Card Issuers Are Offering Cheaper Methods to Access Your Credit Line. Advertiser disclosure: You’re our first priority. Every day. We believe that every person should be able to make financial decisions with confidence. And while our site doesn’t feature every company or financial product that is available, we’re proud that the guidance we offer, the information we provide and the tools we create are objective, independent easy to use and completely free. So how do we earn money? Our partners compensate us. This could influence the types of products we write about (and the way they appear on our website) However, it in no way affects our suggestions or recommendations which are based on many hours of study. Our partners cannot pay us to guarantee favorable ratings of their goods or services. . Card Issuers are Offering Less Expensive Ways to Access Your Credit Line Costly cash advances are no longer the sole method to tap into your available credit. But there are drawbacks to consider. Written by Melissa Lambarena Lead Writer | Credit cards and credit cards, Melissa Lambarena is a lead writer on the credit cards team at NerdWallet. She has been enthusiastically covering credit card related topics for more than six years. Her previous experience spans nine years of experience as the creator of content for various publications and websites. In her writing, she strives to help readers extract the value of credit cards to help them achieve financial goals such as increasing their budget, establishing credit, exploring places of their dreams and paying off debt. She explores these topics along with others in the Millennial Money column featured in The Associated Press. Her work has also appeared within The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa has a bachelor’s level degree in sociology at The University of California, Los Angeles. December 1, 2022 edited By Kenley Young as the editor assigned to NerdWallet. Credit score, credit cards Kenley Young directs daily coverage of credit cards for NerdWallet. Prior to that, he worked as an editor on the homepage as well as a digital content producer at Fox Sports, and before that a front page editor at Yahoo. He has a wealth of experience in digital and print media, including times as a copy desk chief as well as a wire editor as well as an editor in the metro area at the McClatchy newspapers chain. Email:

. Many or all of the products featured here are from our partners who compensate us. This impacts the types of products we review as well as the place and way the product is featured on the page. But, it doesn’t affect our assessments. Our opinions are entirely our own. Here is a list of and . Credit cards can be a great option to pay for something, but historically they’ve lacked the flexibility or affordability to use your credit line for other purchases. In the past, the few other options to tap your credit line to make purchases has been the use of a loan, which typically comes with a sky-high cost of interest and high charges. If your financial situation is already in bad shape, this kind of expensive short-term loan could make things worse. But lately, more convenient and less expensive options are popping up. In the past few years each of the major credit card companies and startups have come up with products and features that make it easier -and less expensive to draw on your credit card to pay an acquaintance, make large purchases at lower costs, pay off a bill you can’t normally pay with a card, or even get cash deposited to your bank account. Read more: Less hassle payments through peer-to peer these days? Maybe you’re just short of money for your check for dinner? Consider using a feature like American Express’s which was launched in November of 2020 and available on qualified cards on AmEx’s mobile apps. The “Send” component of this feature lets you use your AmEx card to make payments to other individuals through or but without incurring the transaction fees that would normally be charged on credit cards that are used for these on the platforms- typically, about 3%. Terms apply, including limits on the amount you can transfer, and these transactions won’t be eligible for rewards. However, it could be a perfect option for sharing the cost of food, gifts or even more. “We’ve certainly seen a lot of sustained users’ participation,” said Stephanie Schultz the vice director and head of new strategic alliances for American Express. “One of the common categories that we’ve seen has been giving gifts, particularly over the holidays.” Things to remember When you make a charge with your credit card you’ll be required to settle the “Send” transaction at the time of your due date to avoid accruing interest. The terms and conditions apply. More Flexible financing and installment-loan options What if you want to finance a larger expenditure? Some companies and card issuers have created the possibility of turning your credit line into installment loan. Chase and Citi are two examples. They provide and , respectively, to select cardholders. They function similar to the personal loan from a bank which is deposited straight into the bank account. You’ll have a set period of time to pay back the loan by making a monthly fixed payment. The loan will be charged with interest, but potentially at a rate that’s lower than your credit card’s ongoing APR. These options make it possible to obtain an loan without a credit check that means there’s no need to create a new credit report credit check on your report. “With My Chase Loan, customers have told us that the possibility of taking an loan without a credit check or credit check, or a new credit card to maintain, and at an APR that is less than their card’s normal APR is appealing,” said a Chase spokesperson in an email. “They appreciate the convenience of knowing their monthly repayment amount and loan duration in advance, as well as the assurance that there’s no origination or early payoff fee.” If you’re looking to make a payment on a major purchase, this kind of option may be a better deal than charging it directly to your card . In addition, it will be cheaper than cash advances. Keep in mind This is because these programs are specifically designed, which means they might not be available to every person all the time. Include the possibility of impact on the utilization of your credit (and the credit score) as well as the overall cost of the loan even with a lower APR. The loan amount you are able to request will be based on your credit limit and creditworthiness. Hence, it’s still worthwhile to compare personal loan rates offered by other institutions. More Tips for Nerdy If you’re trying to split an individual purchase with a credit card into smaller chunks that you can manage You could consider the Chase My Chase Plan option or Citi’s Flex Pay feature. In the same way as the Mastercard payment service is now offering a service known as . Terms and charges could apply, however these options can make monthly payments more predictable. AmEx also has a feature that has there is a fixed monthly cost and you’ll be aware of how much you’ll pay every month. Conditions apply. Further options from start-ups, too. The startup company Upgrade provides a unique as well as flexible product — the — that incorporates elements from loans and credit cards. loans. When you use it as a credit card remaining balances are converted to installment loans. If you make it a personal loan, you can get the funds deposited into your bank account. In both cases you’ll have the option of repaying the amount with equal monthly payments, at a fixed interest rate for a specified time period. What to keep in mind: The APR you qualify for will vary, and as with other installment loan options you should check rates from other lenders, as well. >> MORE Alternatives to third-party lenders If your credit card provider doesn’t offer as much flexibility in access to your credit line, third party services could be a viable alternative. For example the service, which costs a fee, allows you to use credit cards to pay for charges that you aren’t able to pay that way, like rent, mortgage and day care, utility bills and much more. It charges your credit card through Plastiq for amounts equal to the charge (plus a 2.9 processing fee of 2.9 percent), then Plastiq pays the recipient for you. This can be a helpful option if, for instance, a bill is due today but you need some peace of mind while waiting for a paycheck to arrive. In contrast to other options, you can earn credit card rewards, which could offset some of that processing fee. The past was when Berna Anat, a San Francisco resident and content creator, made use of this method to pay for bills and earn points to take trips for a trip to New Zealand and other destinations. “I do not charge only the amount of cash I already had saved up for the month” the woman said. Keep in mind: While an 2.9% processing fee may be less than cash advances, it still can be an enormous amount of cost, particularly when it comes to larger transactions. And if you can’t afford to pay off the charge on time by the due date for your credit card then you’ll be charged interest at the rate of your credit card’s APR which can be very costly. Additionally, certain credit cards may not be compatible with bill payment providers from third-party companies. Before making a purchase, you should review the card , or ask the issuer how (or whether) it will be handled. It might be treated as an advance on cash as an example, and not than an actual purchase. More information about The author Melissa Lambarena is a credit card journalist at NerdWallet. She has had her work highlighted by The Associated Press, New York Times, Washington Post and USA Today. Similar to… Find the perfect credit card for you. If you’re looking to pay lower interest or earn more reward points, the right card is available. Simply answer a few questions and we’ll narrow your selection for you. Get even deeper into Credit Cards Discover more intelligent money moves delivered directly to your inbox Sign up and we’ll email you Nerdy posts on the topics in finance which matter to you the most and other strategies to help you make the most from your money. Make all the right money-making decisions

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