How much does a cash advance cost?

Compare the fees and interest rates that apply when you use your credit card for a cash advance.

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Man in suit getting card out of wallet at an ATM.

When you use your credit card to withdraw cash, gamble or buy traveller's cheques, you'll immediately attract the cash advance interest rate and fee. The interest rate can be as high as 22% and the fee is often 2% to 3% of your transaction or a flat fee. To understand how much you'll have to pay, you can see a list of the cash advance interest rates and fees charged by 9 card issuers in Australia.

How much does a cash advance cost?

You can view a range of cash advance interest rates and fees charged by major financial institutions in the following table. These rates vary between cards, so it’s still important to check the details of your individual credit card for specific fees that will apply to you.

Credit card issuer Cash advance interest rate Cash advance fee
ANZ 20.24% p.a.–20.24% p.a.The greater of 2% of cash advance amount or a minimum of $4.00
Bankwest 21.99% p.a.2% of transaction amount or $4 (whichever is greater)
Citi19.99% p.a.–21.74% p.a.3.5% of transaction amount
Commonwealth Bank 9.9% p.a.–21.24% p.a.$3 or 3% of transaction value, whichever is greater
HSBC 21.99% p.a.The higher of $4 or 3.0% of the total transaction amount
NAB21.74% p.a.2% or $2.50, whichever is greater
St.George21.49% p.a.2% of the value of the transaction or minimum charge of $2.50
Suncorp Bank 21.99% p.a.3.5% of the transaction amount, with a minimum fee of $3.50
Westpac 21.49% p.a.2% of the transaction amount or $2.50

* Table details are current as of 9 September 2019 (excludes business credit card rates and fees).
This table gives you an idea of how expensive cash advances can be, with most interest rates between 17-21.99% p.a. While the lowest fee is just $2.50, generally you’ll pay a percentage of the total transaction amount, which ranges from 2–3.5%. To put that in perspective, if you withdraw $1,000 from an ATM with a credit card that charges a 3.5% fee, you will pay a fee of $35 in cash advance fees alone.

You can compare credit cards that charge lower cash advance interest rates on Finder.

When would I be charged cash advance fees and interest rates?

Some of the most common transactions that attract cash advance interest rates and fees include:

  • ATM withdrawals. Using your credit card to withdraw cash at an ATM attracts cash advance interest and fees. ATM fees can apply as well. Some credit card companies allow you to preload your own money on your credit card so you can avoid interest and fees when you withdraw cash.
  • Gift cards. Using your credit card to buy gift cards can be considered a cash advance because the money loaded onto the card is equivalent to cash.
  • Prepaid cards. As a prepaid card gives you access to funds you can use for almost anything, buying or loading money onto one with a credit card will typically attract the cash advance fee and interest charges.
  • Balance transfers. If you have a credit card with 0% on balance transfers for an introductory period, the rate will often revert to the cash advance interest rate at the end of the promotional period.
  • Gambling purchases. Using your credit card for gambling purchases such as online poker may be treated as a cash advance. Find out if you can use your credit card for gambling purchases and whether it will incur charges.
  • Foreign currency. Financial institutions treat the purchase of foreign cash or travellers cheques as a cash advance.
  • Online transfers. Online money transfers from your credit card account to your transaction or savings account is a cash advance.
  • Utility payments. Some credit card companies apply cash advance rates and fees to payments for utilities such as gas, electricity, phone and Internet accounts.
  • Government payments. Government charges such as payments to the ATO are sometimes processed as cash advances.

You can see Finder's guide to which transactions are considered a cash advance for more information.

Other important facts about credit card cash advances

Before you use your credit card to make a cash advance, you should consider the following factors:

  • Higher rates than purchases. Cash advance interest rates are often higher than purchase interest rates and apply immediately, rather than at the end of the statement period.
  • No interest-free days. Unlike purchases, cash advance transactions are not eligible for interest-free days. The transaction accrues interest at the cash advance rate of interest from the time it is made until you pay it off in full.
  • Overseas cash advances. If you use your card for cash advances while you’re overseas, a higher cash advance fee may apply from your bank. Plus, local ATM fees may also apply to international cash advance transactions.
  • Cash advance limits. Your credit card issuer may impose a limit on how much cash you can withdraw in one day. This could be a set amount (such as $800–$1,000 per day) or a percentage of your credit limit.
  • Repayments. If you have multiple balances accruing interest on one card (such as purchases, cash advances and a balance transfer), those that attract the highest interest charges will be paid first when you make a repayment to your credit card. This usually means cash advances are repaid first, purchases second and balances eligible for low-interest promotions (such as a balance transfer) last.
  • No points. If you have a frequent flyer or rewards credit card, cash advances are ineligible for earning points.

Compare credit cards with no cash advance fees

Rates last updated September 22nd, 2019
Name Product Purchase rate (p.a.) Balance transfer rate Annual fee Product Description
American Express Velocity Platinum Card
20.74% p.a.
0% p.a. for 12 months with 1% balance transfer fee
$375 p.a.
Get 50,000 bonus Velocity Points when you spend $3,000 for the first 3 months. Plus, 100 Status Credits and luxury travel perks.
ANZ Rewards Travel Adventures card
20.24% p.a.
$225 p.a.
Receive 75,000 bonus Velocity Points, a complimentary flight and 2 Virgin lounge passes per year. Plus, 0% foreign transaction fees.
American Express Business Card
$109 p.a.
ABN holders w/ $75,000 p.a. revenue. Up to 1.5 points/ $1 spent and extended cashflow with up to 51 interest-free days on business purchases.
American Express Velocity Business Card
$249 p.a.
ABN holders w/ $75,000 p.a. revenue. A business charge card offering Velocity Points per $1 spent and up to 51 days interest-free on purchases.
American Express Gold Business Card
$169 p.a.
ABN holders w/ $75,000 p.a. revenue. A business card with no pre-set spending limit, data feeds to MYOB and up to 51 days to pay for purchases.

Compare up to 4 providers

Using your credit card at the ATM is significantly more expensive than using it to purchase goods and services. If you regularly use your card for cash advance transactions, you may want to consider looking for ones with a promotion on cash advances. You can use these credit cards to withdraw cash for less during the promotional period. Cash advance fees can still apply.
Images: Getty

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Credit Cards Comparison

Rates last updated September 22nd, 2019
Name Product Purchase rate (p.a.) Balance transfer rate Annual fee Product Description
Citi Clear Platinum Credit Card
12.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a long-term balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks. Ends 30 September 2019.
Virgin Australia Velocity Flyer Card - Annual Fee Offer
20.74% p.a.
0% p.a. for 18 months
$50 p.a.
Save with an ongoing $50 annual fee and 0% balance transfer offer. Plus, the ability to earn up to 30,000 bonus Velocity Points in the first 3 months.
NAB Qantas Rewards Signature Card
19.99% p.a.
0% p.a. for 6 months with 2% balance transfer fee
$295 p.a. annual fee for the first year ($395 p.a. thereafter)
Collect up to 120,000 bonus Qantas Points. Get 90,000 when you spend $3,000 on eligible purchases in the first 60 days and 30,000 after 12 months.
Latitude Low Rate Mastercard
11.99% p.a.
$69 p.a.
Offers a competitively low interest rate and annual fee, plus up to 55 interest-free days on purchases.

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* The credit card offers compared on this page are chosen from a range of credit cards has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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