THINKING OF A CREDIT CARD CASH ADVANCE? THINK AGAIN.
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What is the Cash Advance Credit Line? - Credit Card Insider
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Most credit card issuers charge either a flat fee or a percentage of the cash advance amount, whichever is greater. For example, a typical cash advance fee is the greater of $10 or 5%. So, if you take out a cash advance of $100 under these terms, your cash advance fee would be $10 since 5% of $100 is only $5.
A credit card cash advance is a withdrawal of cash from your credit card account. Essentially, you’re borrowing against your credit card to put cash in your pocket. However, there are costs to taking a credit card cash advance and, in some cases, limits on the amount you can withdraw.
CapEd Federal Credit Union offers one card with no cash advance fees. It also carries the same interest rate for purchases and cash advances, but does have a foreign transaction fee that varies depending on if the transaction is in USD or requires conversion into a foreign currency.
For the most part, the only way to avoid paying cash advance fees is to go through a local credit union that provides no-fee credit cards, as cards issued by major banks all have cash advance fees.
The Simmons Bank Visa® Platinum Credit Card offers a variable APR of 13.25% for cash advances made with the card. The cash advance fee is 3% of the advance, with a maximum fee of $50. The APR for purchases and balance transfers is also among the lowest at 9.25% variable APR.