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If you find yourself in a bind and need cash right away, then your credit card may be able to help. Most issuers allow customers to use their cards to borrow cash up to a certain limit.

Just be aware that credit card cash advances are often very pricey. They may come with additional fees and are subject to a separate APR that tends to be much higher.

Join us for an overview of how cash advances work and whether or not they are worth it. We’ll also explore several credit cards with high cash advance limits, as well as the best cash advance alternatives.

How Does Cash Advance Work? How Long Does It Take?

how does cash advance work illustration

A cash advance is a loan you take out against your credit limit, usually in instances where you’re not able to pay using credit. Many issuers provide several convenient options for taking out cash advances, including:

  • ATM withdrawals
  • Convenience checks associated with your card
  • In-person withdrawals

It’s also important to read the fine print of your credit card agreement because some types of purchases can even be considered cash advances. These commonly include purchases such as:

  • Cash transfers through apps like PayPal or Venmo
  • Payments for loans
  • Gambling-related purchases such as lottery tickets or casino chips
  • Foreign currency exchanges

Can You Cash Advance More Than Your Credit Limit?

Generally, no. Most issuers cap cash advance limits at lower than your full credit limit.

Do Cash Advances Impact/Hurt Credit Score

couple sitting on sofa discussing with financial documents in living room

Taking out a cash advance won’t hurt your credit in itself but, much like any other loan, it can impact your credit score under certain conditions. If you aren’t able to repay the loan on time, then late payments may appear on your credit report.

Borrowing too much against your limit can also raise your credit utilization ratio.

Pros and Cons of Doing Cash Advance

Even issuers will commonly advise against making a cash advance unless it’s your absolute last resort. Let’s take a look at the pros and cons.

  • Convenience
  • Not as bad as a payday loan
  • Easy to pay off if you have a checking account with the same institution
  • Additional fees
  • A higher APR
  • No grace period – interest begins accumulating immediately
  • Increases credit utilization ratio

Can I Increase My Cash Advance Limit? How?

stressed woman wearing black glasses looking at her bills

This depends on your issuer and how your cash advance limit is calculated. Some banks calculate your cash advance limit as a percentage of your total available balance.

If this is the case, you may be able to increase your cash advance limit by applying for an increase in your total available balance. Due to the fact that this can vary based on the provider, it's always best to reach out to your issuer directly if you want to increase your overall or cash advance limit.

Credit Cards With High Cash Advance Limits

man making a money fan and pointing an arrow to it

It’s important to understand that finding credit cards with high cash advance limits can be an incredibly subjective journey. While some issuers have solid cash advance limits, many others will determine your cash advance cap as a percentage of your overall available balance.

With this in mind, it’s probably no surprise that the cards with the most generous cash advance offerings will also be those with the highest overall limits. This is going to be much easier if you have good to excellent credit.

If your credit score falls somewhere in the zone of 670 – 850, then here are some cards worth looking into for hefty cash advance offerings.

The Platinum Card® from American Express

The Platinum Card® from American Express

The Amex Platinum Card is reported by multiple sources to have one of the highest cash advance limits of $8,000. Just be aware that you’ll also end up paying a 21.24% - 29.24% cash advance APR, which can vary based on the current market.

One of Amex’s flagship cards, the Platinum card is renowned for its generous travel perks. If you do tend to travel a great deal, then it may be worth looking into earning 5x points when you use your card to book flights and hotels through AmexTravel.com, up to $500,000 on these purchases per calendar year. Terms Apply

Otherwise, the high annual fee and APR may not be worth it for you.

Annual Fee Variable APR when using the Pay Over Time Feature Variable APR on cash advances
$695 (See Rates & Fees) 21.24% - 29.24% 21.24% - 29.24%

Bank of America® Customized Cash Rewards Credit Card

Bank of America® Customized Cash Rewards Credit Card

Each Bank of America credit card comes with a cash credit line, which tends to equal 30% of your total account balance. If you already have a Bank of America card, then you can check your limit anytime by logging onto the “Account Details” section of your online banking platform.

While your limit will be determined based on your credit history, some users reported getting approved for over $50,000 with the Bank of America Customized Cash Rewards credit card. APR for Bank Cash advance is 31.24%, and for direct deposit and check cash advance the APR is 21.24% - 31.24% based on your creditworthiness when opening your account.

The card does offer a generous 0% promotional APR for the first 18 billing cycles on qualifying balance transfers and card purchases. You can also earn cash-back rewards of up to 3% in the category of your choice.

Annual Fee Variable APR Variable APR on Bank cash advances
None 0% for the first 18 billing cycles, then variable APR of 18.24% - 28.24% 31.24%

Capital One Venture Rewards Credit Card

Capital One Venture Rewards Credit Card

The Capital One Venture card is designed for those who travel frequently. It offers a generous 75,000 bonus miles when you spend at least $4,000 in the first three months, 2 miles for every dollar you spend on any purchase, and 5 miles for each dollar you spend on hotel and rental car bookings through Capital One Travel.

As far as cash advances, Capital One generally caps limits at anywhere from 30 – 50% of your total limit, depending on your credit history. You may also have a separate limit for how much you can withdraw from an ATM in a single day.

Be aware that you’ll be charged a cash advance fee of either 3% or $3 (whichever is more) on top of a variable 28.74% APR for cash advances. Some users have reported being approved for up to $50,000, but the average limit tends to be anywhere from $5,000 - $10,000.

Annual Fee Variable APR Variable APR on cash advances
$95 19.99% - 29.99% 28.74%

Wells Fargo Reflect Visa Credit Card

Wells Fargo Reflect® Card

The Wells Fargo Reflect Visa offers cash advances of up to $500 per day. While Wells Fargo does not specifically note any other caps on cash advances, their contract does state that the bank may restrict cash advances from ATMs based on frequency or amount.

There is a steep fee of $10 or 5% (whichever is more) for cash advances, plus a variable APR of 29.99%.

The Wells Fargo Reflect is also a nice choice if you’re looking for a low introductory APR. You'll enjoy a 0% intro APR on purchases and qualifying balance transfers for the first 18 months, with a possible 3-month extension when you make on-time minimum payments.

Annual Fee Variable APR Variable APR on cash advances
None 0% for the first 18 – 21 months, then variable APR of 17.24% - 29.24% 29.99%

Best Cash Advance Credit Card for Fair Credit

Photo happy woman with shopping bags and credit card at the store. the favorite occupation for all women, lifestyle concept

What if you’re looking for a credit card with a cash advance option, but don’t have stellar credit? We’d recommend checking out:

Capital One Platinum Credit Card

Capital One Platinum Credit Card

Designed for users with fair credit, the Capital One Platinum card comes with no annual fee. You can also see if you’re pre-approved with no impact on your credit score.

While Capital One has been known to offer cash advances of up to 30 – 50% of your total balance, be sure to check your account to verify your available cash limit. Limits may vary based on your credit history.

Be aware that you’ll also be charged 3% or $3 (whichever is higher) for each cash advance, and be subject to a variable cash advance APR of 30.74%.

Annual Fee Variable APR Variable APR on cash advances
None 30.74% 30.74%

Credit Cards With the Lowest Cash Advance Interest Rate

Photo portrait of unhappy businessman showing credit card isolated over white background

As you can see, most credit cards don’t make cash advances cheap. But there are a few cards from smaller issuers who make the option a little more manageable.

Pen Fed Platinum Rewards Visa Signature® Card

Pen Fed Platinum Rewards Visa Signature® Card

Pen Fed is a credit union that’s based in Virginia, but offers membership to anyone. Among their offerings is the Pen Fed Platinum Rewards Visa Signature® Card, which offers variable cash advance interest rates of as low as 17.99% with no additional transaction fees.

With no annual fees, the card offers an introductory APR of 0% and a low variable APR of 17.99% after that. The card also features a reward points system that offers bonus points for purchases made at supermarkets, restaurants, gas stations, and more.

Annual Fee Variable APR Variable APR on cash advances
None 0% for the first 12 months, then 17.99% 17.99%

DCU Visa® Platinum Credit Card

DCU Visa® Platinum Credit Card

DCU is a small credit union based in New England that is unfortunately only available to new members who meet select requirements. We thought it worth mentioning, however, because their DCU Visa® Platinum credit card has the lowest cash advance APR we’ve come across.

Members pay an APR of just 12.25% for cash advances with no additional fees. While the card is of the no-frills variety, its lower interest rates are definitely worth looking into for eligible customers.

Annual Fee Variable APR Variable APR on cash advances
None 12.25% 12.25%

Instant Approval Credit Cards With Cash Advance

Need cash fast? If you need money right away, then the best cash advance credit cards to go with are probably going to be those offered by your regular bank.

If you’re already an established customer, you’ll often be able to get approval quicker. Once your account is set up, you’ll then be able to make cash transfers from your new credit account to your bank account.

For instance, if you’re a Bank of America customer who travels often, you might apply for a card like:

Bank of America® Premium Rewards®

Bank of America® Premium Rewards®

The Bank of America® Premium Rewards® card offers travel perks and a generous 50,000 bonus points when you spend $3,000 within the first three months. You can also earn 2 points for every $1 you spend on travel and dining-related purchases and 1.5 points for every $1 you spend on anything else.

Just note that if you do choose to take advantage of the cash advance option, you’ll pay a fee of $10 or 3 - 5%, as well as a variasble cash advance APR of 23.24% - 31.24%.

Annual Fee Variable APR Variable APR on cash advances
$95 20.24% - 27.24% from 23.24% - 31.24% depending on creditworthiness and other factors

Cash Advance Alternatives

As you can see, a cash advance can be a pricey option. That's why it may be worth exploring alternatives such as how to get cash from your credit card without a cash advance.

Rather than pull the cash off your card directly, try using it to purchase cash gift cards. You should be able to use them to make cash purchases or, in some instances, even cash out at an ATM. Other alternatives include:

  • Payment services like Plastiq allow you to use credit cards for purchases that wouldn’t usually accept credit.
  • Apps like EarnIn allow you to borrow money you’ve already earned before you get paid
  • Consider a personal loan rather than a major cash advance
  • Look into installment payment apps like Affirm or Zip

We hope this has helped give you a good overview of credit card cash advances and how they work. Now that you know all your options, you’ll be better equipped to make the right choice for your situation.

For Rates & Fees of:
- The Platinum Card® from American Express Click Here

For Capital One products listed on this page, some of the above benefits are provided by Visa® or Mastercard® and may vary by product. See the respective Guide to Benefits for details, as terms and exclusions apply

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The responses below are not provided, commissioned, reviewed, approved, or otherwise endorsed by any financial entity or advertiser. It is not the advertiser’s responsibility to ensure all posts and/or questions are answered.

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