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20 Credit Cards with No Cash Advance Fees

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

Credit Cards with No Cash Advance Fees

 

If you have a credit card, your financial institution has likely mailed you checks for cash advance purposes. Understanding this aspect of your available credit is incredibly important, as it can be much more expensive than simply making a purchase.

Taking a cash advance gives you money now in cases where you can’t use a credit card (perhaps paying rent), or have otherwise maxed out your purchasing power. Many financial institutions will charge you a fee between 1% and 5% just for making this transaction.

But some cards have no fees for cash advances.

The catch is, interest starts accruing immediately on cash advances, meaning that even if you pay your statement balance in full by the due date, you will still incur interest charges in the interim. So if you do a cash advance, try to pay it off as quickly as possible, even before the due date, to minimize the interest you pay.

Best Cards with No Cash Advance Fees

These credit unions offer no cash advance fees on all their credit cards. While you’ll pay interest from the day you take out the cash, as a last resort it’s a better bet than paying an upfront fee. These are all credit unions anyone can join, but many of them require excellent credit to qualify for a card.

 

PenFed Credit Union

PenFed Credit Union-CDs Pentagon Federal Credit Union, commonly known as PenFed, offers five different credit cards with no cash advance fees. None of them charge a foreign transaction fee, and all interest rates are the same for purchases and cash advances.

Anyone can join PenFed Credit Union via association membership, employment, military affiliation and more!

PenFed Platinum Rewards Visa Signature® Card

APPLY NOW Secured

on PenFed Credit Union’s secure website

PenFed Platinum Rewards Visa Signature® Card

Annual fee
$0
Regular Purchase APR
11.99% - 17.99% Variable

PenFed Promise Visa® Card

APPLY NOW Secured

on PenFed Credit Union’s secure website

PenFed Promise Visa® Card

Annual fee
$0
Regular Purchase APR
11.99% to 17.99% variable

PenFed Gold Visa® Card

APPLY NOW Secured

on PenFed Credit Union’s secure website

PenFed Gold Visa® Card

Annual fee
$0
Regular Purchase APR
9.24% - 17.99% Variable

American 1 Credit Union

American 1 Credit Union American 1 Credit Union offers four different credit cards with no cash advance fees. Interest rates on purchases and cash advances are the same, though there is a foreign transaction fee of 1%.

Anyone can join American 1 Credit Union by joining Community 1 Cooperative. You pay $3 for membership, which includes a litany of discounts on consumer products and services across an array of industries.

American 1 Rewards Credit Card

APPLY NOW Secured

on American 1 Credit Union’s secure website

American 1 Rewards Credit Card

Annual fee
$0
Regular Purchase APR
9.49% - 18.00% Variable

CapEd Federal Credit Union

 CapEd Federal Credit Union CapEd Federal Credit Union offers one card with no cash advance fees. It also carries the same interest rate for purchases and cash advances, but does have a foreign transaction fee that varies depending on if the transaction is in USD or requires conversion into a foreign currency.

To join CapEd, all you have to do is make a one-time $20 donation to the Idaho CapEd Foundation.

CapEd VISA® Platinum Credit Card

APPLY NOW Secured

on Capital Educators Federal Credit Union’s secure website

CapEd VISA® Platinum Credit Card

Annual fee
$0
Regular Purchase APR
7.59% - 17.99% Variable

First Tech Federal Credit Union

First Tech Federal Credit Union First Tech Federal Credit Union offers three different cards that come with no cash advance fees. The interest rates on these transactions will be higher than the interest rates on regular purchases, however. There are no foreign transaction fees.

Anyone can join First Tech through membership in the Financial Fitness Association, which costs $8 per year, or a digital membership to the Computer History Museum, which will run you $15 per year.

Odyssey™ Rewards World Elite MasterCard® from First Tech FCU

APPLY NOW Secured

on First Technology Federal Credit Union’s secure website

Odyssey™ Rewards World Elite MasterCard® from First Tech FCU

Annual fee
First year free, then $75 annual fee thereafter
Regular Purchase APR
13.24% to 18.00% Variable
Credit required
good-credit
Good

Platinum Rewards MasterCard® from First Tech FCU

APPLY NOW Secured

on First Technology Federal Credit Union’s secure website

Platinum Rewards MasterCard® from First Tech FCU

Annual fee
$0
Regular Purchase APR
12.24% to 18.00% Variable
Credit required
good-credit
Good

Choice Rewards World MasterCard® from First Tech FCU

APPLY NOW Secured

on First Technology Federal Credit Union’s secure website

Choice Rewards World MasterCard® from First Tech FCU

Annual fee
$0
Regular Purchase APR
12.24%-18.00% variable
Credit required
good-credit
Good

Platinum Secured Mastercard® from First Tech FCU

APPLY NOW Secured

on First Technology Federal Credit Union’s secure website

Platinum Secured Mastercard® from First Tech FCU

Regular Purchase APR
18.00% Variable
Minimum Deposit
$500 - $25,000
Annual fee
$0

ISU Credit Union

ISU Credit Union ISU Credit Union offers two cards that have zero cash advance fees. Interest rates on cash advances are higher than those on regular purchases for the first year only, and there is a foreign transaction fee of 1%.

To join ISU Credit Union if you don’t live, work or study in Southeastern Idaho, you can qualify through paid membership at a number of Southeastern Idaho organizations including humane societies and educational cause groups. Also, ISU has a $1.00 membership fee and a minimum deposit of $25.00 which represents your share of ownership in the credit union . You must maintain a share balance of $25 while your account is open.

Platinum MasterCard® from ISU CU

Annual fee
$0
Regular Purchase APR
9.50% - 16.75% Variable

Platinum Plus MasterCard® from ISU CU

Annual fee
$0
Regular Purchase APR
9.50% - 16.75% Variable

Mid-Illini Credit Union

Mid-Illini Credit Union Mid Illini Credit Union offers two different cards that come with no cash advance fees. Interest rates for purchases and cash advances are identical, and there is a foreign transaction fee of 1%.

Anyone can join Mid Illini Credit Union by making a one-time $1 donation to the Mid-Illinois Dollars for Scholars, an organization that provides scholarships to students of McLean County, Illinois.

Visa Classic Card from Mid Illini CU

APPLY NOW Secured

on Mid Illini Credit Union’s secure website

Visa Classic Card from Mid Illini CU

Annual fee
$0
Regular Purchase APR
14.99% - 18.99% Variable

Visa Platinum Card from Mid Illini CU

APPLY NOW Secured

on Mid Illini Credit Union’s secure website

Visa Platinum Card from Mid Illini CU

Annual fee
$0
Regular Purchase APR
8.99% - 9.99% Variable

Stanford Federal Credit Union

Stanford Federal Credit Union Stanford Federal Credit Union offers several cards with no cash advance fees for which the general public qualifies. There are no foreign transaction fees, and rates are the same for purchases and cash advances.

To join Stanford Federal Credit Union, you can become a member at the Museum of American Heritage or join Friends of the Palo Alto Library.

Visa® Platinum Cash Back Rewards Card from Stanford FCU

APPLY NOW Secured

on Stanford Federal’s secure website

Visa® Platinum Cash Back Rewards Card from Stanford FCU

Annual fee
$0
Regular Purchase APR
11.24% - 17.99% Variable

Digital Credit Union

Digital Credit Union Digital Credit Union offers two cards with no cash advance fees. While interest rates are the same for both cash advances and regular purchases, foreign transaction fees will vary based on the need for currency conversion.

You can join Digital Credit Union by donating to any number of organizations that match your interests. The most common organization new members choose is Reach Out for Schools, which only requires a one-year membership at the cost of $10.

DCU Visa® Platinum Credit Card

APPLY NOW Secured

on Digital Federal Credit Union (DCU)’s secure website

DCU Visa® Platinum Credit Card

Annual fee
$0
Regular Purchase APR
10.75% - 18.00% Variable

DCU Visa® Platinum Rewards Credit Card

APPLY NOW Secured

on Digital Federal Credit Union (DCU)’s secure website

DCU Visa® Platinum Rewards Credit Card

Annual fee
$0
Regular Purchase APR
13.50% - 18.00% Variable

Other Options with Restricted Membership

There are other credit unions that offer no cash advance fees, however they have restricted membership based on your residence or other factors. Here are some other cards that can be an option depending on where you live.

  • United Federal Credit Union offers two cards for people who live or work in Arkansas, Indiana, Michigan, Nevada, North Carolina, Ohio, and Oklahoma or have an immediate family member who is a member of United FCU:

U First Visa® credit card

APPLY NOW Secured

on United Federal Credit Union’s secure website

U First Visa® credit card

Annual fee
$0
Regular Purchase APR
9.99% - 18.00% Variable

Visa® Premier Rewards Credit Card from CFE Federal Credit Union

APPLY NOW Secured

on CFE Federal Credit Union’s secure website

Visa® Premier Rewards Credit Card from CFE Federal Credit Union

Annual fee
$0
Regular Purchase APR
16.50% 17.75% Variable

Visa® Platinum Rewards Credit Card from CFE Federal Credit Union

APPLY NOW Secured

on CFE Federal Credit Union’s secure website

Visa® Platinum Rewards Credit Card from CFE Federal Credit Union

Annual fee
$0
Regular Purchase APR
16.50% - 17.75% Variable

Visa® Platinum Credit Card from CFE Federal Credit Union

APPLY NOW Secured

on CFE Federal Credit Union’s secure website

Visa® Platinum Credit Card from CFE Federal Credit Union

Annual fee
$0
Regular Purchase APR
11.00% - 17.75% Variable

Visa® Platinum Cash Credit Card from CFE Federal Credit Union

APPLY NOW Secured

on CFE Federal Credit Union’s secure website

Visa® Platinum Cash Credit Card from CFE Federal Credit Union

Annual fee
$0
Regular Purchase APR
16.50% - 17.75% Variable

Visa® Premier Cash Credit Card from CFE Federal Credit Union

APPLY NOW Secured

on CFE Federal Credit Union’s secure website

Visa® Premier Cash Credit Card from CFE Federal Credit Union

Annual fee
$0
Regular Purchase APR
16.25% - 17.75% Variable

VISA® Low Rate Oly Gold Card from O Bee Credit Union

APPLY NOW Secured

on O BEE Credit Union’s secure website

VISA® Low Rate Oly Gold Card from O Bee Credit Union

Annual fee
$0
Regular Purchase APR
9.00% - 17.50% Variable

Visa® Signature Cash Rewards Credit Card from Hawaii State FCU

APPLY NOW Secured

on Hawaii State FCU’s secure website

Visa® Signature Cash Rewards Credit Card from Hawaii State FCU

Annual fee
$0
Regular Purchase APR
11.90% - 13.90% Variable

Visa® Platinum Rewards Credit Card from Hawaii State FCU

APPLY NOW Secured

on Hawaii State FCU’s secure website

Visa® Platinum Rewards Credit Card from Hawaii State FCU

Annual fee
$0
Regular Purchase APR
11.40% - 18.00% Variable

Alternatives to Cash Advances

While cards that offer no fees on cash advances are cheaper, that does not mean these transactions are cheap. You should only take a cash advance as a last resort in a true emergency. In order to avoid becoming one of the American households that can’t cover $400 financial hardships, start building an emergency fund today. When you withdraw money from your own savings account, you have to pay zero interest and zero fees.

If you don’t have an emergency fund, but you do have a credit card, it is wiser to charge emergency expenses as a purchase rather than taking money out as a cash advance if at all possible. Even when interest rates are identical for these two different types of transactions, cash advances will start charging you those rates immediately, while purchases won’t require you to pay interest until after the first statement is issued.

Payday loans are another alternative. However, they’re not necessarily a good one. They often come with numerous fees and aren’t as hassle-free as some lenders make them out to be. If you don’t pay off your loan at the end of the term (often about two weeks), you risk incurring fees that can add up to more than your loan. This can translate into effective interest rates in the triple digits. If they’re your only option, be extremely careful. Above all, make sure you fully understand the terms and costs.

Foreign travelers will also want to charge purchases whenever possible for this same reason. If you must use cash, a cash advance is a safer alternative to withdrawing money from your bank account abroad, but it is also wise to pay it off using your financial institution’s online services as soon as possible to avoid paying more interest than you have to.

Cash advances aren’t ideal, so if you can avoid them you should. However, they are a much better option than turning to the alternative lending industry where you’ll find predators and payday loans.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Brynne Conroy
Brynne Conroy |

Brynne Conroy is a writer at MagnifyMoney. You can email Brynne here

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Know About the Different Credit Scoring Models

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

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Did you know that there are hundreds of credit scoring models being used today?

With different lenders creating different credit score models based on their own credit criteria, it is very possible that you could have a hundred credit scores. While it is impossible to obtain or keep track of all your credit scores, you should be aware of the models most used by lenders.

FICO score

The FICO score is the most commonly used credit score when applying for credit or a loan. FICO is an abbreviation for Fair Isaac Corporation, the first company ever to offer credit scores. You have different FICO scores at each of the three major credit bureaus — Equifax, TransUnion and Experian. Your FICO Score ranges from 300 to 850, and is based on several factors:

  • 35% Payment History – The most important factor in determining your FICO credit score is your payment history. Delinquent payments could stay on your report for seven years.
  • 30% Debts/Amounts Owed – Your total debt. The lower your debt, the more likely it is that your score will be higher.
  • 15% Age of Credit History – The longer your credit history, the more likely it is that your score will be higher.
  • 10% New Credit/Inquiries – The number of accounts you have opened recently, as well as the number of hard inquiries you have.
  • 10% Mix of Accounts, Type of Credit – The more varied your accounts, the more favorable your score.

However, the FICO model is not as simple as the above breakdown may seem. FICO often makes changes to its credit score model to make it a better reflection of how creditworthy individuals are. As a result, there are currently more than 50 FICO credit score models that are used for different types of debt. A different version of your FICO credit score is used for a mortgage, auto loan, credit card and more.

The latest version of the FICO score is FICO 9, which allows unpaid medical bills to carry a lower weight than other unpaid debts, disregards collections accounts that have been paid off in full and factors in rent payments that are reported.

FICO 9 was developed because unpaid medical debt may not be an indicator of financial health, as an individual may be waiting on insurance payments before paying the debt, or may not even know a bill has been sent to collections.

FICO score 8 is still the most commonly used by lenders. This model does not allow for the lower weighting of medical debt.

Consumers should also be aware of the newly launched UltraFICO Score. This score is the result of a partnership by FICO, Experian and data aggregator Finicity. The key difference between it and other FICO scoring models is that it allows bank account transactions to be factored into the final score. This is a score for which consumers will have to opt in by linking their deposit accounts to their credit profiles. This can help consumers with a sparse credit history to boost their scores based on their banking behavior, which includes a history of positive account balances, frequency of bank transactions, length of time the accounts have been open and evidence of consistent cash on hand.

As this is a very new feature, there will be a slow rollout of availability. You can sign up here to receive news and updates on the UltraFICO score.

VantageScore

VantageScore is the main FICO credit score competitor, and in a similar manner, the VantageScore is constantly evolving to portray a more accurate picture of a person’s financial health. It was developed by the three major credit bureaus. While still not as widely used as the FICO score, an October 2018 study by consulting firm Oliver Wyman found the use of VantageScore rose over 20% year over year, and was up more than 300% over the past five years. Like the FICO score, VantageScore has a scale of 300-850.

  • VantageScore 4.0 was designed with these changes in mind, and it gives those records less negative impact when calculating scores for consumers who have those records in their credit files. VantageScore 4.0 also penalizes unpaid medical collections less than other types of unpaid collections, and ignores unpaid medical collections less than six months old, to give insurance companies ample time to make payments. Consistent with the VantageScore 3.0 model, paid collections (including paid medical collections) are excluded in the VantageScore 4.0 model.

The most recent version is VantageScore 4.0. As is the case with FICO score 9, VantageScore 4.0 puts a lower weight on unpaid medical debt (medical debt less than six months old is completely disregarded). Both VantageScore 3.0 and 4.0 exclude paid collections from their model.

While VantageScore 4.0 debuted in 2017, 3.0 is still the most widely used model. The score takes the following factors into consideration:

  • Extreme Weight: Age and Type of Credit – This refers to your length of credit history and your account mix, and is also factored heavily into your 3.0 score.
  • Extreme Weight: Credit Utilization – The V3 score calculates your utilization percentage by dividing your balances by your available credit. Generally, you should keep your utilization under 30%.
  • High Weight: Payment HistoryVantageScore uses your payment history as the number one predictor of risk. Late payments can appear on your report for seven years.
  • Medium Weight: Total Balances – Refers to your total debt, both current and delinquent. As with credit utilization, the more you lower your debt, the higher chance you have of increasing your score.
  • Low Weight: Recent Behavior – How many accounts have you recently opened? Your recent behavior includes newly opened accounts and the number of hard inquiries recently.
  • Extremely Low Weight Available Credit – The amount of credit you have available to use.

MagnifyMoney’s parent company, LendingTree, offers a free credit monitoring service that uses the VantageScore 3.0 model.

Where can you obtain your credit score for free?

It used to be pretty difficult to obtain your credit score across all three bureaus for free. Now, several financial institutions offer consumers the chance to obtain their FICO scores at no cost. Here is a sampling of banks and credit unions that offer this service:

For Experian: If you have an American Express card, a Chase Slate account, or a credit card with Wells Fargo or the First National Bank of Omaha, you can get your FICO score from Experian. Discover offers an even better service, as anyone can sign up to view their Experian score at Creditscorecard.com, even if they do not have an account with Discover.

For Equifax: If you have a Citibank card, or an account with DCU Credit Union or PenFed, you can access your Equifax score for free. Keep in mind that Citibank uses a scoring model from 250 to 900 based on Equifax and the FICO Bankcard Score 8 model, which emphasizes credit card behavior.

For TransUnion: If you have a Barclays card, select credit cards with Bank of America or a Walmart Credit Card, Walmart MasterCard, or Sam’s Club Credit Card, you can access your TransUnion score.

Knowledge is power

The credit scoring system has a long way to go before it becomes transparent and accessible. Currently, it is up to lenders to use a national score, like the FICO score, their own internal credit score, or a mix of the two.

While it would be impossible to monitor all of your credit scores, there are ways to monitor the most important factors in every score. It’s your right to get annual access to a free copy of your credit report from each of the three bureaus. You can do this at annualcreditreport.com.

Even though no lender uses the same credit score model, all scores look at the same basic information, so taking steps to build and keep strong credit will benefit you no matter which score is being used.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Gretchen Lindow
Gretchen Lindow |

Gretchen Lindow is a writer at MagnifyMoney. You can email Gretchen at [email protected]

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Investing Best-Of Methodology

Editorial Note: The editorial content on this page is not provided or commissioned by any financial institution. Any opinions, analyses, reviews, statements or recommendations expressed in this article are those of the author’s alone, and may not have been reviewed, approved or otherwise endorsed by any of these entities prior to publication.

We know that comparing the pros and cons of multiple investment services can be confusing. Our product reviews help you simplify the process by providing side-by-side evaluations of only the best choices available. The roundups weigh a broad selection of variables for each company’s product, with a special focus on fees and customer experience.

The variables we focus on will depend on audience and product type. For example, the ranking of our Best Brokers for Beginners places the emphasis on brokerage accounts with low account minimums and broad investment product offerings, while our Best Discount Brokers review places greater weight on low trading fees.

For all of the products we recommend, we evaluate three categories of variables: fees, product features and customer experience.

  • Fees: Nobody likes giving away money. Highlighting services with the lowest fees is a key objective when evaluating any financial service. Getting the best return on your investments also means minimizing the fees you need to pay.Variables: stock trading fees, option trading fees, management fees, account opening and closing fees, transfer fees, margin fees, among others.
  • Product features: Successful investing means getting the right tools to accomplish your goals. The ideal service will offer appropriate investing products, support multiple account types, provide functionality that you fits your investing style and be easy to use.Variables: number and type of tradable securities, account types, research resources, robo-advisor offerings and more.
  • Customer Experience: Researching investments, placing trades and getting advice should be easy. The best products make the investing process intuitive and simple.Variables: ease of use, mobile apps, customer support resources and others.

Please note that our editors adhere to a strict code of ethics when evaluating any products on our site.

Advertiser Disclosure: The products that appear on this site may be from companies from which MagnifyMoney receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear). MagnifyMoney does not include all financial institutions or all products offered available in the marketplace.

Joshua Rowe-Heupler
Joshua Rowe-Heupler |

Joshua Rowe-Heupler is a writer at MagnifyMoney. You can email Joshua here

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