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Cash Advances Are Still a Pain But you can get a credit Card Loan? Maybe Less So Advertiser disclosure You’re our first priority. Each day. We believe everyone should be able to make financial decisions with confidence. Although our website does not feature every company or financial product that is available We’re pleased of the advice we offer, the information we provide as well as the tools we design are objective, independent, straightforward — and cost-free. How do we earn money? Our partners compensate us. This could influence the types of products we review and write about (and where they are featured on the site), but it does not affect our advice or suggestions that are based on hundreds of hours of study. Our partners do not be paid to ensure positive reviews of their products or services. . Cash Advances Still Sting however, what about a Credit Card Loan? Maybe Less So Alternatives for borrowing against your credit limit- if your card offers such features — can cost less than using the ATM with your card for fast cash. This article was written by Sara Rathner Senior Writer/Spokesperson | Credit cards, travel rewards, debt payment Sara Rathner is a NerdWallet travel and credit cards expert. She has been featured in the “Today” show, as well as the CNBC’s “Nightly Business Report,” she has also been featured by The New York Times, The Washington Post, The Wall Street Journal, Yahoo Finance, Time, Reuters, NBC News, Business Insider and MarketWatch. Before joining NerdWallet, Sara worked at The Motley Fool for nearly 10 years. She also worked as an independent personal finance writer and paraplanner and has earned a bachelor’s degree in journalism in journalism from Northwestern University. Feb 7, 2023 Edited By Kenley Young Assigning Editor | Credit cards, credit scores Kenley Young directs daily credit cards coverage for NerdWallet. Before that, he was a web editor and digital content producer for Fox Sports, and before that a front page editor at Yahoo. He has decades of experience in digital and print media, with stints as an editor at the copy desk, a wire editor and a metro editor at The McClatchy newspaper chain. Email:

. Many or all of the products we feature are made by our partners, who pay us. This influences which products we feature and where and how the product appears on a page. But, it doesn’t influence our evaluations. Our opinions are our own. Here is a list of and . If you’re not able to have the funds in your account at the bank to cover unexpected expenses it is a way to gain access to needed funds — but there are some serious drawbacks. You’ll be on the hook for cash advance and ATM fees, along with interest that begins to accrue the moment you get the money. The interest rate: According to data from the Federal Reserve of St. Louis the average APRs for cards that charge interest exceeded 20.4% in November 2022. This is already quite high and in many instances the rates of interest specifically for cash advances are even more expensive than the average. So this cash advance is going to cost you. But, there are alternatives that are less costly due to credit card loan programs that allow you to use your current credit limit. This is what you’re doing when you request a traditional cash advance. But unlike a cash advance, these newer loan programs have several benefits: A fixed interest rate for the life for the loan. There is no additional loan form or credit check is required. In many cases, there are no charges, beyond your interest payments (or any late payment that could be due). A clear process that lets you know the options you’re entitled to and what the cost per month of each option is. Innovative ways to take advantage of your credit limit to borrow Among major lenders, both Chase and Citi offer these types of loans to cardholders who meet certain criteria. You can check out what you might possibly qualify for, by logging into your account online or through either the Chase or Citi applications. The My Chase Loan allows you to get a loan up to $500. You’ll have the choice of a variety of payment plans with different terms. For example, you might have the option of choosing something like a six-month or 12-month plan, potentially with a lower APR (think single digits) than your card’s ongoing variable rate for purchases. (Your rate and terms will vary based on your creditworthiness.) Also, you’ll be able to see what the monthly payment would be for every loan option. The loan payment will be added to your credit card minimum payment each month until you’ve paid the loan off. There’s no penalty if opt to pay off your loan in advance. Conditions apply. Citi Flex Loan A operates similarly: Borrow a minimum of $500 with a fixed APR for a set duration. You can choose between loans that are of various sizes and lengths. Additionally, you’ll know the monthly amount that your payment will be in accordance with the terms you select. Your payment will be included in your minimum credit card payment every month. The terms and conditions apply. Beyond the scope of these loan programs from big companies, you might have other options. For example, hybrid products from a startup called Upgrade can be used to purchase items, just as you would do with a traditional credit card, however you pay for your purchase in fixed installments at an APR that is fixed, just like an individual loan. You can also take out a loan against your credit limit by requesting cash be deposited into your account. The APR and the terms can vary, but it could still be much less expensive than cash advances. There are some potential drawbacks. Both loan programs allow quick access to cash at a cost lower than a cash advance However, there could be disadvantages. You won’t receive cash in hand immediately. When you take out a My Chase Loan the borrowed money may take one to two days to be directly transferred to your bank account. Citi Flex Loans can also be accessed via direct deposits, which takes as little as a day of business or mail-in check, which takes however long the postage takes. Interest rates may not be competitive with personal loans. If you meet the criteria for, you could be eligible for lower interest rates on other types of loans (though for personal loan, you do need to make an application and pass the credit screening). If you have a little more time to look around, it could be worth looking into other ways to obtain the cash you require. It’s still a possibility to pay interest. If you require money to pay for upcoming purchases, there are other possible payment options charging no interest, although you might be charged a fee. Options to think about if you’re planning on making costly purchases on the horizon, there are ways to use credit cards to delay interest payments or divide payments: A -like plan using your credit card- like My Chase Plan or Citi Flex Pay lets you to split a larger charge into monthly installments that can be added to the credit card bill. With Chase plans, you’ll pay an annual fee that is fixed for the plan, while with Citi’s you’ll pay interest. Other major issuers also offer different versions of these plans. If you decide to join an installment plan with your credit card, or the purchase now from a third-party pay later option, be sure to be cautious. A report released in September 2022 by the Consumer Financial Protection Bureau identifies risky and costly plans, such as the possibility of spending more and the possibility of not being able to afford payments if you stack more than one loans at the same time. Credit cards that offer zero-interest promotion for new purchases could give you up to a year, dependent on the card that you use to pay off a amount of debt interest-free. But be aware that if have any remaining debt when the promotion ends, you’ll begin to be subject to the usual interest rate. About the author: Sara Rathner is a NerdWallet travel and credit cards expert. She has been featured as a guest on “Today” talk show as well as Nasdaq as well as CNBC’s “Nightly Business Report.” On a similar note… Choose the perfect credit card for you. If you’re looking to save money on interest charges or earn rewards, the right card’s available. Just answer a few inquiries and we’ll be able to narrow the results for you. Explore even more in credit Cards Discover more intelligent money moves delivered directly to your inbox Sign up and we’ll send you Nerdy articles about the financial topics that are important to you and other strategies to get more from your money. 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