Cash Advances are still a pain However, what about you can get a credit Card Loan? Maybe Less So Advertiser disclosure You’re our first priority. Each every time. We believe everyone should be able to make financial decisions with confidence. Although our website does not feature every company or financial product available on the market however, we’re confident that the advice we provide as well as the advice we provide and the tools we create are objective, independent easy to use and cost-free. How do we earn money? Our partners compensate us. This can influence the products we write about (and where those products appear on our website), but it does not affect our advice or suggestions which are based on many hours of research. Our partners do not promise us favorable ratings of their goods or services. . Cash Advances are still an issue, but a Credit Card Loan? Perhaps, but alternatives for borrowing to your credit limitIf your card has these features, they can be less expensive than using your ATM card for fast cash. Written by Sara Rathner Senior Writer/Spokesperson | Credit cards, travel rewards, debt payment Sara Rathner is a NerdWallet travel and credit cards expert. She has been featured as a guest on “Today” show, as well as the CNBC’s “Nightly Business Report” and has been quoted in The New York Times, The Washington Post, The Wall Street Journal, Yahoo Finance, Time, Reuters, NBC News, Business Insider and MarketWatch. Prior to making the move to NerdWallet, Sara worked at The Motley Fool for nearly 10 years. She was also a freelance personal finance writer and paraplanner . She also holds earned a bachelor’s diploma in Journalism in journalism from Northwestern University. Feb 7th, 2023 Edited by Kenley Young Assigning Editor | Credit scores, credit cards Kenley Young directs daily credit cards coverage for NerdWallet. Prior to that, he worked as a web editor and digital content producer for Fox Sports, and before that a front page editor for Yahoo. He has a wealth of experience in both digital and print media, including stints as chief of the copy desk as well as a wire editor, and metro editor for The McClatchy newspapers chain. Email:

. A majority or all of the products featured here are from our partners, who pay us. This affects the products we feature and the location and manner in which the product is displayed on a page. But, it doesn’t affect our opinions. Our opinions are entirely our own. Here’s a list and . If you’re not able to have the funds in your account at the bank to cover an unexpected cost, a is one way to quickly access the funds you need, but there are a few major disadvantages. The bank will be responsible for cash advance and ATM charges, as well as interest that will begin accruing as soon as you get the money. The interest rate according to the data of the Federal Reserve of St. Louis, average APRs among cards that charged interest reached 20.4 In November 2022, the rate was 20.4 percent. This is already quite high and, in many instances the rates of interest specifically in cash-based advances can be even higher than those. So the cash advance you request will cost you. But you might have alternative, cheaper options due to credit card loan programs that allow you to use your existing credit limit. This is basically what you get when you request a traditional cash advance. But unlike a cash advance the newer loan programs have several benefits with a fixed rate of interest for the life of the loan. There is no need for a separate loan form or credit screening is required. No fees in many cases above your interest payments (or any late payment that could be due). A clear procedure that allows you to see which options you’re entitled to and what the monthly cost of each option is. Innovative ways to get credit against your limit In the major lenders, both Chase and Citi offer these types of loans to those who are cardholders with qualifying. You can determine what you could possibly qualify for, by signing into your account online, or using the Chase or Citi applications. Your Chase Loan allows you to take out a loan of up to $500. You’ll have the option of several payment plans of different terms. For instance, you might be able to select one of a six-month or 12-month plan, potentially with a lower interest rate (think single digits) than the card’s regular variable rate for purchases. (Your rate and terms depend the creditworthiness of your.) Also, you’ll be able to see the amount of your monthly payments will be for each loan option. The loan amount will add to the credit card minimum payment each month until the time you are able to pay it off. There’s no penalty for if you decide to pay off your loan in advance. Terms apply. Citi Flex Loan A operates similarly: Borrow the minimum amount of $500 with a fixed APR for a specified period of time. You’ll have the option of choosing between loans with different amounts and lengths, and you’ll know what your monthly payment will be based on the terms you choose. The payment will be made in your minimum credit card bill each month. Terms apply. Beyond the scope of these loan programs from big players, you could have alternatives. For instance, hybrid offerings created by a company called Upgrade can be used for purchases just like you would normally with a conventional credit card. However, the bill is paid in fixed installments at an APR that is fixed, just similar to a personal loan. You can also borrow against your credit limit by requesting cash be deposited into your account. The APR and the terms can vary, but it could be cheaper than cash advances. Potential drawbacks Both of these loan programs allow quick access to cash with a lesser cost than a cash advance however, there are downsides: You don’t get money in the bank immediately. With My Chase Loan the loaned money could take up to two business days before it is directly transferred to your bank account. Citi Flex Loans can also come in the form of direct deposits which can be as quick as a day of business or a check that is mailed and takes as long as the mail will take. Rates of interest may not be competitive with personal loans. If you meet the criteria for, you could be able to get lower rates for other kinds of loans (though for a personal loan it is necessary to apply and go through the credit screening). If you have more time to research you might want to consider exploring other options to find the money you need. It’s still a possibility to pay interest. If you need money to pay for future purchases you can consider other payments that do not charge interest, though you may be subject to a fee. Options to think about if you’re planning on making costly purchases on the horizon, there are ways to use credit cards to defer interest payments or divide installments: A plan similar to one with your credit card- like My Chase Plan or Citi Flex Pay — allows the user to split a large charge into monthly installments that can be added to the bill of your credit card. With Chase, you’ll pay a fixed monthly fee, while with Citi’s plan, you’ll be charged interest. Numerous other major issuers provide various versions of these plans. But whether you opt into an installment plan through your credit card or through a third-party buy now, pay later option, be sure to take care. A September 2022 report from the Consumer Financial Protection Bureau identifies costly risks associated with these plans, such as the possibility of spending more money and the possibility of not being able to afford the payments if you pile on more than one loans simultaneously. Credit cards that offer 0% interest promotion for new purchases could give you up to a year, dependent on the card, to pay down a amount of debt interest-free. Be aware that if you have any outstanding debt after the promotion expires, you’ll begin to be assessed the normal interest rate. The author’s bio: Sara Rathner is a NerdWallet travel and credit cards expert. She has been featured on the “Today” program, Nasdaq and the CNBC’s “Nightly Business Report.” Similar note… Discover the right credit card that is suitable for you. If you’re looking to lower your interest rate or earn higher rewards, the right card’s available. Answer a few simple questions and we’ll narrow down the selection for you. Explore even more in credit Cards Find out more money-savvy moves delivered directly to your inbox Sign up and we’ll email you Nerdy articles about the financial topics that matter most to you as well as other methods to help you get more from your money. Make all the right money moves

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