What is a cash advance?
A cash advance is a type of credit card transaction that allows you to get cash or an equivalent to cash, such as foreign currency. This means you can basically spend the money however you want and that can lead to higher risks for lenders. So you usually have to pay a higher interest rate for cash advance transactions, as well as a cash advance fee. In addition to getting cash out with your credit card, other transactions that may be considered cash advances include balance transfers, buying foreign currency, gift card or prepaid card purchases and top-ups, and gambling transactions. Read our guide on cash advance transactions for more details.