A cash advance is when you withdraw money with your credit card. Compare cards that offer a cash advance option below to find the most affordable option.
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A cash advance is withdrawing cash on your credit card rather than making a purchase. However, it's often one of the most expensive features of a credit card and you could find it costs more than it is worth. If you are planning to withdraw cash on your credit card it makes sense to find one that will charge the lowest fee and interest.
It's not only withdrawing cash from an ATM that is considered a cash advance, buying foreign currency and traveller's cheques, gambling and betting transactions, electronic cash transfers are all usually considered cash advances too.
Typically, cash advances have higher interest rates than purchases, this can be as high as 50%, meaning withdrawing £100 would cost you £150. This is worse than the charges for a short-term loan. However, the lowest rates for cash advances can be in their teens.
It’s also worth bearing in mind that whilst many purchase credit cards come with an interest free period, cash advances tend to be charged interest from day one.
There will also be a fee charged to take a cash advance with your credit card, typically about 3%, but the lowest cash advance fees can be as little as 2.5%.
If you use an ATM overseas you're likely to be charged additional foreign usage fees on top of this, these can also be as much as 3%.
Whilst it's expensive and best left as a last resort, sometimes there are emergency purchases that can only be paid in cash, such as paying tradesmen or car repairs. Do remember that if you have a current account with a debit card, you can usually withdraw cash for free this way.
Cash advance credit cards are typically a cheaper way of getting a small cash loan than a payday loan. As the repayments are more flexible than that a personal loan, it could be cheaper on monthly basis, but will be more expensive in the long term.
But bear in mind that buying something with cash withdrawn via credit card cash advance, means you don't get the purchase protection you enjoy by making a purchase directly with a credit card.
If you are planning to take out a cash advance, try to find the card that charges the lowest rates and fees, the best credit cards for cash advances charge interest as little as around 18%. Which is no higher than a typical APR (annual Percentage Rate) for a purchase card.
Make sure to make as few cash withdrawals as possible as many credit cards charge a minimum cash withdrawal fee of about £3. Effectively meaning a cash advance of anything below £100 would be charged at a higher rate than 3%.
You can get cards which charge no foreign usage fees for overseas withdrawals, which will reduce the cost if you have to take out a cash advance whilst abroad.
If possible try to avoid making purchases in cash, as buying with the card will help you avoid the withdrawal fees. Finally, make sure to pay off the balance as soon as possible to avoid being charged higher rates of interest. The high rates of interest can make that small cash advance become really expensive.
When we use the term ‘most popular or ‘popularity’ on Uswitch in reference to credit cards, these cards are ranked by the number of clicks they have received on the site in the past 48 hours.
The most clicked on cards are at the top, with the least at the bottom. This reflects how popular they are with visitors to Uswitch.com. Consequently, this is a good table to look at if you’re interested in seeing which cards most people think are worth getting.
We compare credit over 100 credit cards from all of the major banks and credit card providers.
However, we do not compare all the credit cards that are available in the UK.
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