What are the Best Cash Advance Credit Cards for Bad Credit?

Best Cash Advance Credit Cards for Bad Credit

If you havebad creditand are in need of fast cash, you may be considering a cash advance from your credit card. However, not all credit cards are created equal, and some may offer better rates and terms than others. Here’s a look at some of the best cash advance credit cards for bad credit, along with tips for using them responsibly.

1. Capital One Secured Mastercard

The Capital One Secured Mastercard is an excellent option for those with bad credit who need a cash advance. This card has a low APR of 26.99%, and the cash advance fee is only 3%. Additionally, as a secured credit card, it requires a security deposit, which can help you build credit over time.

2. Discover it Secured Credit Card

The Discover it Secured Credit Card is another great option for those with bad credit who need a cash advance. This card has no annual fee and offers cash back rewards on purchases. The cash advance fee is 5%, but the APR is lower than many other cards, at 24.99%.

3. OpenSky Secured Visa Credit Card

The OpenSky Secured Visa Credit Card is an easy-to-qualify-for credit card that offers a cash advance. This card has a low APR of 17.39% and a cash advance fee of 5%. Additionally, the OpenSky Secured Visa Credit Card requires no credit check, making it an ideal option for those with bad credit.

Tips for Using Cash Advance Credit Cards Responsibly

While cash advance credit cards can be a useful tool for those in need of fast cash, it’s important to use them responsibly. Here are some tips for using cash advance credit cards responsibly:

1. Only use cash advances for emergencies.

Cash advances should be used sparingly and only for emergency situations. This is because cash advances typically come with higher fees and interest rates than regular credit card purchases.

2. Pay off your cash advance as soon as possible.

Because cash advances come with higher fees and interest rates, it’s important to pay them off as soon as possible. This can help you avoid accumulating large amounts of debt and paying even more in interest and fees over time.

3. Watch out for high fees and interest rates.

Before taking out a cash advance, be sure to read the fine print and understand the fees and interest rates associated with the transaction. Some credit cards may charge higher fees and interest rates than others, so it’s important to do your research and compare your options.

Conclusion

Cash advance credit cards can be a useful tool for those with bad credit who need fast cash. However, it’s important to use them responsibly and understand the fees and interest rates associated with the transaction. By doing your research and comparing your options, you can find a cash advance credit card that works for your financial situation and helps you build credit over time.