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7 Alternatives to Credit Card Cash Advances

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7 Alternatives to Credit Card Cash Advances

Cash advances can be costly. They’re a good option for those stuck however, you should review of the options first.

Written by Kimberly Palmer Senior Writer/Spokesperson | Personal finance, budgeting family finances Kimberly Palmer is a personal expert in finance at NerdWallet. Also, she’s the author of three books about finances “Smart mom, Rich Mom,” “The Economy of You” and “Generation Earn.” Kimberly’s writing also is featured on .

And Funto Omojola Lead Writer Auto loans and credit cards Funto Omojola began writing for NerdWallet in 2020. Before joining NerdWallet she was a topics related to personal finance for financial organizations and websites and has more than five years ‘ experience in writing about money. Her writing has appeared in MarketWatch, Yahoo Finance, Realtor.com, New York Post as well as Nasdaq, among others. Funto earned her bachelor’s degree in international and global studies and an MFA from Bard College. She is based within Brooklyn, New York.

Dec 1, 2022

Written by Erica Corbin Assistant Assigning Editor Erica Corbin joined NerdWallet in 2020 as an assistant assigning editor for the entire company. She was previously a writer and editor of material for companies such as GOBankingRates as well as Nasdaq. The work she wrote was published on USA Today, Yahoo Finance, MSN and more. She has also been an editor and writer on a freelance basis for over a decade for numerous publications and clients across industries. Erica holds a bachelor’s degree in English writing at Seattle Pacific University.

Many or all of the products we feature are provided by our partners, who pay us. This influences which products we review and where and how the product is featured on the page. However, this does not influence our evaluations. Our views are our own. Here is a list of and .

A credit card on your credit card might sound appealing. You’ll have quick access to cash, which you might need to buy groceries or pay rent.

However, there are a number of negatives with cash advances, like fees that tend to be high and interest that starts increasing immediately. There’s typically a limit on the amount you can take out, too, and generally it’s much less than your overall credit limit.

They may be an available resource -and an alternative to take out a loan — cash advance should be utilized only in the last instance when you’re facing financial hardship.

Before you take one out, consider these options:

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1. Low-interest or 0% intro APR credit cards

Certain credit cards provide zero APR intro rates on purchases, meaning you can finance purchases of food items and other necessities without having to pay interest upfront. Naturally, it’s possible that you’ll still have to pay back the loan but you’ll have a significant period of time that can range between six months and nearly two years — to pay it back in full before the interest begins to accrue.

With the , for example that you are able to take advantage of an almost two-year break from interest. It gives you an APR that is 0% at the beginning on Purchases for up to 21 months and 0% intro APR on Balance Transfers for up to 21 months after the date of account opening for qualifying balance transfers, and then the ongoing APR of 17.49%-29.49 Variable APR of .

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2. 3. Credit card loan programs

Some credit card issuers offer loans to customers who are already customers. These loans include, among other things, allow them to pay certain purchases off, over time, for the cost of. Examples of this include and features.

Similar to that, Citi offers a and Chase also has . The programs allow customers to get money at a much lower cost than what they receive through a cash advance and to repay it over time.

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3. Third-party payment services

If you have to purchase sometime before the next paycheck, you could think about a program like this to tackle some bills. The website lets you utilize a credit card pay for expenses that aren’t normally payable in this manner for example, rent, utilities, day care, etc. To pay a 2.9% service fee, Plastiq will charge your credit card for the amount, pay a check to the vendor under your name, and then send the check to them.

If you are able to pay the balance promptly and, ideally and without being able to carry it over to next month, and then being hit with your credit card’s double-digit interest rate — an 2.9 per cent convenience charge could be worth it and can be less expensive than other options. If you use a rewards credit card to pay for the bill, it can assist in paying the upfront fee.

4. Pay now, buy later services

It’s not always feasible to cough up a large sum of money at one time, no matter if you’re cash-strapped or not. Providers, like Affirm, Afterpay and Klarna, allow users to divide purchases into smaller installments that you can pay over time — typically between three and twelve months.

While certain BNPL options have charges and interest rates which can be expensive If you’re in a position to pay off your bill within an extremely short time they could provide more flexible financial relief.

It is important to note it is important to note that BNPL is only available through specific merchants. That means that if you need cash fast for rent or groceries, for example this service may not be of help to you.

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5. Options for credit cards with flexible options

There are some that offer an affordable and flexible financing options as opposed to cash advances. For instance, the zero annual fee allows customers to use their credit limits for personal loans. Customers can pay back the amount they borrowed in equal monthly installments with a fixed interest rate.

Alternative cards are often more accessible to those who aren’t able to qualify for more traditional credit cards. This is because they do not rely on standard credit scoring models when determining the eligibility. Such cards include those issued by (issued by ) the, and the .

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6. Personal loans

There are a myriad of types of loans that are secured by collateral, as well as non-secured loans however, they aren’t. Certain loans have fixed rates, which means you pay the same amount every monthly until your loan is paid off, while others provide variable rates, which means your payments can change as time passes. Rates typically range between 5% and 36%.

While the rate of interest is still relatively high, it is less than cash advances in particular when you consider the other cost involved in making one that is usually either a flat rate or a percentage of the amount you withdraw.

7. Optional options for quick cash

If you’re faced with a difficult financial situation and need immediate funds, here are some fast solutions to get some relief:

Cash out your rewards If you have an account on a credit card that has an incentive program for cash-back You may be able to cash out your rewards for a good chunk of change.

Ask for an advance on your pay check: While the cash advance option to your credit card may be risky and expensive and costly, soliciting your employer to grant an advance on your paycheck could be a way to cover your financial requirements without paying any charges or fees.

Get help from local sources: Many local organizations offer financial assistance to those in difficult times. Local organizations that can typically help include religious organizations, nonprofit groups, or community centers.

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The authors’ bios: Kimberly Palmer is a personal finance expert with NerdWallet. She has appeared in the “Today” show and in The New York Times.

Funto Omojola, Auto loans writer at NerdWallet. Her work has been highlighted on MarketWatch, Yahoo Finance and Nasdaq.

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