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Credit Cards with No Cash Advance Charge

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Credit Cards That Do Not Require Cash Advance Charge

Most cards charge an upfront fee for advances and immediately charge steep interest. Some cards, however, have no charge.

Written by Anisha Sekar Anisha is a former personal finance journalist for NerdWallet. She has worked for Silicon Valley startups as well as in the public sector. She has contributed to publications including Technorati as well as Women Grow Business. She studied applied mathematics and economics in Brown University.

Jun 1, 2022

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If you’re in a difficult situation, this could be a useful (if expensive) method to obtain quick cash. However, this can be an expensive proposition, for three reasons:

Cash advance charges. These may be a flat rate of around $5 or $10 per cash advance or up to five percent of the sum advanced. It could be a percentage of an amount that is minimum in dollarsfor example, 10% or 3, whichever is greater.

ATM or bank charges. These are imposed through the institution that handles the transaction, which is the owner of the ATM or the bank through which you get your cash advance.

Interest. Some credit cards charge a higher interest rate on cash advances than for purchases. There’s also no limit rate, which means that interest starts to accrue from the time you receive the cash.

There aren’t many credit card which don’t charge cash advances charges, but they are available. Certain cards also charge the same APR for advances and purchase, and this is advantageous because they’ll still be charging interest on your cash advance as soon as it is made. If you need the cash advance now, then a card that has these features will certainly be a better deal But remember, it is a strategy of last option. Before taking your card into an ATM, think about alternatives to cash advances, such as cards that provide the ability to , or .

Here are a few options for credit cards that do not charge a cash advance fee.

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PenFed Platinum Rewards Visa Signature(r) Card

The NerdWallet ratings are based on the work of the editorial staff. The scoring formula takes into account the nature of the card being reviewed (such as cash back, travel or balance transfer) as well as the card’s rate, fees, rewards and other features.

The card does not charge an advance fee for cash, but it will be charged the highest interest rate. Otherwise, the $0 -annual-fee card boasts a sign-up bonus and impressive ongoing rewards:

5 points per $1 for gas at the pump, and chargers for electric vehicles.

3 points for every $1 you spend on supermarket purchases, restaurants and dining, plus TV as well as radio, cable and other streaming service.

1 point per $1 on all other purchases.

There are some drawbacks. Points can be redeemed for travel gifts, gift cards, and other items, but not cash or cash back. The card needs excellent credit to be eligible. Additionally, you have to sign up with PenFed to be eligible to apply for the PenFed Platinum Rewards Visa Signature(r) Card . This isn’t too difficult, but it does come with an extra hurdle. For joining, you must create a savings account at PenFed with a deposit of just $5.

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Chime Credit Builder Visa Secured Credit Card

The is another possibility for those who want to increase their credit score, and it functions differently from more conventional credit cards. As opposed to a deposit you use the card conjunction with the Chime Spending Account, which you open first.

Then, you transfer money from your Spending Account into Your Credit Builder secured account, which essentially allows you to set up a budget for your credit card purchases. When your bill is due, the funds are withdrawn from that Credit Builder secured account. The credit card does not charge interest since it makes it not possible to make purchases that exceed what you have deposited in the bank account.

You are able to use Chime Credit Builder Chime Credit Builder Visa Secured Credit Card at any ATM without having to pay interest. If you make use of an in-network ATM, you won’t be charged any fees. There are ATMs that are in-network in your area on Chime. Chime app.

Nerdy Tip

On July 6, 2021, the nonprofit news organization ProPublica revealed that a number of Chime customers had their accounts shut down without notice, leaving them with no access to funds. In the ProPublica report, Chime said many account closings were related to fraud, but the company admitted that some closures were errors. If your account is shut down by Chime or another neobank without notice, you can possibly rectify the situation. Make contact with the neobank and explaining the situation. If you’re not assisted by the neobank, you may submit a complaint to the Consumer Financial Protection Bureau.

DCU Visa(r) Platinum Secured Credit Card

NerdWallet’s ratings are determined by our editorial team. The scoring formula is based on the type of card being reviewed (such such as cashback, travel or balance transfer) and the card’s rates as well as fees, rewards, and other features.

The deals include without a cash advance fee, with the same rate on cash advances as the charges on purchases. ( The current APR is 15.25% Variable .) It is a great option for people who are looking to build their credit. It is a no-cost annual fee, but it provides no rewards on a regular basis and is required to make a minimum Security deposit. This is a lot compared to other .

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Prosper Card

Prosper Card Prosper Card is an for people who are working on developing credit. It charges a $39 annual fee, which is waived for the first year when you opt for autopay before you get your first statement. The card can be used at ATMs where Mastercard is accepted. Prosper does not charge you any ATM fees. However, you could be charged fees from the owner of the ATM and you’ll be charged the highest interest rate.

There’s no sign-up bonus or rewards that are ongoing, however Prosper will review your account once every three months to determine if you are eligible for an increase in credit limit.

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About the author: Anisha Sekar is a former personal finance writer for NerdWallet. She has worked with Silicon Valley startups and in the public sector. She completed her applied maths and economics at Brown University.

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