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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ISU Credit Union offers two cards that have zero cash advance fees. Interest rates on cash advances are higher than those on regular purchases for the first year only, and there is a foreign transaction fee of 1%.
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.
Unlike with credit card purchases, cash advances don't have a grace period. Interest starts accumulating immediately after you get the cash. Most credit cards charge cash advance fees (2% to 5% of the transaction is typical). You usually have a lower limit for cash advances than purchases.
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.
Second, interest charges for cash advances can be considerably high – especially if your card charges a hefty interest rate to begin with. Further, many credit cards tack on a cash advance fee of $10 to $20 – and these charges are levied on top of the interest you’re paying already.