What Credit Cards Offer Cash Advances?

Credit cards have become an essential part of our lives. They offer convenience and flexibility in making purchases and managing our finances. One of the features thatcredit cardsoffer iscash advances. In this article, we will discuss what cash advances are, how they work, and what credit cards offer them.

What are Cash Advances?

A cash advance is a type of short-term loan that you can take out against your credit card. It allows you to withdraw cash from an ATM or a bank, up to a certain limit, using your credit card. When you take out a cash advance, you are borrowing money against your credit card's credit limit, and you will be charged interest and fees on the amount you borrow.

How do Cash Advances Work?

Cash advances work similarly to other types of loans. You can withdraw cash from an ATM or a bank using your credit card. You will be charged a cash advance fee, which is usually a percentage of the amount you withdraw, and a higher interest rate than your regular credit card purchases. The interest rate for cash advances is usually around 25%, and it starts accruing as soon as you withdraw the cash.

What Credit Cards Offer Cash Advances?

Most credit cards offer cash advances as a feature, but not all credit cards have the same terms and conditions. Some credit cards have higher cash advance fees and interest rates than others, so it's important to read the fine print before taking out a cash advance.

Here are some credit cards that offer cash advances:

1. Chase Freedom Unlimited: This credit card offers cash advances with a fee of either $10 or 5% of the amount of each transaction, whichever is greater. The interest rate for cash advances is 26.99%.

2. Discover it Cash Back: This credit card offers cash advances with a fee of either $10 or 5% of the amount of each transaction, whichever is greater. The interest rate for cash advances is 24.99%.

3. American Express Blue Cash Everyday: This credit card offers cash advances with a fee of either $5 or 3% of the amount of each transaction, whichever is greater. The interest rate for cash advances is 26.99%.

Tips for Using Cash Advances

Cash advances should be used as a last resort, as they are an expensive way to borrow money. Here are some tips for using cash advances:

1. Avoid taking out cash advances unless it's an emergency.

2. Try to pay off your cash advance as soon as possible to avoid accruing high-interest charges.

3. Consider other options, such as a personal loan or a line of credit, before taking out a cash advance.

4. Read the terms and conditions carefully before taking out a cash advance, and be aware of the fees and interest rates.

Conclusion

Cash advances can be a convenient way to access cash when you need it, but they come at a high cost. Before taking out a cash advance, consider other options and read the terms and conditions carefully. Remember to pay off your cash advance as soon as possible to avoid accruing high-interest charges. By using cash advances responsibly, you can avoid falling into debt and manage your finances effectively.