Cash Advance Credit Card

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

These are some of the most common questions regarding a cash advance credit card that we regularly see.

Most of the over 80 UK credit cards available today 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.

Some credit card companies will also treat gambling or betting transactions as a cash advance. Others, treat 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. 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 CardUsing any cash advance credit card to make a cash withdrawal from a cash machine will lead to fees and interest charges. These 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 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, which is typically around 18.9% 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.

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 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. Many of the UK credit cards that did allow 0% money transfers to be made have now been withdrawn from the market. There are still a few cards available. However these credit cards will typically charge a fee of up to 4%, for each money transfer.

For many customers a balance transfer credit card may offer a better choice. The customer can transfer the balance from an existing credit card and pay no interest on the amount transferred during the offer period.

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

0% Credit Card Offers

Balance Transfers:
0% for 28 months
Balance Transfer Fee:
2.85%
Purchases:
0% for 6 months
Representative APR:
19.9% APR (variable)
More Information

Credit Card Details

M&S Transfer Plus Credit Card*
  • 0% for 28 months on balance transfers made within 90 days of account opening
  • 2.85% balance transfer fee, minimum £5
  • 0% on purchases for 6 months from account opening
  • Collect M&S points every time you shop anywhere in the world with your card
  • Preferential rates when you use your card to order M&S Travel Money
  • Manage account online
  • Annual Fee: £0
More Information

Application Criteria

M&S Transfer Plus Credit Card*
  • You are a UK resident
  • You have a UK bank or building society account
  • You are aged 18 or over
  • You have not held a credit card with M&S Bank within previous 12 months
More Information
Representative Example: 19.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 19.9% p.a. (variable)

0% Credit Card Offers

Balance Transfers:
0% for 12 months
Balance Transfer Fee:
0%
Purchases:
0% for 12 months
Representative APR:
15.9% APR (variable)
More Information

Credit Card Details

Nationwide Select Credit Card just for Nationwide members*
  • 0% on balance transfers for 12 months from account opening
  • 0% balance transfer fee within first 3 months, 2.4% fee applies after, minimum £5
  • 0% on purchases for 12 months from account opening
  • Unlimited commission free purchases abroad
  • Manage account online
  • Annual Fee: £0
More Information

Application Criteria

Nationwide Select Credit Card just for Nationwide members*
  • Nationwide credit cards are just for members. You are a member when you have a current account, mortgage or savings account with Nationwide
  • Nationwide Select Credit Card is only available to members who hold their main current account with Nationwide
  • You have been living in the UK for the last 12 months
  • You have a gross income each year of more than £5000
  • You have a good credit history
  • You are aged 18 or over
More Information
Nationwide Select Credit Card is only available to members who hold their main current account with Nationwide
Representative Example: 15.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 15.9% p.a. (variable)

0% Credit Card Offers

Balance Transfers:
0% for 12 months
Balance Transfer Fee:
3%
Purchases:
None
Representative APR:
19.9% APR (variable)
More Information

Credit Card Details

Asda Cashback Credit Card*
  • 0% on balance transfers for 12 months
  • 3% balance transfer fee, minimum £3
  • 0% for 6 months on purchases of £200 or more at George.com
  • 1% cashback on your Asda shopping online and instore
  • 1% cashback at Asda Living, Asda petrol stations and George.com
  • 0.2% cashback everywhere else
  • Annual Fee: £0
More Information

Application Criteria

Asda Cashback Credit Card*
  • You have a permanent UK address
  • You have a UK bank or building society account
  • You are able to provide at least one telephone number
  • You have a regular source of income
  • You are aged 18 or over
More Information
Unlimited cashback vouchers - 1% at Asda plus 0.2% everywhere else
Representative Example: 19.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 19.9% p.a. (variable)

0% Credit Card Offers

Balance Transfers:
0% for 20 months
Balance Transfer Fee:
2.9%
Purchases:
0% for 20 months
Representative APR:
19.9% APR (variable)
More Information

Credit Card Details

M&S Shopping Plus Credit Card*
  • 0% for 20 months on balance transfers made within 90 days of account opening
  • 2.9% balance transfer fee, minimum £5
  • 0% on purchases for 20 months from account opening
  • Collect M&S points every time you shop anywhere in the world with your card
  • Preferential rates when you use your card to order M&S Travel Money
  • Manage account online
  • Annual Fee: £0
More Information

Application Criteria

M&S Shopping Plus Credit Card*
  • You are a UK resident
  • You have a UK bank or building society account
  • You are aged 18 or over
  • You have not held a credit card with M&S Bank within previous 12 months
More Information
Representative Example: 19.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 19.9% p.a. (variable)

0% Credit Card Offers

Balance Transfers:
0% for 12 months
Balance Transfer Fee:
0%
Purchases:
0% for 12 months
Representative APR:
17.9% APR (variable)
More Information

Credit Card Details

Nationwide Credit Card just for Nationwide members*
  • 0% on balance transfers for 12 months from account opening
  • 0% balance transfer fee within first 3 months, 2.4% fee applies after, minimum £5
  • 0% on purchases for 12 months from account opening
  • Commission free allowance on purchases abroad (subject to terms)
  • Manage account online
  • Annual Fee: £0
More Information

Application Criteria

Nationwide Credit Card just for Nationwide members*
  • Nationwide credit cards are just for members. You are a member when you have a current account, mortgage or savings account with Nationwide
  • You have been living in the UK for the last 12 months
  • You have a gross income each year of more than £5000
  • You have a good credit history
  • You are aged 18 or over
More Information
Nationwide credit cards are just for members. You are a member when you have a current account, mortgage or savings account with Nationwide
Representative Example: 17.9% APR representative (variable). Based on an assumed credit limit of £1,200 and a purchase rate of 17.9% p.a. (variable)

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 fees and interest will be charged as soon as the transaction is made.


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