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Need to withdraw cash from your credit card? Compare credit cards with the lowest cash advance rates and cash advance fees.
It is possible to withdraw cash from your credit card. This is known as a cash advance. It is when you use your credit card to take cash out using an ATM or over the counter in a branch. This differs from a normal credit card purchase when you use you card to pay for goods and services in store or online.
The cash advance rate is the interest rate that is applied to the amount that you withdraw. Usually it is around 20% p.a. which is not cheap. And unlike making a normal purchase, the cash advance interest rate is applied to the amount straightaway – which means there’s no 55 days interest free days.
The cash advance fee is a one-off fee that a bank charges when you take cash out from your credit card using an ATM or over the counter in a branch. Usually it is about 2% of the amount you withdraw. A withdrawal of $100 from an ATM would attract a $2 cash advance fee.
You might get charged an ATM withdrawal fee when withdrawing cash domestically. If you’re overseas then it becomes a much more expensive way to get your hands on cash because there’s overseas ATM fees and currency conversion fees.