Cash Advance Credit Card

What is a cash advance credit card? What are the best cash advance credit cards in the UK? What is a cash advance on credit card?

These are a couple of the most common questions regarding a cash advance credit card that we see regularly here at 0% Credit Card Expert.

Most of the over 100 UK credit cards available today can be used as a cash advance credit card. A cash advance from a credit card is most common when a customer uses their credit card in a cash machine, or ATM, to withdraw money.

Some credit card companies will also treat gambling or betting transactions, or the purchase of foreign currency or travellers cheques using a credit card as a cash advance as well.

Cash Advance Credit Card

A cash advance on a credit card is often too easy to do, simply stick your credit card in a cash machine and enter your PIN. However before you do that, you need to be very aware of just how expensive that type of transaction could be.

Cash Advance Credit CardUsing any cash advance credit card to make a cash withdrawal from a cash machine will lead to fees and interest charges as soon as you take the money out of the cash machine.

Unlike with a normal purchase made using your credit card, there is no interest free period on a cash withdrawal. Interest will be charged from the day you take the money out of the machine until the amount is repaid in full.

Cash advance interest rates are often much higher than the typical credit card rate, typically around 18.9% APR variable on most purchases. Almost all UK credit cards also charge a fee when cash advance credit cards are used to make a cash withdrawal from an ATM or cash machine.

Typical cash advance fee and interest rates are as as follows:-

Cash advance Barclaycard: 2.99%fee (min £2.99) and 27.9% APR

Cash advance HSBC: 2.99%fee (min £3) and 24.7% APR

Cash Advance Credit Cards

With the above expensive fees and high interest rates on cash withdrawals, the best cash advance credit cards are actually those credit cards that allow customers to make 0% money transfers.

A money transfer credit card is a credit card that allows a customers to transfer money from the credit card directly into their bank account. With a 0% money transfer a customer can pay off a loan or overdraft for example and pay no interest for the period of the introductory money transfer offer.

There are a small number of UK credit cards that allow 0% money transfers to be made with no interest to be paid for up to 40 months, although the credit card will charge a fee of between 3 and 4% typically for each money transfer.

The following featured cash advance credit cards do allow UK customers to make a 0% money transfer:-

0% Credit Card Offers

Balance Transfers:
0% interest for 40 months
Balance Transfer Fee:
2.69%
Money Transfers:
0% interest for 40 months
Money Transfer Fee:
3.94%
Purchases:
0% interest for 3 months
Representative APR:
18.9% APR (variable)
More Information

Credit Card Details

Tesco Clubcard Credit Card for Balance Transfers*
  • 0% interest for up to 40 months on balance transfers from account opening
  • 2.69% balance transfer fee
  • 0% interest for up to 40 months on money transfers from account opening
  • 3.94% money transfer fee
  • 0% interest for 3 months on purchases from account opening
  • Earn Clubcard points wherever you use your card, plus your usual points in Tesco. Terms apply
  • The 0% offer is applied to any balances or money transferred within the first 90 days of opening your account
  • Apply online and get a decision within 60 seconds
  • Annual Fee: £0
More Information

Application Criteria

Tesco Clubcard Credit Card for Balance Transfers*
  • You have an annnual income of at least £5,000
  • You are at least 18 years of age
  • You have a good credit history
  • You live in the UK, or have a British Forces Post Office address
  • You do not currently hold more than 1 Tesco Bank Credit Card
  • You have not applied for a Tesco Bank Credit Card in the last month or have an application currently in progress
More Information
Representative Example: 18.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 18.9% p.a. (variable)
The APR, length of promotional offer, and credit limit may vary as they are dependent on your personal circumstances

0% Credit Card Offers

Balance Transfers:
0% for 39 months
Balance Transfer Fee:
2.4%
Money Transfers:
0% for 39 months
Money Transfer Fee:
3.8%
Purchases:
0% for 3 months
Representative APR:
20.9% APR (variable)
More Information

Credit Card Details

Virgin Money 39 Month Balance Transfer Credit Card*
  • 0% on balance transfers for 39 months from date account opened (20.9% APR thereafter)
  • 2.4% balance transfer fee in first 60 days, 5% fee applies after 60 days
  • 0% on purchases for 3 months from the date your account is opened
  • 0% on money transfers for 39 months from date account opened (20.9% APR thereafter)
  • 3.80% money transfer fee in first 60 days , 5% fee applies after 60 days
  • Contactless payments to quickly and securely pay for purchases up to £30
  • Annual fee for card: None
More Information

Application Criteria

Virgin Money 39 Month Balance Transfer Credit Card*
  • You are a UK resident
  • You have a bank or building society account
  • You have a good credit history
  • You are aged 18 or over
More Information
Representative Example: 20.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 20.9% p.a. (variable)

0% Credit Card Offers

Balance Transfers:
0% interest for 24 months
Balance Transfer Fee:
0%
Money Transfers:
0% interest for 12 months
Money Transfer Fee:
3.94%
Purchases:
No offer
Representative APR:
18.9% APR (variable)
More Information

Credit Card Details

Tesco Clubcard Credit Card with No Balance Transfer Fee*
  • 0% interest for up to 24 months on balance transfers made within the first 90 days of opening your account
  • 0% balance transfer fee
  • 0% interest for 12 months on money transfers from account opening
  • 3.94% money transfer fee
  • No introductory offer on purchases
  • Earn Clubcard points wherever you use your card, plus your usual points in Tesco. Terms apply
  • Apply online and get a decision within 60 seconds
  • Online account management
  • Annual Fee: £0
More Information

Application Criteria

Tesco Clubcard Credit Card with No Balance Transfer Fee*
  • You have an annnual income of at least £5,000
  • You are at least 18 years of age
  • You have a good credit history
  • You live in the UK, or have a British Forces Post Office address
  • You do not currently hold more than 1 Tesco Bank Credit Card
  • You have not applied for a Tesco Bank Credit Card in the last month or have an application currently in progress
More Information
No balance transfer fee
Representative Example: 18.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 18.9% p.a. (variable)

So, in summary a cash advance credit card can be defined as when a customers uses a credit card to make a cash withdrawal, a gaming or betting transaction, or uses the card to purchase foreign currency and that fees and interest will be charged as soon as the transaction is made.

The best cash advance credit cards are those cards which offer long 0% introductory offers on money transfers.


Related Content From 0% Credit Card Expert:-

Today on 0% Credit Card Expert there are:-

107 UK 0% credit cards currently avaliable offering:-

  • 0% interest on balance transfers for up to 40 months
  • 0% interest on purchases for up to 30 months