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Cash Advances Just Got More Expensive for U.S. Bank Credit Cards
In response to the Fed raising interest rates, APRs are also going up.
Jaclyn DeJohn
Jaclyn DeJohnFormer Editor
Jaclyn was a CNET Money editor with a fondness for the sweet spot between numbers and words. Overseeing CNET's credit card coverage, she wrote and edited news, reviews and advice. She has experience covering business, personal finance and economics, and previously managed contracts and investments as a real estate agent. Her tech interests include Tesla, SpaceX, The Boring Company and Neuralink.
ExpertiseCredit cards, banking, home equity, mortgages
CNET editors independently choose every product and service we cover. Though we can't review every available financial company or offer, we strive to make comprehensive, rigorous comparisons in order to highlight the best of them. For many of these products and services, we earn a commission. The compensation we receive may impact how products and links appear on our site.
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We are an independent publisher. Our advertisers do not direct our editorial content. Any opinions, analyses, reviews, or recommendations expressed in editorial content are those of the author’s alone, and have not been reviewed, approved, or otherwise endorsed by the advertiser.
To support our work, we are paid in different ways for providing advertising services. For example, some advertisers pay us to display ads, others pay us when you click on certain links, and others pay us when you submit your information to request a quote or other offer details. CNET’s compensation is never tied to whether you purchase an insurance product. We don’t charge you for our services. The compensation we receive and other factors, such as your location, may impact what ads and links appear on our site, and how, where, and in what order ads and links appear.
Our insurance content may include references to or advertisements by our corporate affiliate HomeInsurance.com LLC, a licensed insurance producer (NPN: 8781838). And HomeInsurance.com LLC may receive compensation from third parties if you choose to visit and transact on their website. However, all CNET editorial content is independently researched and developed without regard to our corporate relationship to HomeInsurance.com LLC or its advertiser relationships.
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U.S. Bank has increased the Cash Advance APR on all credit card products to 26.24% variable. In response to the Fed increasing interest rates, many credit card issuers are raising their various APRs.
While cash advances may seem like a helpful strategy in a pinch, they're a notoriously expensive type of loan. A cash advance allows cardholders to withdraw cash from their credit line, but comes with an upfront fee and interest, known as the cash advance APR. The cash advance fee is either a flat amount or a percentage of the withdrawn balance. For example, for the U.S. Bank Visa® Platinum Card, the cash advance fee is 5% of the withdrawn balance, or a minimum of $10.
So, if you were to take a $1,000 cash advance for a year through your U.S. Bank Visa Platinum card, you would be charged a $50 cash advance fee. If you didn't pay off the balance after a year, you would owe $262.40 in interest charges, bringing the total cost of the loan (besides the principal) to $312.40, or 31.24% of what you originally withdrew.
Affected credit cards include the U.S. Bank Visa® Platinum Card, U.S. Bank Altitude® Go Visa Signature® Card, U.S. Bank Altitude® Connect Visa Signature® Card, U.S. Bank Cash+® Visa Signature® Card and the U.S. Bank Business Triple Cash Rewards World Elite™ Mastercard®.
The editorial content on this page is based solely on objective, independent assessments by our writers and is not influenced by advertising or partnerships. It has not been provided or commissioned by any third party. However, we may receive compensation when you click on links to products or services offered by our partners.
