Cash Advances Still Sting 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 that every person should be able to make sound financial decisions without hesitation. Although our website does not feature every company or financial product that is available however, we're confident of the advice we offer as well as the advice we provide and the tools we create are independent, objective simple, and completely free. How do we earn money? Our partners pay us. This can influence the products we write about (and where they are featured on the website), but it does not affect our recommendations or advice that are based on many hours of study. Our partners cannot be paid to ensure positive ratings of their goods or services. . Cash Advances Still Sting however, what about a Credit Card Loan? Maybe Less So Alternatives for borrowing against your credit limit -in the event that your credit card provides these features, they can cost less than using your ATM card to get cash fast. Written by Sara Rathner Senior Writer/Spokesperson | Travel rewards, credit cards, debt payment Sara Rathner is a NerdWallet travel and credit cards expert. She has appeared as a guest on "Today" show, as well as the CNBC's "Nightly Business Report" she has also been featured on The New York Times, The Washington Post, The Wall Street Journal, Yahoo Finance, Time, Reuters, NBC News, Business Insider and MarketWatch. Before making the move to NerdWallet, Sara worked at The Motley Fool for nearly 10 years. She also worked as an independent personal finance writer and paraplanner . She also holds earned a bachelor's education in journalistic studies at Northwestern University. Feb 7, 2023 Edited By Kenley Young Assigning Editor | Credit cards, credit scores Kenley Young directs daily credit cards coverage for NerdWallet. Prior to that, he worked as an editor of the homepage and digital content producer at Fox Sports, and before that , a front page editor at Yahoo. He has years of experience in digital and print media, with periods as an editor at the copy desk and wire editor as well as an editor of the metro of The McClatchy Newspaper chain. Email:
. A majority or all of the items featured here come from our partners who pay us. This impacts the types of products we feature and the location and manner in which the product is featured on a page. However, this does not affect our opinions. Our opinions are entirely our own. Here's a list of and . If you're not able to have the funds in your bank account to pay for an unexpected expense, a is one way to quickly access required funds, however there are a few major disadvantages. You'll be on the hook for cash advance and ATM fees, along with interest that will begin accruing when you receive the money. The interest rate Based on data from the Federal Reserve of St. Louis the average APRs for cards that have interest rates reached 20.4 percent in November 2022. That's pretty high already and in many instances the rates of interest specifically for cash advances are even higher than those. In other words the cash advance you request is going to cost you. But, there are other, less expensive options due to credit card loan programs that allow you to use your existing credit limit -- which is what you're doing when you request a traditional cash advance. But unlike a cash advance the newer loan programs offer a number of advantages that include a fixed interest rate for the duration that is the term of loan. There is no separate loan request or credit check is required. No fees in many cases, beyond your interest payments (or any late payment that could be due). An open process that lets you know what options you'd be qualified for and what the monthly price of each option would be. New ways to take advantage of your credit limit to borrow In the major lenders, both Chase and Citi provide these kinds of loans to cardholders who meet certain criteria. You can determine what you could potentially be eligible for by signing in to your account online, or using the Chase or Citi apps. My Chase Loan allows you to borrow a minimum of $500. You'll have the option of various payment plans with varying terms -- for instance, you might have the option of choosing an option like a 6-month or 12-month plan, which could be with a lower APR (think single digits) than your card's current adjustable rate of purchase. (Your rate and conditions depend the creditworthiness of your.) Also, you'll be able to see what your monthly payment will be with the loan option. Your loan payment will be added to your credit card's minimum monthly payment until you pay the loan off. There's no penalty if choose to pay the loan in advance. The terms apply. Citi Flex Loan A operates in a similar way: You can borrow at least $500 at a fixed rate for a specified duration. You'll have the option of choosing between loans that are of various sizes and lengths, and you'll know what your monthly payment will be according to the terms you choose. The payment will be made with your minimum monthly credit card installment each month. Conditions apply. Beyond these loan programs offered by big players, you may have alternative options. For instance, hybrid offerings offered by a start-up known as Upgrade can be used to purchase items, just as you would normally with a conventional credit card. However, the bill is paid in installments fixed at a set APR, similar to a personal loan. You can also use your credit limit to borrow by requesting cash be deposited into your account. APRs and terms vary, but it could still be much less expensive than cash advances. There are some potential drawbacks. Both loan programs offer the ability to access money quickly for a lower cost than cash advances however, there are negatives. For instance, you don't receive money in the bank immediately. For 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 be accessed via direct deposit which can be as quick as a working day or a check that is mailed, which takes however long the mail will take. Rates of interest may not be as competitive as personal loans. Depending on what you qualify for, you could be eligible for lower rates for other kinds of loans (though for a personal loan it is necessary to make an application and pass a credit check). If you've got a bit more time to look around it might be worth exploring other options to obtain the cash you require. You'll still pay interest. If you're in need of funds to pay for future purchases you can consider other alternatives that don't charge interest, though you may be charged. Options to think about if you're planning on making costly purchases on the horizon, there are ways to use credit cards to delay interest payments or split up payments: A -like plan through your credit card -such as My Chase Plan or Citi Flex Pay lets you to split a larger charge into monthly installments that are added to your credit card bill. With Chase plans, you'll pay a fixed monthly fee for the plan, while with Citi's, you'll be charged interest. Many other major issuers offer different versions or other of the plans. If you decide to join an installment plan using your credit card or through the purchase now from a third-party pay later service, take care. A September 2022 report by the Consumer Financial Protection Bureau identifies the risks that are associated with these plans, such as the possibility of spending more, as well as the possibility of not being able to make payment if you combine multiple loans at the same time. Credit cards that offer zero-interest promotion on purchases made in the new year can allow you a year or more depending on the card that you use to pay off a balance without interest. Be aware that if you are still in debt when the promotion ends the card will be subject to the usual interest rate. About the author: Sara Rathner is a NerdWallet travel and credit cards expert. She has appeared as a guest on "Today" talk show as well as Nasdaq as well as the CNBC's "Nightly Business Report." On a similar topic... Choose the perfect credit card for you. Whether you want to save money on interest charges or earn more reward points, the perfect card is available. Answer a few simple inquiries and we'll be able to narrow down the selection for you. Dive even deeper in Credit Cards Get more smart money moves - straight to your inbox. Sign up and we'll send you Nerdy posts on the financial topics that matter most to you as well as other methods to get more from your money. 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