Best Credit Card for Cash Advance Options

If you're looking for a credit card with great cash advance options, consider the Bank of America Cash Rewards credit card. It offers a 0% introductory APR for 12 billing cycles, giving you time to pay off your balance without incurring interest charges.

The Bank of America Cash Rewards credit card also has a low balance transfer fee of 3% of the amount transferred or $10, whichever is greater. This fee is lower than many other credit cards on the market.

This card also offers a generous cash rewards program, earning 3% cash back on gas and 2% cash back at grocery stores and wholesale clubs. These rewards can be redeemed for cash or used to pay off your balance.

With a credit limit of up to $5,000, you'll have access to a significant amount of cash when you need it.

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A cash advance is a transaction that allows you to withdraw money from a credit card, essentially using your card to purchase cash.

You can use a cash advance to ensure you have money when you need it, but be aware that requesting one can cost you a cash advance fee at the ATM.

Cash advance interest rates are typically between 20-25 percent APR, and there's no grace period to pay off your balance without getting charged interest.

This means that cash advance APR will kick in immediately, starting to accrue interest right away.

The longer you keep a cash advance on your credit card without paying it off, the more you risk racking up high-interest credit card debt.

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Credit cards come in various types, each with its own set of features and benefits. Some types of credit cards include cash back cards, rewards cards, and travel cards.

Cash back cards offer a percentage of your purchases back as a credit on your statement, such as the Discover it Cash Back card, which offers 5% cash back on various categories throughout the year.

Rewards cards, on the other hand, offer points or miles that can be redeemed for travel, merchandise, or other rewards. For example, the Chase Sapphire Preferred card offers 2X points on travel and dining purchases.

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A credit card limit is the maximum amount you can charge on your credit card. This limit can vary significantly from one card to another.

Some credit cards have a fixed limit, while others may have a variable limit that can change over time.

A credit card cash advance limit is the maximum amount you can withdraw from the card's full credit line as a cash advance.

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If you're looking for credit cards with large cash advance limits, you might want to consider a PLOC (Personal Line of Credit) or CLOC (Credit Line of Credit) instead.

Many credit unions allow the full credit line for cash advances, which can be a significant advantage. For example, the author mentions that their NFCU cards are only about 30% of the credit limit, but cards from PenFed, NASA FCU, and BECU allow the full amount.

BOA cards have a cash advance limit of $30,000, but these limits can be raised by calling the bank. Some credit unions, like PSECU, allow you to take out up to your full credit limit.

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If you need to withdraw cash in large amounts, consider credit cards from credit unions, which often offer no-fee, low-interest, non-rewards platinum cards. Examples include the NFCU Platinum, PenFed Promise, and Digital Credit Union Platinum.

Some credit unions, like PSECU, allow you to take out up to your full credit limit, while others, like BOA, have an artificial cap that can be raised by calling the bank.

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Cash advances may not directly hurt your credit score, as they're not listed on your credit report. But they can indirectly hurt your credit if they lead to missed payments or high credit utilization, just like any other credit card transaction.

Expensive interest and fees can add up quickly, which may make it harder to pay back what you owe. This can lead to a higher debt-to-income ratio, negatively impacting your credit score.

There are some credit cards that have no cash advance fees and low APRs, like the PenFed Platinum Rewards card, which has a 0% cash advance fee and a cash advance APR of 17.99%.

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Making an advance payment is a breeze with this card. You can access funds at your convenience through the Mobile App, Member Access, or in person at a local branch or CashPoints ATM.

To get started, you can open the Mobile App and advance funds from the Actions tab. This is a convenient option for those who prefer to manage their finances on-the-go.

Alternatively, you can sign in to Member Access and advance funds from the Move Money tab. This is a great option for those who prefer to access their account information online.

If you'd rather not use digital methods, you can visit your local branch or use a CashPoints ATM to advance funds in person. This is a good option for those who prefer face-to-face interactions or need assistance with the process.

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You'll need to read the fine print in your card's terms and conditions to find out the exact cash advance fee you'll be charged.

The fee varies by issuer, so it's essential to check your card agreement carefully to understand the costs involved.

Every time you use a credit card at an ATM, you'll be charged a cash advance fee on top of the already high ATM fees.

This extra expense is something you should try to avoid whenever possible, as it can add up quickly.

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Interest rates can be a major factor in cash advance fees, with some cards charging as high as 25.99% APR. This means that if you take out a $1,000 cash advance, you'll be charged $259.90 in interest alone over a year.

Cash advance fees can also add up quickly, with some cards charging a flat fee of $5 or $10 per transaction. This can be a significant expense, especially if you're using your card to cover unexpected expenses.

High interest rates and fees can lead to a cycle of debt, where you're paying more and more to borrow money. This is why it's essential to carefully consider the terms of your cash advance before taking it out.

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Some cards offer more favorable terms than others, with lower interest rates and fees. For example, the Discover it Cash Back card offers a 0% intro APR for 14 months on balance transfers, which can help you avoid interest charges.

However, even with more favorable terms, cash advances should be used sparingly and only for true emergencies. It's always best to explore other options, such as a personal loan or a credit card with a 0% APR promotion, before resorting to a cash advance.

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