Whether you’re in the dusty streets of N’Djamena in Chad, or on Oxford Street in Sydney, you might find you need money, and fast. Relax, it’s not a scene out of the Bourne Identity - rather, a credit card cash advance could be a convenient way to get access to cold hard cash. This can be useful in situations where you need cash quickly or if you’re somewhere debit cards aren’t accepted.
But be aware - cash advances can be costly, and you definitely pay for the convenience.
Compare low cash advance rates and fees
Compare credit cards with competitive cash advance rates and fees below.
[Receive 90, 000 bonus Qantas Points when you apply online by 3 September 2024, are approved, and spend $3, 000 on eligible purchases on your new Card within the first 3 months. Plus, an additional 20, 000 bonus Qantas Points in your second year upon fee renewal. Annual Card fee is $450. T&Cs apply. New Amex Card Members only.
Apple Pay, Android Pay, Google Pay, Samsung Pay, ]
[Earn up to 60, 000 bonus Velocity Points (30, 000 Velocity Points each month you spend $1, 500 or more on eligible purchases in the first 2 months from card approval). Plus, enjoy half the annual fee in the first year, and $149 after that
Offer is valid until 15 May 2024
Minimum Credit Limit $6, 000
Apple Pay, Samsung Pay
, ]
[Up to 55 days interest free on purchases
Up to 4 additional cardholders with no annual fee.
Complimentary insurances, including International and Interstate Travel Insurance, Transport Accident, Purchase Security and Extended Warranty Insurance.
Complimentary 24/7 concierge service.
Visa payWave functionality.
Microchip for extra security.
Global acceptance of Visa.
Access to Visa Entertainment and Visa Platinum benefits.
Visit macquarie.com.au/cards for full details and terms and conditions., ]
[0% p.a. interest on balance transfers for the first 14 months from card approval and then reverts to the standard variable interest rate for purchases.
$99 annual fee for the first year saving you $70
Now available on Apple Pay
Earn 1 Qantas Point per $1 spent on eligible purchases up to $2, 500 per statement period, then earn 0.5 Qantas Points per $1 spent for the remainder of that statement period
, ]
[Complimentary overseas travel insurance. (Terms, conditions, limits and exclusions apply. See the Travel Insurance Information Booklet for details.)
Earn 0.75 Qantas Points for every $1 spent
Earn one additional Qantas Point for every $1 spent on selected Qantas products and services in Australia
Monthly Qantas Points will be capped at 20, 000
A low $189 annual fee ($59 for an additional card)
Safe online purchasing with Visa Checkout
Access to Visa Platinum entertainment offers
Access to Apple Pay, Google Pay and Samsung Pay
Manage the way you transact with card controls
Place a temporary lock on your card the moment you think it might be lost or stolen
Create custom notifications to monitor your card activity
Pay for things using your card and enjoy up to 55 days to pay the amount back without interest.
Minimum Credit Limit $1, 000
Apple Pay, Android Pay, Google Pay, ]
[Coles Mastercard and flybuys card in one so you only have to carry one card instead of two.
Enjoy 0% p.a. on purchases for 6 months.1 Applies to Retail Purchases (excludes Cash Advances). Reverts to ongoing purchase rate. Apply for a Coles No Annual Fee Mastercard by 30 June 2024.
No annual fee.
Collect 1 point per $2 on eligible spend - That’s on top of the usual flybuys points from other partners
Superior Security and fraud protection - the fraud management system and Mastercard’s zero liability guarantee give you peace of mind.
Minimum credit limit - $1, 000
Apple Pay, Samsung Pay, ]
[Earn 2 Qantas Frequent Flyer points for every $1 spent on Qantas products and services.
Earn 1 Qantas Frequent Flyer point for every $1 spent on eligible purchases..
Complimentary Qantas Frequent Flyer membership.
Complimentary overseas travel insurance.
Emergency Overseas Visa Cash Advance - US$175
4.99% p.a. on balance transfers and purchases for your first 5 months.
Up to 46 days interest free on purchases.
Free additional card holder.
24/7 worldwide Visa Platinum Concierge Service.
Access to Visa Platinum entertainment offers.
Minimum credit limit $1, 000.00, ]
[NO ANNUAL FEE – Zip. Zilch. Zero. Nada.
0% p.a. for 12 months on balances you transfer and on purchases (reverts to a competitive 19.99%p.a.)
Effective 15 May 2024, the ongoing purchase rate will increase to 19.99% p.a.
Minimum Credit Limit $2, 000
Apple Pay, Samsung Pay, ]
[$0 annual fee.
4.99% intro rate for the first 5 months.
Low variable interest rate of 16.35% p.a..
Up to 46 days interest free.
$0 fee for additional cards.
Minimum credit limit $1, 000.00
Emergency Overseas Visa Cash Advance - US$175
Apple Pay, Google Pay, ]
[Introductory fixed rate of 8.99% p.a. (available for the first six months).
No annual fee.
Ongoing interest rate of 13.95% p.a.
Interest free period of up to 44 days on purchases.
Credit limit between $1, 000 and $10, 000.
Convenient balance transfer.
Apple Pay, Google Pay, ]
[Standard interest free period - up to 52 days
A low rate card that earns cash back on purchases.
If you are looking for a low rate Credit Card with the added bonus of cash back rewards, the new bcu Rewards card is the perfect choice for you.
Additional cardholder option at no extra cost, provided they are over 16 years of age.
Visa Global Customer Assistance with 24-hour worldwide emergency hotline for lost or stolen cards.
Minimum credit limit $500
Card Replacement Fee $10.00, ]
[Coles Mastercard and flybuys card in one. Maximise your points when you scan your flybuys barcode before you pay.
Enjoy 0% p.a. on Balance Transfers for 15 months. 1.5% Balance Transfer fee applies. Reverts to Cash Advance rate. Apply for a Low Rate Mastercard by 30 June 2024.
No interest free days apply to Retail Purchases while you have a Balance Transfer.
Collect 1 flybuys point per $2 you spend at Coles Supermarkets.
Superior Security and fraud protection - the fraud management system and Mastercard’s zero liability guarantee give you peace of mind.
Minimum credit limit? $1, 000?, ]
[* Up to 55 days interest free on purchases.
* No annual fee.
* A low everyday interest rate.
* payWave facility.
* Ability to register this card for Apple Pay , Google Pay & Android Pay.
* Minimum Credit Amount $500
* Visa Card replacement fee $9.00
Apple Pay, Android Pay, Google Pay, Samsung Pay
, ]
[$0 annual fee.
4.99% intro rate for the first 5 months.
Low variable interest rate of 12.84% p.a..
$0 fee for additional cards.
Minimum credit limit $1, 000.00
Apple Pay, Google Pay, ]
[Low ongoing variable interest rate
0% p.a. on balance transfers for 12 months*
Same ongoing rate for retail purchases, cash advances and balance transfers
Up to 55 days interest free.
Additional card available for $0.
Low annual fee of $40.
Half the annual fee ($20) donated to the McGrath Foundation every year you hold the card.
Choose a credit limit from as little as $500 and up to $15, 000.
Access to the worldwide Visa network.
Replacement of Visa card (within Australia) $12.50
Replacement of a Visa Card (overseas) $55
Apple Pay, Google Pay, Samsung Pay, ]
[3.99% p.a. 6 month introductory rate on balance transfers, purchases and cash advances.
8.99% p.a. ongoing rate on purchases and cash advances.
Up to 55 days interest free on purchases.
Half of the $45 annual fee is donated to the Defence Bank Foundation and goes towards providing specially-trained assistance dogs to veterans living with post-traumatic stress disorder (PTSD).
Minimum credit limit. $1, 000.00
Visa cards reported lost or stolen overseas- Foreign currency conversion fee, percentage of value of transaction.
- Emergency overseas Visa replacement fee. US$175
- Emergency overseas Visa cash advance fee. US$175
Apple Pay, Google Pay, Samsung Pay
, ]
[Low ongoing rate
0% p.a. on balance transfers for 6 months.
Same low rate on retail purchases, cash advances and balance transfers.
Up to 55 days interest free.
Additional card available for $0.
Low annual fee of $40.
Minimum credit limit $500
Choose a credit limit from as little as $500 and up to $15, 000.
Access to the worldwide Visa network.
The option of loan protection insurance.
Replacement of Visa card (within Australia) $12.50
Replacement of a Visa Card (overseas) $55
Apple Pay, Android Pay, Google Pay, Samsung Pay, ]
[Receive a welcome bonus of 150, 000 Membership Rewards points when you apply online by 25 June 2024, are approved, and meet the minimum spend criteria of $5, 000 in the first 3 months. Available to new Card Members only.
Receive a $450 Platinum Travel Credit each year, which can be redeemed for eligible flights, hotels, car hire or unique experiences.
Transfer your points to a choice of 10 major Airline Reward Partner Programs including Qantas Frequent Flyer and Velocity Frequent Flyer
Complimentary access for you and a guest to over 1, 400 Airport lounges across 140 countries and counting.
Complimentary domestic and overseas travel insurance.
Smartphone Screen Insurance for up to $500 for screen repairs to your Smartphone when you pay for your smartphone with your Platinum Card, either outright or on a monthly contract., ]
[No Cash Advances.
No surprise charges. You’ll pay no interest or late payment fees – just a simple monthly fee.
No Use, No Pay. If you don\'t make any purchases and have an outstanding balance of $0 during the whole statement period we\'ll reverse your monthly fee.
No foreign currency fees. Save money on international purchases, online or overseas.
Predictable Payments. Your minimum payment is fixed based on your credit limit, giving you certainty of what to pay each month. Apple Pay, Google Pay, Samsung Pay.
From 13 September 2024, the monthly card fee for the NAB StraightUp Card will be increasing to $20 per month for credit limit $1, 001-$2, 000 and $30 per month for credit limit $2, 001-$3, 000. , ]
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By de-selecting “Show online partners only” additional non-commercialised products may be displayed and re-sorted at the top of the table. For more information on how we’ve selected these “Sponsored”, “Featured” and “Promoted” products, the products we compare, how we make money, and other important information about our service, please click here. Rates correct as of October 22, 2024. View disclaimer.
Credit cards are a pretty interesting product in that they are essentially a revolving loan, and a big feature of a credit card is the ability to get a cash advance. What this means is you can withdraw money using your credit card, which is technically money you don’t actually have.
A cash advance is essentially a short-term loan for withdrawing cash, and often with an interest rate to match. Credit card cash withdrawal charges (fees) are often around 3%, while the interest rates are usually well in excess of the already-high credit card interest rates, which are about 17-18% p.a according to CommSec. What’s more is that cash advances usually don’t have interest-free periods, so you pay that interest straight away.
Why use a credit card cash advance?
You might ask yourself, why not just get money out using your debit card i.e. money you actually own? Well, that’s a good question. If you think of a cash advance like a short-term loan, the picture starts to become a lot clearer.
A cash advance can be super handy in those rare scenarios where somewhere doesn’t accept a debit card, and you don’t have the cash in your bank account to use an ATM. A common scenario might be if you’re travelling, and you’re only using your credit card and need to pay a cash deposit for a hotel.
Now, you might associate such backwards financial technology with alleged third-world countries, but one of the most popular destinations that has surprisingly backwards payment tech is the United States. There, cash is still king (lots of people still get a physical paycheque!). There, a hotel in a smaller town or even a big city might only accept cash, as an example.
Another use for a cash advance is that it’s pretty much an instantaneous loan. Even the quickest payday lenders can often take upwards of an hour to approve your request for credit, and even charge a higher interest rate than a credit card. Lots of payday lenders have a maximum credit limit of $5,000. Quite frankly, you might need more than this if you’re paying for a hit on Jason Bourne, but who are we to judge?
Do cash advances affect or hurt your credit score?
Cash advances do not inherently affect your credit score, but you should consider why you’re withdrawing cash with your credit card. Failure to repay what’s essentially a short-term loan will likely impact your credit score, as well as your ability to get a loan in the future.
Pros and Cons of Credit Card Cash Advances
Before whipping out your credit card, there’s a few things you should know about cash advances.
Pros of a cash advance
Flexible and convenient: You can get what’s basically an instantaneous loan straight out of an ATM. However, if you’re doing this abroad, you might face international fees for the privilege of doing so.
Could be cheaper than other short-term loans: Despite the high interest rates, a cash advance could still be cheaper than other short-term loans. Always check the finer details.
Cons of a cash advance
No interest free days: Unlike regular card purchases, there’s not likely going to be interest-free periods with a cash advance, meaning interest accrues the moment you take money out. This is why it’s important to consider your need for a cash advance and whether you can pay it off as quickly as you can.
High interest rates: Cash advance interest rates often match the credit card’s purchase rate, which can exceed 20% p.a.
Fees add up: There’s often a fee for the privilege of making a cash advance, usually either as a percentage or dollar term, whichever is greater (e.g. 3% or $3).
Gambling could count as a cash advance: You might want to think twice about whacking your credit card on your sports betting account. Aside from gambling money you don’t actually own, it could count as a cash advance, which could sting when the bill comes in. Other things that could count as a cash advance are: gift cards, foreign currency purchases, and certain bills.
Tread carefully when using a cash advance. With interest often accruing the moment you withdraw cash, it’s easy for a relatively low amount of money to spiral out of control.
Also consider your motivates for thinking about one in the first place. While they can be useful in a bind, a cash advance is a pretty expensive way to pay for frivolous purchases, even if they look cheaper than other types of loans. Nevertheless, cash advances can be handy in certain situations - just watch that interest rate, plus any fees, and know what you’re doing.
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Denise Raward
Emma Duffy