With the high cost of living and unexpected emergency expenses, it’s always useful to have a financial backup plan. One way of accessing quick money is through the use of credit cards. However, using credit cards to get cash advances can come with high interest rates, making it hard to repay the loan. That’s where credit cards with 0% APR on cash advances can come in handy. They offer a reprieve from paying high-interest rates, allowing cardholders to borrow money without incurring the high costs associated with traditional cash advances. This article delves into the benefits of credit cards with 0% APR on cash advances, how they work, and what you should consider before applying for one.
Credit Cards with 0 APR on Cash Advance: What You Need to Know
If you’re looking for a way to borrow cash on your credit card without being charged any interest, then a credit card with 0% APR on cash advance may be just what you need. This type of credit card allows you to withdraw cash from an ATM or bank without incurring any interest for a certain period of time. In this section of the article, we’ll take a closer look at credit cards with 0% APR on cash advance.
How Does It Work?
When you use a credit card to withdraw cash from an ATM or bank, you’re essentially taking out a loan. Typically, credit card companies charge high interest rates on cash advances, which makes it an expensive way to borrow money. However, some credit card companies offer 0% APR on cash advance for a certain period of time, usually between 6 and 18 months.
Pros and Cons of Credit Cards with 0% APR on Cash Advance
While credit cards with 0% APR on cash advance can be attractive, there are both pros and cons to consider before applying for one. On one hand, you can borrow cash without being charged interest for a certain period of time, which can be a great way to manage unexpected expenses. On the other hand, if you’re not careful, you could end up in debt if you don’t pay off the balance before the introductory period ends and you’re hit with a high interest rate.
How to Qualify for a Credit Card with 0% APR on Cash Advance
To qualify for a credit card with 0% APR on cash advance, you typically need to have a good credit score. Credit card companies want to ensure that they’re lending money to someone who is likely to pay it back on time. You’ll also need to meet other criteria such as having a steady income.
How to Use a Credit Card with 0% APR on Cash Advance
When you use a credit card with 0% APR on cash advance, it’s important to use it responsibly. Only withdraw cash if you really need it, and make sure you can pay it back within the introductory period. Don’t use it to supplement your income or to make unnecessary purchases.
Other Benefits of Credit Cards with 0% APR on Cash Advance
Aside from the 0% APR on cash advance, some credit cards also offer other benefits such as cashback rewards, travel miles, or points for every purchase you make. Be sure to check the terms and conditions of the credit card to see what other benefits are available.
What to Look for in a Credit Card with 0% APR on Cash Advance
When searching for a credit card with 0% APR on cash advance, there are a few things to consider. Look at the length of the introductory period, the interest rate after the period ends, and any fees associated with the card. Don’t forget to read the fine print to make sure there are no hidden fees.
Alternatives to Credit Cards with 0% APR on Cash Advance
If you don’t qualify for a credit card with 0% APR on cash advance, or if you’d rather not use one, there are other alternatives. Consider taking out a personal loan or a line of credit from your bank. These options may have lower interest rates than a credit card cash advance.
A credit card with 0% APR on cash advance can be a great way to borrow money without paying interest. However, it’s important to use it responsibly and pay off the balance within the introductory period. If you’re not careful, you could end up in debt and paying high interest rates. Be sure to consider all of your options before applying for a credit card with 0% APR on cash advance.
Credit Cards Offering 0% APR on Cash Advances
Are you in need of some quick cash but don’t want to pay high-interest rates on cash advances? You’re in luck; many credit cards offer promotional periods with 0% APR on cash advances. Here are some of the top credit cards offering this benefit.
1. Chase Freedom Unlimited
The Chase Freedom Unlimited credit card offers a 0% APR on cash advances for the first 15 months. This means that you can make withdrawals without worrying about excessive interest charges. However, keep in mind that there is a 5% fee on the cash advance.
2. Discover It
Discover It is another option for those in need of a 0% APR on cash advances. This card offers a promotional period of 14 months with no interest charges on cash withdrawals. Like the Chase Freedom Unlimited, there is a 5% fee on cash advances.
3. Wells Fargo Platinum Card
The Wells Fargo Platinum Card is another great option for those who need cash quickly. With 0% APR on cash advances for 18 months, this card provides ample time to pay back the loan without incurring interest. Keep in mind that there is a 3% fee on cash advances.
4. Bank of America Cash Rewards Credit Card
The Bank of America Cash Rewards Credit Card offers a promotional period of 12 months with 0% APR on cash advances. There is a 3% fee on cash advances, so be sure to factor that in when considering this card.
5. Citi Double Cash Card
The Citi Double Cash Card offers 0% APR on cash advances for the first 18 months. This card has a 5% fee on cash advances, so keep that in mind before making your withdrawal.
6. Capital One Quicksilver Cash Rewards Credit Card
The Capital One Quicksilver Cash Rewards Credit Card offers a promotional period of 15 months with 0% APR on cash advances. There is a 3% fee on cash advances, so be sure to consider this when deciding on this card.
7. U.S. Bank Visa Platinum Card
The U.S. Bank Visa Platinum Card offers 0% APR on cash advances for the first 20 billing cycles. This is the longest promotional period of all the cards on this list. However, there is a 3% fee on cash advances.
8. HSBC Gold Mastercard
The HSBC Gold Mastercard offers 0% APR on cash advances for the first 18 months. There is a 4% fee on cash advances, so be sure to consider this when deciding on this card.
9. SunTrust Prime Rewards Credit Card
The SunTrust Prime Rewards Credit Card offers 0% APR on cash advances for the first 36 months. This card has a 3% fee on cash advances, making it a good option for those who need an extended promotional period.
10. Barclaycard Ring Mastercard
The Barclaycard Ring Mastercard offers 0% APR on cash advances for the first 15 months. There is a 3% fee on cash advances, so be aware of this before making your withdrawal.
In conclusion, if you need cash quickly but don’t want to be charged excessive interest rates, consider getting one of these credit cards that offers a promotional period of 0% APR on cash advances. However, be sure to factor in the fees associated with cash advances before making your decision.
Benefits of Credit Cards with 0 APR on Cash Advance
If you’re considering a credit card with 0 APR on cash advance, there are many benefits that come with it. Below are some of the most notable advantages of using this type of credit card.
No Interest for a Set Period
One of the best benefits of credit cards with 0 APR on cash advance is that you can enjoy a period of time without paying any interest on your cash advances. This can be extremely helpful if you need to borrow money for a short time, without increasing your debt with high interest payments.
Easy Access to Cash
Using a credit card with 0 APR on cash advance allows you to access cash easily and quickly whenever you need it. You won’t be required to visit a bank or fill out lengthy paperwork. All you need to do is swipe your card at an ATM or in-store and you’ll have cash in your hand.
Opportunity to Build Your Credit Score
If you’re someone who is trying to build or improve your credit score, a credit card with 0 APR on cash advance can help. By using the card responsibly and paying your bill on time, you can demonstrate to credit bureaus that you’re a responsible borrower. Plus, with no interest payments, you can put more of your money towards paying off your existing debt.
Emergency Backup Fund
Credit cards with 0 APR on cash advance can act as an emergency backup fund. If you find yourself in a situation where you need to make an unexpected expense, such as a car repair or medical bill, you can use your credit card to cover the cost and pay it back over time without interest.
Finally, credit cards with 0 APR on cash advance often come with lower fees compared to traditional cash advances. This can save you money in the long run and make it easier to manage your finances.
|0% APR on Cash Advance Period
|Discover it® – Cashback Match™
|Chase Freedom Flex℠
|Citi® Diamond Preferred® Card
In conclusion, credit cards with 0 APR on cash advance can be a useful financial tool for those who need quick access to cash or want to save on interest payments. By choosing the right card and using it responsibly, you can enjoy the many benefits that come with this type of credit card.
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Pros of Credit Cards with 0 APR on Cash Advance
Credit cards that offer a zero APR (Annual Percentage Rate) on cash advances can be a fantastic option for those in need of quick cash. Here are the pros of using credit cards with no interest on cash advance:
1. No Interest for a Certain Period
Credit cards with zero APR on cash advances offer interest-free borrowing for a certain period. This can be hugely advantageous for those who need a quick injection of cash but can’t afford to pay high interest rates. It’s important to note that this period will vary depending on the issuer.
2. Convenient and Easy Access to Cash
Credit cards with zero APR on cash advances offer a quick and easy way to access cash. All you need to do is find an ATM or bank that accepts your card and withdraw money. There’s no need to open a new line of credit or apply for a loan.
3. Can Help Improve Credit Score
Using a credit card responsibly is an excellent way to build your credit score. Paying off your cash advance on time will reflect positively on your credit report.
4. Rewards and Perks
Credit cards with 0 APR cash advance often come along with rewards and perks that can be advantageous to those who like to take advantage of them. These rewards can include travel miles, cashback, or other incentives, which can be beneficial over time.
Credit cards provide a great deal of flexibility when it comes to cash advances. There is no need to specify how the cash should be used as it is at the consumer’s discretion. This kind of flexibility can be hugely advantageous, especially when it comes to paying for unforeseen expenses.
6. No Collateral Needed
Credit card cash advances do not require collateral. Compared to other types of loans, this advantage is very attractive to borrowers who do not want to risk their property or other assets.
7. Ideal for Emergencies
Credit cards with zero APR on cash advances can be an ideal option for those facing financial emergencies. Medical expenses, car repairs, or other unforeseen situations can all be covered by credit card cash advances.
8. No Need to Deal with Traditional Lenders
When using a credit card cash advance, there is no need to deal with traditional lenders, such as banks or credit unions. Traditional lenders may require extensive documentation, proof of income, or credit checks, making it harder for borrowers.
9. Lower Fees
Credit card cash advance fees can be significantly lower than other types of loans. This can make credit cards an affordable option for those in need of quick and affordable cash.
10. Easy to Manage
Credit card cash advances can be very easy to manage. Most credit cards offer online account access, making it easy to track your spending and manage your payments effectively. This simplicity can be a great advantage when it comes to keeping your finances under control.
Wrap-Up: Thanks for Reading!
Congratulations, you’ve made it to the end of our article on credit cards with 0% APR on cash advance. We hope that you found this information helpful in making an informed decision when applying for a credit card that suits your needs. Whether you are planning on taking a cash advance or not, it’s always good to know the options available to you. Thanks for reading, and make sure to come back soon for more informative reads. Have a wonderful day!