THINKING OF A CREDIT CARD CASH ADVANCE? THINK AGAIN.
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Why You Should Lower Cash Advance Limits
If you're meeting minimum spend on a new card, I recommend lowering your cash advance limits in case the purchases code incorrectly. [ Blog Post ] ...
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.
As with the remaining picks on our list, the Discover it® cards charge a cash advance fee of $10 or 5% of the advance, whichever is greater. Discover’s range of cards also have a comparable cash advance APR.
Pentagon Federal Credit Union, commonly known as PenFed, offers five different credit cards with no cash advance fees. None of them charge a foreign transaction fee, and all interest rates are the same for purchases and cash advances.
A cash advance lets you take money out of the machine with your credit card just like you do with your ATM card, when you withdraw your own money. However, this type of transaction will show up as a charge on your credit card statement for you to pay off in the future.
This card offers a low APR of 8.25% for cash advances made with the card, with a $3 cash advance fee. When compared to other credit cards, this is one of the least expensive options for cash advances.