can pay back the amount borrowed in equal monthly installments using a fixed interest rate and the cash advance fee is 5%. fee.
Alternative credit cards are typically more accessible to people who might not be able to qualify for credit cards that are more conventional. That's because many of them do not rely on standard credit scoring models for determining eligibility. These cards comprise the (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. Some come with fixed rates, meaning that you pay the same amount every monthly until your loan is paid off, while others have variable rates. This means that your monthly payments may change as time passes. 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 making one, which is typically an upfront fee or percentage of the amount withdrawn.
7. Alternative 'quick cash' options
If you're faced with a difficult financial circumstance and need urgent funds, there are several quick and easy methods to help you get your finances in order:
Pay your rewards in cash: If you hold credit cards that have an incentive program for cash-back, you might be able redeem your rewards to a good chunk of change.
You can request an advance from your pay check: While a cash advance to your credit card may be risky and expensive, soliciting your employer to grant a cash advance on your pay can be a way to cover your financial requirements without paying any charges or fees.
Get help from local sources Local organizations often provide financial assistance for those facing hardships. Local organizations that can typically assist you could comprise religious institutions, nonprofit organizations and community centres.
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The authors' bios: Kimberly Palmer is a personal finance expert at NerdWallet. She has been featured in the "Today" show as well as the pages of The New York Times.
Funto Omojola is Auto loans writer at NerdWallet. Her work has been featured in MarketWatch, Yahoo Finance and Nasdaq.
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