Depends on what kind of action game you like.
I'm a big fan of spectacle fighters like Devil May Cry and Bayonetta. If that's you're thing the DMC HD collection has the first three titles for $30
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Only 20$ for Bayonetta
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while depending on your taste the story could be considered a dumpster fire there's no denying that it's gameplay is top-notch for the genre.
If 3rd person shooters are more your style, there's Vanquish which is the first game I liked so much I played it enough to get all the cheevos on Xbbox 360, it's a great fast-paced title.
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Though at $20 it's more pricey than I'd expect an 8 year old game to cost, they did updoot the graphics.
If you're looking for something more challenging and have an Xbox or 360 the Ninja gaiden games are very good. Honestly I'd think the Dark souls devs played them and said "Let's make a game like this, but HARDER, and make the player move slower" Should be able to pick them up used pretty cheap, unfortunately they don't seem to be on PC which is kind of a tragedy.
And lastly if you're more into action RPGs (not the diablo kind) there's Kingdoms of Amalur: Reckoning
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I found it very fun, though the story's kinda meh.
Guess I should've asked what you consider cheap..