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Credit Card Applications » Questions » User Questions » Other » I am looking for a credit card for cash advances. Do you think Redwood Platinum credit card is good for ...

I am looking for a credit card for cash advances. Do you think Redwood Platinum credit card is good for that?

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Leo Zhu

In general, none of the credit cards is good for cash advances as they charge cash advance fees and APRs for cash advances are always extremely high. Credit cards are first of all designed for purchases, and only then for anything else. As for the Redwood Platinum card, it may indeed seem a good option for cash advances as there is no cash advance fee if the advance is performed at RCU locations. However, if you need to withdraw money at other locations, you will have to pay 2% or $20, whichever is greater. Now is cash advance APR: in the best-case scenario, it will be 11.99%, and 21.00% in the worst-case scenario. The cash advance APR doesn’t have a grace period which means the interest will start accruing on the date of cash advance. If you agree with such terms, you can use the Redwood Platinum credit card for cash advances, but we would not recommend.

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