Cash Advance Calculator
See the real cost of getting a credit card cash advance with the true effective APR disclosed
Find these in your card's Schumer box or monthly statement.
Find these in your card's Schumer box or monthly statement.
Optional
No fees or interest
Paying by card instead? A purchase costs $0 in fees and $0 in interest if you pay your full statement balance by the due date.
How to Use the Cash Advance Calculator
Here’s the information you need to enter to get your cash advance estimates:
- Cash Advance Amount. Choose the amount from $50 to $10,000 you want to get as a cash advance.
- Cash Advance Fee. Set a cash advance fee percentage and the minimum fee in dollars charged by your credit card company.
- APR. Enter your cash advance APR as outlined in your monthly statements or the card’s Schumer box.
- Days to Repay. Input the term within which you are planning to repay your cash advance.
- ATM Fees. For a more complete estimate, enter optional fees associated with your cash advance. These are typically ATM fees for withdrawing the funds.
How to Calculate Cash Advance Interest and Fees
The daily interest you owe on your cash advance is calculated using the following formula:
where
- B – your current unpaid balance (includes both your cash advance amount and fees).
- DPR – daily periodic rate.
Your daily periodic rate is calculated as follows:
Representative Example 1
Suppose that you get a $1,000 cash advance with a 29% APR and a 5% cash advance fee and plan to pay it back in 30 days. First, calculate your daily periodic rate:
Then, find your cash advance fee:
Finally, you can calculate your daily interest:
Your total cash advance cost over 30 days will be as follows:
The effective APR is around 91%.
Note: Calculation assumes simple daily interest for illustration; actual charges may vary slightly due to daily compounding.
How Much Does a Cash Advance Cost?
On average, credit card cash advances have APRs of 24%–36%. An upfront cash advance fee is typically 3%–5% of the advanced amount or a $10 flat minimum. On top of that, you may also face an ATM fee, especially if you withdraw money from an out-of-network operator. As interest is charged daily, the exact cost depends on how long it will take you to repay the amount you borrowed.
Representative Example 2
Say you take out the same $1,000 cash advance with a 29% APR and a 5% cash advance fee and decide to make only minimum payments. If your minimum payments are calculated as interest plus 1% of the balance, it will be $35.88. In this scenario, it will take you 139 months to repay your cash advance, and you will pay $1,809.27 in interest. This is almost double what you initially borrowed.
If you pay a fixed $70 per month instead, it will take you 19 months to repay, and the total interest paid will reduce to $269.83.
Why Are Cash Advances So Expensive?
Credit card companies typically treat cash advances as high-risk transactions. There are three major factors that affect a cash advance cost.
Upfront Transaction Fees
Card issuers typically charge a 3%–5% upfront fee for transactions. This fee is added to your current cash advance balance, meaning that you pay interest on both the amount borrowed and the fee.
Higher APR
Cash advance APRs differ from those on regular purchases and are usually higher.
No Grace Period
Credit card companies skip grace periods for this transaction type. Interest accrues from day one. The longer it takes you to pay off the cash advance, the more interest you will pay.
How to Lower the Cost of a Cash Advance
Follow these rules to save money on interest when taking out a cash advance:
- Borrow only what you need. The more you borrow, the higher the base for interest calculation. Know exactly how much you need and do not withdraw funds just in case.
- Repay the balance as quickly as possible. As cash advances have no grace period, pay it down as fast as you can. Interest is charged daily, so even a few days can make a difference.
- Pay more than the minimum. If you cannot pay off your cash advance balance quickly, consider paying more than your minimum monthly payment to reduce the cost of the cash advance. Under the CARD Act, any excess payment is applied to the balance with the highest interest rate first, which is typically your cash advance.
Alternatives to a Cash Advance
Cash advances can be expensive, especially if you use them for a long period. If you need money for ongoing needs or long-term projects, consider alternatives that may work better for your situation.
Personal Loan
A personal loan provides you with upfront cash that you then repay in fixed installments covering both principal and interest. You can typically borrow $1,000–$50,000, with some lenders offering amounts of up to $100,000. Repayment terms typically range from 12 to 84 months. APRs are usually 5.99%–35.99%. The higher your credit score, the lower the APR you can expect. Origination fees of 1%–10% may apply. These fees are typically deducted from the loan amount. To compare the total cost with a cash advance, run the same amount through our personal loan calculator.
0% APR Credit Card
A 0% APR credit card provides a promotional 0% APR period, allowing you to save in interest if you pay off your balance before the promo ends. This period is usually 6–21 months. After the period ends, the APR may rise to 25% or more and will apply to the remaining unpaid balance. This option may work for ongoing needs, provided that you use your credit card responsibly and are sure you can pay off the balance within the promo period. If you’re not sure which option fits, see how personal loans and credit cards differ.
Payment Extension
If you need money to pay for utility bills or cover loan payments, negotiating a payment plan with a lender or service provider may be a better alternative to high-cost cash advances. Depending on the agreement, daily or monthly interest may continue to accrue, or the skipped payment gets moved to the end of your term. Get a formal written agreement to protect your credit score and prevent late fees.
Paycheck Advance
Your employer may allow you to get a portion of your earned wages before the scheduled pay date. Companies typically offer this option through Earned Wage Access (EWA) apps or platforms, such as DailyPay or Payactiv. Unlike loans, paycheck advances typically come with no mandatory interest or fees. However, some platforms may charge you a fee for instant access to cash.
Borrowing from Family
Your loved ones may be willing to lend you a small amount if you need money urgently. Ask politely, set a clear repayment deadline, and stick to the terms to avoid damaging relationships. A simple written agreement can help you prevent misunderstandings.
Cash Advance Calculator FAQ
Is a cash advance fee charged once or monthly?
A cash advance fee is charged once per transaction. However, it typically adds to your cash advance balance, so you pay daily interest on both the amount borrowed and the fee.
Does a cash advance hurt my credit?
Taking out a cash advance does not trigger a hard inquiry, so it won't directly lower your score from a credit check or show up on your credit report. However, it increases your credit utilization ratio, which is one of the factors credit bureaus rely on when calculating your credit score. That means a cash advance can indirectly affect your credit and reduce your score.
Where can I find my card’s cash advance APR?
This information is typically outlined in your credit card statement (the "Interest Charge Calculation" or "Rates and Fees" section). You can also find your cash advance APR in a cardmember agreement, online credit card account, or by calling the company’s customer service.
How long does it take to pay off a cash advance?
There’s no fixed deadline, as your cash advance is revolving credit. The balance rolls into your standard monthly credit card billing cycle, and the first payment becomes due on your next card payment due date (typically 20–25 days after your statement closes). However, cash advances have high APRs and offer no grace period, so you should pay it off as quickly as possible.