20 Credit Cards with No Cash Advance Fees

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Updated on Tuesday, September 1, 2020

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

PenFed Platinum Rewards Visa Signature® Card

Annual fee
$0
Regular Purchase APR
13.49% - 17.99% Variable
PenFed Gold Visa® Card

PenFed Gold Visa® Card

Annual fee
$0
Regular Purchase APR
7.49% - 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

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 an introductory APR on purchases and balance transfers and no cash advance fees.

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

CapEd VISA® Platinum Credit Card

Intro Purchase APR
Introductory APR of 4.90% for first 12 months after account opening.
Intro BT APR
Enjoy a low 3.90% promo APR on transferred balances for 12 months after account opening.
Regular Purchase APR
7.70% - 15.70% variable
Annual fee
$0

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.

First Tech Odyssey Rewards™ World Elite Mastercard®

First Tech Odyssey Rewards™ World Elite Mastercard®

Annual fee
$75
Regular Purchase APR
6.99% to 18.00% Variable
Credit required
good-credit
Platinum Rewards MasterCard® from First Tech FCU

Platinum Rewards MasterCard® from First Tech FCU

Annual fee
$0
Regular Purchase APR
7.99% to 18.00% Variable
Credit required
good-credit
Choice Rewards World MasterCard® from First Tech FCU

Choice Rewards World MasterCard® from First Tech FCU

Annual fee
$0
Regular Purchase APR
8.25% to 18.00% variable
Credit required
good-credit
Platinum Secured Mastercard® from First Tech FCU

Platinum Secured Mastercard® from First Tech FCU

Regular Purchase APR
9.00% to 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

Platinum MasterCard® from ISU CU

Annual fee
$0
Regular Purchase APR
9.25% - 16.50% 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

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

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

Visa® Platinum Cash Back Rewards Card from Stanford FCU

Annual fee
$0
Regular Purchase APR
8.99% to 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

DCU Visa® Platinum Credit Card

Annual fee
$0
Regular Purchase APR
8.50% - 18.00% Variable
DCU Visa® Platinum Rewards Credit Card

DCU Visa® Platinum Rewards Credit Card

Annual fee
$0
Regular Purchase APR
11.25% - 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

U First Visa® credit card

Annual fee
$0
Regular Purchase APR
7.74% - 17.74% Variable
  • Addition Financial offers 3 cards for people who live, work, worship, volunteer, attend school or vocational training, or is an alumni of any college, university, or educational institution located in Orange, Osceola, Seminole, Lake, Alachua, Brevard, Duval, Flagler, Hernando, Highlands, Hillsborough, Indian River, Marion, Martin, Okeechobee, Pasco, Pinellas, Polk, St. Johns, St. Lucie, Sumter or Volusia County:
Visa Platinum Low Rate Credit Card from Addition Financial

Visa Platinum Low Rate Credit Card from Addition Financial

Annual fee
$0
Cash Advance Fee
None
Regular Purchase APR
10.75% - 17.75% variable
Visa Premier Cash Credit Card from Addition Financial

Visa Premier Cash Credit Card from Addition Financial

Annual fee
$0
Cash Advance Fee
None
Regular Purchase APR
16.25% - 17.75% variable
Visa Premier Rewards Credit Card from Addition Financial

Visa Premier Rewards Credit Card from Addition Financial

Annual fee
$0
Cash Advance Fee
None
Regular Purchase APR
16.25% - 17.75% variable
Visa® Signature Cash Rewards Credit Card from Hawaii State FCU

Visa® Signature Cash Rewards Credit Card from Hawaii State FCU

Annual fee
$0
Regular Purchase APR
9.65% - 11.65% Variable
Visa® Platinum Rewards Credit Card from Hawaii State FCU

Visa® Platinum Rewards Credit Card from Hawaii State FCU

Annual fee
$0
Regular Purchase APR
9.65% - 17.15% 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.

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