The offers described in this article have changed since it was first published, so this page is out of date. See our article “cash you need, when you need it“ for more information.
When you’re in a tough spot, a cash advance on your credit card can be a useful (albeit expensive) way to get cash fast. This is usually an expensive proposition. Fortunately, there are some credit cards that ease the burden by offering no cash advance fees as well as the same APR on advances as on purchases. If you need an advance this is a great deal, but remember it is a method of last resort. Almost all cash advances start earning interest the day you withdraw them, rather than after a grace period like normal purchases. This means that even if you have, say, 25 days to pay off a regular purchase with no finance charges, you’ll start paying interest on your cash advance the same day. But if you need quick cash, these are great cards to do it.
Plentiful Visa Platinum credit card
the Plentiful Visa Platinum credit card does not have a cash advance fee and does not charge a higher cash advance APR. The interest rate is quite low to begin with, so you get a really good deal. Anyone can join Fort Knox Credit Union by becoming a member of the American Consumer Council – it’s free.
PenFed Promise Visa® card
the PenFed Promise Visa® card has the same APR for cash advances as regular purchases. It also has no balance transfer fees, no APR penalties, and no foreign transaction fees. You’ll need to join the Pentagon’s Federal Credit Union to get the card, but it’s pretty straightforward – you automatically enter if you or a family member works in the United States Military or Department of Defense. Alternatively, you can make a one-time donation of $ 15 to Voices for America’s Troops, a non-profit organization. the PenFed Promise Visa® card is a bit easier to qualify than other PenFed cards, and its low rate makes it ideal for someone with a balance.
The bottom line
In case you need quick cash, these credit cards have the best to offer on cash advances. With no additional up-front charges or a higher APR for cash advances, you can receive the money and repay it just like you would any other credit card debit. Remember: you start earning interest the day you withdraw the advance, so pay it back quickly.