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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.
Check out the cash advance fee and interest rates charged by major financial institutions in the following table. These rates may 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 |
---|---|---|
American Express | Cash advances are largely unavailable | For enrolled cardholders only: $2.50 or 2% of the cash advance amount, whichever is greater |
ANZ | 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) |
Citi | 22.24% p.a. | 3.5% of the transaction amount |
Commonwealth Bank | 9.9% p.a.–21.24% p.a. | $3 or 3% of the transaction value, whichever is greater |
HSBC | 21.99% p.a. | The higher of $4 or 3.0% of the total transaction amount |
NAB | 21.74% p.a. | 2% or $2.50, whichever is greater |
St.George | 21.49% p.a. | 2% of each cash advance amount (minimum of $2.50 capped at $150 per transaction) |
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% or $2.50 (whichever is greater) |
* 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.
Some of the most common transactions that attract cash advance interest rates and fees include:
You can see Finder's guide to which transactions are considered a cash advance for more information.
Before you use your credit card to make a cash advance, you should consider the following factors:
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.
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