The Best Cash Advance Credit Cards

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by parag
Last Updated: July 11th, 2016
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KEYWORDS:#credit cards #tips #rewards #cash back
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If you’re in a financial bind and need cash, cash advance credit cards can be a good temporary solution. The problem is that taking out a cash advance on a credit card comes with some expenses you don’t incur when making a purchase on a credit card.

Many cards come with a cash advance fee and a higher APR on the advance than there is on a purchase. In most cases, the interest starts accruing the same day that you take out the advance. You don’t have the grace period (usually around 25 days) for the interest to kick in that you have on purchases.

That said, taking out a cash advance against a credit card is still a better option than something like a pay day loan and there are some cards that don’t charge the usual fees associated with a cash advance. We read the fine print for you and found the best cash advance credit cards.

 

Barclay Ring MasterCard

Cash Advance Transaction Fee: The fee to take a cash advance is a flat $3. 

APR: The APR on cash advances is a variable 8.25%.  

Fees: There is no annual fee and the APR for purchases is the same as for cash advances, a variable 8.25%. There is no foreign transaction fee. 

Features: This card rewards good performance, paying on time, paying your balance in full each month, through their Giveback program. It gives cash back when you use the card responsibly. 

Credit Score: You need an “Excellent” score to be approved for this card, a score above 720.

 

Simmons Visa Platinum Card

Cash Advance Transaction Fee: The fee to take a cash advance is 3% of the amount being advanced with a maximum fee of $50. 

APR: The APR on cash advances is a variable 11.50%.  

Fees: There is no annual fee and the APR for purchases is the same as for cash advances, a variable 11.50%. There is a foreign transaction fee of 2% which is lower than most as they tend to be 3%. 

Features: This card provides up to $1 million in travel accident protection.  

Credit Score: You need an “Excellent” score to be approved for this card, a score above 720.

 

Simplicity By Citi

Cash Advance Transaction Fee: The fee to take a cash advance is $10 or 5% of the cash advance amount, whichever is greater. 

APR: The APR on cash advances is a variable 13.24-23.24%.  

Fees: There is no annual fee and the APR for purchases is the same as for cash advances, a variable 13.24-23.24%. There is a foreign transaction fee of 3%.

Features: This card has no fee for late payments.  

Credit Score: You need an “Excellent” score to be approved for this card, a score above 720.

 

First Command Bank Platinum Visa Card

Cash Advance Transaction Fee: The fee to take a cash advance is 2% of the requested advance amount, with a minimum charge of $2 and a maximum charge of $75.

APR: The APR on cash advances is a variable 8.50%. 

Fees: There is no annual fee and the APR for purchases is the same as for cash advances, a variable 8.5%. 

Features: This card has rewards which is unusual for cash advance cards. Through the Free ScoreCard rewards program you can earn points that can redeemed for airline travel, hotel stays, vacation packages, cruises, rental cars, gift cards and merchandise. 

Credit Score: You need an “Excellent” score to be approved for this card, a score above 720.

 

PenFed Promise Visa

This card is issued by a credit union which means you have to be a member to apply. But there are several ways you can qualify. You are eligible if you’re a member of the US military or Uniformed Services, are related to a member, an employee of the US government, or you can join the National Military Family Organization or Voices for American Troops.

This might sound like a hassle but the card has very good terms so if you need cash advances from time to time, it’s well worth it.

Cash Advance Transaction Fee: There is no cash advance fee for this card!

APR: The APR on cash advances is a variable 10.24%. 

Fees: There is no annual fee or foreign transaction fee and the APR for purchases is the same as for cash advances, a variable 10.24%. 

Features: This card has a sign up bonus which is unusual for low cash advance fee cards. You will receive a $100 statement credit after spending $1,500 in the first 90 days. 

Credit Score: You need a “Good” score to be approved for this card, a score above 680.

 

First Option Visa Platinum Preferred

Cash Advance Transaction Fee: The fee to take a cash advance is 2% of the requested advance amount or $5, whichever is greater.

APR: The APR on cash advances is a variable 18%.

Fees: There is no annual fee and a foreign transaction fee of 2%. The APR for purchases is a variable 9.17%.

Features: This card has also lets you earn rewards points. You get 1 point for every $1 spent, there are no categories, and you can redeem your points for gifts and travel packages. 

Credit Score: You need an “Good” score to be approved for this card, a score above 680.

 

So What’s The Verdict?

We know it’s fun to get rewards and points when you get a new credit card and some of these cards offer that but if you need a cash advance, the only thing you should be concerned with is finding the card with the lowest fees for cash advances.

So this one was easy; the Barclay Ring MasterCard is the clear winner. It has a flat fee of $3 no matter how big a cash advance you’re taking and the lowest APR. It’s variable so it can be as low as 8.25% but may go up in the future. 

Taking out a cash advance is a stop gap solution but choosing the best card can make it easier to make your payments when things are better financially. 

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