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Card Issuers Are Offering Less Expensive ways to access your credit Line. Advertiser disclosure: You're our first priority. Every day. We believe that every person should be able to make financial decisions with confidence. And while our site doesn't include every financial or company product available on the market however, we're confident of the advice we offer and the information we offer and the tools we develop are independent, objective, straightforward -- and free. How do we earn money? Our partners pay us. This can influence the products we review and write about (and the places they are featured on the site) However, it in no way affects our advice or suggestions that are based on hundreds of hours of study. Our partners are not able to pay us to guarantee favorable reviews of their products or services. . Card Issuers Are Offering Cheaper Ways to Access Your Credit Line Costly cash advances are not the only option for tapping into your available credit. But there are drawbacks to be aware of. This article was written by Melissa Lambarena Lead Writer | Credit cards, loans Melissa Lambarena is a lead writer for the credit card group at NerdWallet. She has been a passionate writer covering credit card-related topics for over six years. Her prior experience includes nine years as an author for various websites and publications. With her efforts, she strives to help users extract benefits from credit cards in order to meet financial goals like expanding their budgets, building credit, traveling to dream destinations and paying off debt. She investigates these topics along with others in The Millennial Money column featured in The Associated Press. Her writing has also been featured within The New York Times, Chicago Tribune, The Washington Post, USA Today and Yahoo Finance, among others. Melissa has a bachelor's degree of sociology, from University of California, Los Angeles. University of California, Los Angeles. Dec 1, 2022 Edited by Kenley Young Assigning Editor Credit scores, credit cards Kenley Young is the director of daily credit cards coverage for NerdWallet. Prior to that, he worked as a homepage editor and digital content producer at Fox Sports, and before that , a front page editor at Yahoo. He has decades of experience in digital and print media, including stints as chief of the copy desk as well as a wire editor, and a metro editor for the McClatchy Newspaper chain. Email:
. The majority of items featured here come from our partners who compensate us. This impacts the types of products we review and where and how the product appears on the page. But, it doesn't affect our opinions. Our opinions are entirely our own. Here is an overview of . Credit cards are a convenient option to pay for something however, historically, they've not had flexible or inexpensive ways to use your credit line for other purchases. In the past, the few other options to tap your credit line for money was a , which usually comes with an astronomical cost of interest and high costs. If your financial situation is already in bad shape, this type of expensive short-term loan can make matters worse. But lately, more convenient and cost-effective options are emerging. In the past few times both traditional credit card issuers and startups have launched new products and features that make it more convenientand more affordable to tap your credit line to pay a friend, pay off big purchases at lower costs, pay off a bill you can't normally pay by credit card or have cash deposited into the bank account of your choice. Read more: Easier peer-to-peer payments Never carry cash these days? Or maybe you're a few bucks short for your part of the check for dinner? Consider using an American Express feature , launched in November 2020, and accessible on qualified cards on AmEx's mobile apps. The "Send" part of this option allows you to use your AmEx card to pay other people through or , but without incurring the transaction costs that normally be charged on credit cards like these on the platformsusually, around 3%. The terms apply, with limitations on the amount you are able to send, and such transactions won't be eligible for rewards. But it can be an ideal solution for splitting the costs of gifts, food or even more. "We've definitely observed some steady users' participation," said Stephanie Schultz, vice president and head of emerging strategic alliances at American Express. "One of the common categories that we've seen has been gifting, especially over the holiday season." What to keep in mind: As with any charge with your credit card you'll have to pay off any "Send" transaction at the time of your due date to avoid incurring the interest. The terms and conditions apply. More: Flexible financing and installment-loan options What happens if you're trying to fund a bigger expenditure? Some card issuers and startups have made it possible to turn your available credit in to the form of an installment loan. Chase and Citi, for example, offer and , respectively offer a selection of cardholders. They function similar to an individual loan at a financial institution, with money deposited directly into your bank account. You'll have a set amount of time to repay the loan with a fixed monthly payment. You'll be charged interest but possibly at a rate that's lower than the credit card's APR. The options allow you to take out a loan without a credit check and without a new report credit check on your report. "With My Chase Loan, our customers have reported that the possibility of taking an loan with no application as well as no credit check or a new credit card to maintain, and at an APR lower than their credit card's standard APR is appealing," said a Chase spokesperson in an email. "They also like the transparency that comes with knowing the monthly repayment sum and loan duration prior to the time of application, and assurance that there's no origination or early payoff cost." If you need time to make a payment on a major purchase, this kind of choice could be better rather than charging it directly onto your card . In addition, it's cheaper than cash advances. What to keep in mind This is because these programs are specifically designed, which means they might not be available to every person in all instances. Consider the possible impact on your credit utilization (and those of your scores on credit), plus the overall price of the loan even at a lower APR. The loan amount you can request will depend on the credit limit you have available and creditworthiness, which is why it may still be worth looking into personal loan rates from other institutions. >> MORE Tips for Nerdy If you're trying to split an individual purchase with a credit card into more manageable chunks it's possible to look into the Chase My Chase Plan option or Citi's Flex Pay feature. Similar to that, the Mastercard payment service is now offering a service called . The terms and conditions might apply, but these choices can make monthly installments more predictable. AmEx also has a feature that has the fee is fixed for each month, but you'll know the amount you'll be charged every month. The terms and conditions apply. >> MORE: Options from startups, too The startup company Upgrade offers a unique versatile hybrid service -- the -- that blends elements of credit cards and personal loans. When you apply it as a credit-card, the remaining balances are converted into installment loans. When you use it as an individual loan and you are able to receive the funds deposited into accounts at banks. In both cases you'll have the option of repaying the loan by equal installments with fixed rates over a designated time frame. What to keep in mind: The APR you qualify for can vary depending on the loan, and just like other installment loan alternatives you should check rates offered by other lenders, too. More Third-party options: If the credit card company you're using isn't as flexible with accessibility to credit lines, third-party options could be a viable alternative. For example the service, which costs a fee, permits you to use your credit cards to cover charges that you aren't able to pay that way, like mortgage, rent or day care fees, utilities and more. It charges your credit card through Plastiq to your amount for the bill (plus the 2.9% processing fee) Then, Plastiq pays the recipient directly on behalf of you. This is a useful service if, say you have a bill due immediately but you need some peace of mind as you wait for your pay to arrive. Also, unlike other options, you'll be able to accrue credit card rewards which could offset the processing cost. The past was when Berna Anat, a San Francisco resident and content creator, used this option to pay off charges and also earn points for a trip in New Zealand and other destinations. "I only ever charge only the amount of cash I already had saved for that month," she said. Things to remember that even though an 2.9 percent processing cost is less expensive than a cash advance it still can be an enormous amount of cost, particularly for big transactions. If you're unable to pay the bill completely by your credit card's due date the interest will be added to your card's ongoing APR, which can be very costly. Additionally, certain credit cards may not be compatible with bill payment providers from third-party companies. Before using one, review the card , or ask the issuer about how (or how) it will be handled. It could be regarded as an advance on cash as an example, and not than an actual purchase. More: About The author Melissa Lambarena is a credit card writer at NerdWallet. The work she writes for has been highlighted in The Associated Press, New York Times, Washington Post and USA Today. Similar to... Choose the right credit card that is suitable for you. Whether you want to lower your interest rate or earn rewards, the right card's out there. Simply answer a few concerns and we'll refine down the selection for the right card for. Explore even more in Credit Cards Discover more intelligent money moves delivered directly to your inbox Sign up and we'll email you Nerdy content on the money topics that matter most to you and other strategies to get the most out of your money. Make the best financial decisions

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