7 Alternatives to Cash Advances on Credit Card Cash Advances

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7 Alternatives for Credit Card Cash Advances
Cash advances are costly. They're an option if you're stuck, but take a look at your options first.
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 writer of three books on money "Smart Mom, Rich Mom," "The Economy of You" and "Generation Earn." Kimberly's work appears at .




as well as Funto Omojola, Lead Writer Auto loans and credit cards Funto Omojola started the writing process for NerdWallet in 2020. Before joining NerdWallet, she covered personal finance topics for various financial sites and organizations and has more than five years ' experience writing about money. Her work has been featured on MarketWatch, Yahoo Finance, Realtor.com, New York Post, and Nasdaq, among others. Funto obtained a bachelor's degree in international and global studies and she also holds an MFA in writing from Bard College. She is based within Brooklyn, New York.





Dec 1, 2022


Editor: Erica Corbin Assistant Assigning Editor Erica Corbin joined NerdWallet in 2020 as an assistant assigning editor for the entire company. She previously wrote and edited material for companies such as GOBankingRates and Nasdaq. Her work has been published on USA Today, Yahoo Finance, MSN and more. She also has worked as an editor and writer on a freelance basis for more than a decade with different publications and clients across various industries. Erica holds a bachelor's degree from the department of English writing from Seattle Pacific University.







The majority or all of the products featured here are from our partners who compensate us. This impacts the types of products we feature and where and how the product is featured on the page. However, this does not influence our opinions. Our opinions are entirely our own. Here's a list of and .



A credit card on your credit card might sound appealing: You get easy access to money, and could be used to purchase grocery items, or even pay for rent.
However, there are some serious disadvantages to cash advances, including charges that can be high and interest that starts growing right away. There's usually a limit on the amount you can withdraw but generally, it's lower than your card's overall credit limit.
So while they might be a feasible optionthey are a better choice over, for instance, taking out a loan -- cash advance should be utilized only in the last instance if you are facing financial hardship.
Before you decide to take one of these out, think about the following options:
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1. Credit cards with low-interest or 0% initial APR credit cards
Some credit cards offer 0% intro APR periods for purchases, which means you can use them to finance the purchase of groceries and other necessities without having to pay interest upfront. Of course, you'll still owe the money however, you'll be given a significant period of time which can be anywhere between six months and nearly two years -- to pay it back in full prior to the time that interest kicks in.
For instance, with the, you can take advantage of a two-year break from interest. It offers an APR that is 0% at the beginning on purchases up to 21 months and zero intro APR on Balance Transfers of up to 21 months from the date of account opening for qualifying balance transfers. After that, you'll be charged the current APR of 17.49%-29.49 percent variable APR .
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2. 3. Credit card loan programs
Some credit card issuers provide loans to existing customers that can, among other things permit them to pay specific purchase off over time, for an amount. Examples of this are and features.
Similar to that, Citi offers a and Chase also has . The programs allow customers to take out loans at a lower interest rate than they receive through the cash advance, and also to repay it over time.
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3. Third-party payment services
If you're looking to purchase some time before your next pay day, you might look into a service to cover a few bills. The site allows you to utilize a credit card pay for costs that are not otherwise payable that way, including utility bills, rent, day care, etc. For a 2.9 percent service charge, Plastiq will charge your credit card to cover the bill. pay a check to the vendor in your name and mail the check to them.
In the event that you are able to pay the bill quickly and, ideally not having to carry it over to the next month, and then being hit with your credit card's double-digit interest rate , a 2.9% convenience charge may be worth it and could be less expensive than alternatives. If you're using a rewards credit card to pay for the bill, it can also help defray that initial cost.
4. Buy now, pay later services
It's sometimes not feasible to cough up a large sum of money at one time, no matter if you're strapped for cash or not. Companies, such as Affirm, Afterpay and Klarna permit users to break up purchases into small installments that you can pay over time, typically anything from 3 to twelve months.
While certain BNPL options come with fees and interest rates which can be expensive, if you are able to pay off your bill within the timeframe of, they can offer greater flexibility in financial aid.
It is vital to know, however, that BNPL is offered only by certain merchants. This means that when you require cash fast to pay rent or buy groceries for instance it is unlikely that the service will offer you the assistance you need.
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5. Options for credit cards with flexible options
There are that can offer an affordable and flexible financing options as opposed to cash advances. For example, the $0 -annual-fee allows holders to use their credit limit for personal loans. The borrower can repay the amount borrowed in equal monthly installments with an interest rate fixed.
Alternative credit cards are typically more accessible to those who aren't eligible for typical credit card. They're that because they don't rely solely on typical credit scoring models when determining the eligibility. These cards include that (issued by ) and the .
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6. Personal loans
There are a myriad of types of loans which are secured by collateral, and unsecure loans however, they aren't. Some have fixed rates, meaning that you have the same monthly payment each month , until loan is fully paid back Some lenders have variable rates, which means your payments can alter in time. The rates typically range from 5% to 36%.
Although the interest rate isn't too high, it is less than cash advances in particular when you consider the other costs involved in making one, which is typically a flat fee or a percentage of the amount withdrawn.
7. Alternative 'quick cash' options
If you're faced with a difficult financial situation and need urgent funds, there are some fast solutions to get some relief:
You can cash out your rewards If you own credit cards that have cash-back rewards it is possible to cash out your rewards for an amount of money.
Request an advance on your pay check: While an advance of cash on your credit card can be risky and expensive and costly, soliciting your employer to grant a cash advance on your paycheck could be a way to cover your financial needs without having to pay any fees or charges.
Request assistance from your local authorities There are many local organizations that provide financial assistance for those facing difficult times. Local organizations that can typically be of aid might comprise religious institutions, non-profit organizations as well as community-based centers.

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The authors' bios: Kimberly Palmer is a personal finance expert with NerdWallet. She has appeared on the "Today" show and the pages of The New York Times.


Funto Omojola works as the auto loans writer at NerdWallet. The work she writes for has been featured by MarketWatch, Yahoo Finance and Nasdaq.







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