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Cash Advance Credit Card

What is a cash advance credit card? What are the best cash advance credit cards currently available in the UK, in 2021?

The questions above, are some of the more common questions, regarding a cash advance credit card, that we see on a regular basis.

Most of the over 60 UK credit cards available today with 0% offers, can be used as a cash advance credit card. A credit card cash advance is most common, when a customer uses their credit card in a cash machine, or ATM, to withdraw money.

However, some card companies, now also treat gambling or betting transactions as a cash advance. Other card companies also treat the purchase of foreign currency, or travellers cheques, using a credit card, as a cash advance.

Cash Advance Credit Card

A cash advance on a credit card is often very easy to do. You 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 this type of transaction can be.

Cash Advance Credit Card

Using any credit card to make a cash withdrawal from a cash machine will lead to both fees and interest charges. These fees and charges apply 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 any cash withdrawal. Interest will be charged from the day you take the money out of the machine, until the withdrawn amount is repaid in full.

Cash advance interest rates are often much higher than the typical credit card rate, which is typically around 19.9% APR variable. Almost all UK credit cards charge a fee, when cash advance credit cards are used to make a cash withdrawal from a cash machine, or ATM.

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

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

HSBC cash advance: 2.99% fee (min £3) and 27.9% 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 card directly into their bank account. A large number of the UK credit cards that did allow 0% money transfers, have now been withdrawn from the market. There are still a few cards available. However, these credit cards will typically charge a much higher fee of between 4% and 5%, for each money transfer.

For many customers a balance transfer credit card may offer a better choice. The customer can transfer the outstanding balance from one or more of their existing credit cards. During the introductory 0% offer period, the customer will pay no interest on the amount transferred.

The following featured credit cards have a variety of 0% offers allowing customers to save money on interest payments:-


0% Credit Card Expert may receive commissions from some of the credit card companies that we refer users to. How this site works.

0% Credit Card Offers

Balance Transfers:
0% for 29 months
Balance Transfer Fee:
2.75%
Purchases:
0% for 3 months
Representative APR:
21.9% APR (variable)
More Information

Credit Card Details

HSBC Balance Transfer*
  • 0% interest for 29 months on balance transfers made within first 60 days of account opening
  • 2.75% balance transfer fee applies (minimum £5)
  • 0% interest on purchases for 3 months from account opening
  • At end of promotional period, balance transfers and purchases will revert to standard variable rate
  • Worldwide offers and discounts with HSBC home&Away
  • Manage your card online
  • Annual Fee: None
More Information

Application Criteria

HSBC Balance Transfer*
  • You have an annual income or pension before tax of £6,800 or more
  • You are a UK resident
  • You are aged 18 or over
  • You do not hold an HSBC Basic bank account
More Information
Representative Example: 21.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 21.9% p.a. (variable)
Credit is subject to status, affordability and applicable terms and conditions

0% Credit Card Offers

Balance Transfers:
0% for 24 months
Balance Transfer Fee:
3%
Purchases:
0% for 4 months
Representative APR:
20.6% APR (variable)
More Information

Credit Card Details

Co-operative Bank Balance Transfer
  • 0% interest for 24 months for balance transfers made within 60 days
  • 3% balance transfer fee, minimum £5
  • 0% interest on purchases for 4 months from account opening
  • All successful applicants will receive this exact rate and offer
  • Online account management
  • Annual Fee: None
More Information

Application Criteria

Co-operative Bank Balance Transfer
  • Only available to customers who have held a Co-operative Bank or smile current account for 1 month or more
  • You are a UK resident
  • You have annual income of £10,000 or more
  • You are aged 18 or over
More Information
Only available to Co-operative Bank customers
Representative Example: 20.6% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 20.6% p.a. (variable)

0% Credit Card Offers

Balance Transfers:
0% for up to 15 months
Balance Transfer Fee:
1.45%
Purchases:
0% for up to 15 months
Representative APR:
19.9% APR (variable)
More Information

Credit Card Details

TSB Platinum Purchase Credit Card
  • 0% interest for up to the first 15 months on balances transferred within first 90 days
  • 1.45% balance transfer fee during first 90 days, 3% fee applies afer 90 days
  • 0% interest on purchases for up to the first 15 months
  • Internet fraud protection and Clicksafe
  • Online card servicing
  • Annual Fee: None
More Information

Application Criteria

TSB Platinum Purchase Credit Card
  • You are an existing TSB customer
  • You are not currently declared bankrupt, have CCJs or subject to IVA
  • You have a good credit rating and regular income
  • You are a UK resident
  • You are aged 18 or over
More Information
Representative Example: 19.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 19.95% p.a. (variable)

0% Credit Card Offers

Balance Transfers:
0% for 18 months
Balance Transfer Fee:
2.9%
Purchases:
0% for 18 months
Representative APR:
22.9% APR (variable)
More Information

Credit Card Details

HSBC Purchase Plus*
  • 0% interest for 18 months on balance transfers made within first 60 days of account opening
  • 2.9% balance transfer fee applies (minimum £5)
  • 0% interest on purchases for 18 months from account opening
  • At end of promotional period, balance transfers and purchases will revert to standard variable rate
  • Worldwide offers and discounts with HSBC home&Away
  • Manage your card online
  • Annual Fee: None
More Information

Application Criteria

HSBC Purchase Plus*
  • You have an annual income or pension before tax of £6,800 or more
  • You are a UK resident
  • You are aged 18 or over
  • You do not hold an HSBC Basic bank account
More Information
Representative Example: 22.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 22.9% p.a. (variable)
Credit is subject to status, affordability and applicable terms and conditions

So, in summary a cash advance credit card is when a customers uses a credit card to make a cash withdrawal using the card.

Gaming or betting transactions, and using the card to purchase foreign currency can also be treated as cash advances. When such a transaction is made, then fees and interest will be charged as soon as the transaction is made.


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Published: April 6, 2021, Updated: April 6, 2021 by 0% Credit Card Expert

All 0% credit card deals and offers on this website are updated daily