Debit Cards Exempt from Cash Advance Charges
In the world of credit cards, choosing the right one can be a daunting task. Here's a comparison of several cards, focusing on fees, rewards, and other key features.
No Cash Advance Fees, but Higher Interest Rates
The PenFed Platinum Rewards Visa Signature® Card is a popular choice for those with excellent credit. While it doesn't charge a cash advance fee, it applies the card's highest interest rate to cash advances. It's important to note that PenFed membership is required to be eligible for this card, and a minimum deposit of $5 is needed for a PenFed savings account. Points earned can be redeemed for travel, gift cards, and merchandise, but not cash back.
Secured Credit Cards with Different Approaches
The DCU Visa® Platinum Secured Credit Card requires a $500 minimum security deposit, which is higher than many other secured cards. However, it doesn't charge a cash advance fee and applies the same APR to cash advances as to purchases.
On the other hand, the Chime Credit Builder Visa Secured Credit Card charges no interest and doesn't allow spending more than the amount moved into the Credit Builder secured account. It functions differently from conventional credit cards, requiring a Chime Checking Account and a Credit Builder secured account for credit card spending.
Fee-Free Cash Advances and No Interest
The Advanzia Gebührenfrei Mastercard Gold is a credit card that stands out for charging no fees for cash advances and applying the same APR to cash advances as to purchases.
The Chime CardTM offers a unique feature: it can be used at any ATM without interest, with in-network ATMs avoiding fees. However, it functions differently from conventional credit cards, requiring a Chime Checking Account and a Credit Builder secured account for credit card spending.
Unsecured Credit Card for Building Credit
The Prosper Card is an unsecured credit card for those building credit. It charges a $39 annual fee (waived for the first year with autopay) and doesn't offer a sign-up bonus or ongoing rewards. However, it automatically reviews accounts for credit limit increases every three months.
Understanding Cash Advances
Cash advances can be an expensive proposition due to cash advance fees, ATM or bank fees, and interest. These fees can be a flat fee or a percentage of the amount advanced, with a minimum dollar amount. Interest is usually higher for cash advances than for purchases, and there's no grace period for cash advances.
It's essential to understand the terms and conditions of your credit card when it comes to cash advances to avoid unexpected costs. By comparing the features of different cards, you can find one that best suits your needs and helps you manage your finances effectively.
