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7 Alternatives to Cash Advances on Credit Card Cash Advances

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7 Alternatives to Cash Advances on Credit Card Cash Advances

Cash advances are expensive. They’re an option if you’re in a pinch, but take a look at your options first.

By Kimberly Palmer Senior Writer/Spokesperson | Budgeting, personal finance, family finances Kimberly Palmer is a personal expert in finance at NerdWallet. Additionally, she is the author of three books on finances “Smart Mother, Rich Mom,” “The Economy of You” and “Generation Earn.” Kimberly’s writing also appears at .

and Funto Omojola Lead Writer Auto loans and credit cards Funto Omojola started writing for NerdWallet in the year 2020. Prior to joining NerdWallet she was a personal finance topics for financial websites and organizations and has over five years of experience in writing about money. Her writing has appeared by MarketWatch, Yahoo Finance, Realtor.com, New York Post, and Nasdaq, among other publications. Funto obtained a bachelor’s degree in global and international studies as well as an MFA in writing from Bard College. She lives at 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 content at companies such as GOBankingRates and Nasdaq. Her work has been published on USA Today, Yahoo Finance, MSN and more. She has also been an editor and freelance writer for more than a decade with different publications and clients across different industries. Erica has a bachelor’s degree from the department of English literature from Seattle Pacific University.

The majority or all of the items featured on this page are provided by 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. However, this does not influence our evaluations. Our opinions are entirely our own. Here’s a list and .

The idea of taking out a credit card might sound appealing. You’ll have quick access to money, which you might need to buy food items or rent.

However, there are some serious disadvantages with cash advances, like charges that can be high , and the interest starts increasing right away. There’s often a cap on how much you can take out, too however, and it’s usually smaller than the card’s total credit limit.

So while they might be a feasible optionthey are a better choice to take out a — cash advance should be utilized only as a last resort should you be in financial crisis.

Before you take one out, consider these options:

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1. Credit cards with low-interest or 0% initial APR credit cards

Some credit cards have zero% intro APR periods on purchases, meaning you can use them to pay for the purchase of groceries as well as other essentials , without paying interest upfront. However, of course you’ll still owe the money, but you’ll have an extended period which can be anywhere from six months to nearly two years — to repay it in full prior to the time that interest kicks in.

For instance, with the it is possible to avail of an almost two-year exemption from interest. It gives you an intro APR of 0% on Purchases for up to 21 month and 0% intro APR on Balance Transfers up to 21 months from the date of account opening for qualifying balance transfers, and then the current 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 existing customers that, among other things, permit them to pay specific purchases off, over time, in exchange for the cost of. Examples of this include and features.

In the same way, Citi offers a and Chase also has . The programs allow customers to get money at a much lower interest rate than they get with a cash advance and to repay it over time.

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3. Payment services from third parties

If you have to purchase sometime before the next paycheck, you could look into a service to tackle some bills. The site allows you to use a credit card to cover expenses that often aren’t otherwise able to be paid in this way such as rent, utilities and day care. To pay the 2.9 per cent service fee, Plastiq will charge your card for the bill, send a check out to the vendor in your name and mail the check to them.

Assuming you can pay off the debt quickly — that is not carrying it over to the next month and being penalized by your credit card’s double-digit interest rate , an 2.9% convenience charge may be worth it and can be cheaper than other options. If you’re using a reward credit card to pay the cost, it could also help defray that upfront fee.

4. Buy nowand pay later services

It’s often not practical to spend a huge amount of money in one time, whether you’re cash-strapped or not. providers, like Affirm, Afterpay and Klarna let users split purchases into smaller payments that can be paid over time — typically anywhere from three to 12 months.

While certain BNPL options have fees and interest rates that can be costly however, if you’re able to pay off your debt within an extremely short time they could provide an easier and more flexible way to pay for your financial obligations.

It is vital to know it is important to note that BNPL is offered only by particular merchants. So when you require cash fast to pay rent or buy groceries for instance, the services may not provide you with the needed cash.

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5. Credit card choices that are flexible

There are those that provide more flexible and affordable alternatives to financing that cash advances. For instance, the $0 -annual-fee allows holders to use their credit limit for personal loans. Customers can pay back the amount borrowed in equal monthly installments at an interest rate fixed.

Alternative cards are often more accessible to those who might not be able to qualify for more conventional credit cards. This is because they don’t rely solely on typical credit scoring models to determine the eligibility. These cards are those issued by (issued by ) and the .

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6. Personal loans

Lenders offer many types of , including secured loans that are secured by collateral, and non-secured loans that aren’t. Some have fixed rates, meaning that you have the same monthly payment each month , until loan is paid off and some offer variable rates, meaning that the amount you pay can alter as time passes. Rates typically range between 5% and 36%.

Although the interest rate isn’t too high, it is less than cash advances, especially after you consider the additional cost of 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 need and require immediate funds, here are several quick and easy ways to find 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 redeem your rewards to some cash.

Request an advance on your paycheck: Although an advance of cash to your credit card may be risky and costly and costly, asking your employer for an advance on your paycheck could be a way to cover your financial requirements without incurring any fees or charges.

Get help from local sources There are many local organizations that provide financial assistance to those in difficulties. Local organizations that can typically be of aid might comprise religious institutions, non-profit groups, and community centres.

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Authors’ Bio: Kimberly Palmer is a personal finance expert at NerdWallet. She has appeared in the “Today” show and the pages of The New York Times.

Funto Omojola is the auto loans writer for NerdWallet. The work she writes for has been highlighted on MarketWatch, Yahoo Finance and Nasdaq.

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