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.
Hello,
I will travel to holiday to Croatia.Could you ket me know which travel money cart it’s best for this trip? Thanks very much for your help.
Hi Millie,
Thanks for your inquiry.
Whilst we cannot say what will be the best card for you to use for your trip to Croatia, you can get helpful information from our travel money guide for Croatia. On the page is a comparison table you can use to see which card suits you. We also have a quick summary of travel money options in Croatia that can help you choose which option is right for you.
Once you have chosen a particular card, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with your application or get in touch with their representatives for further assistance.
Best regards,
Rench
I would like to know if you can do a balance transfer my current card is charging 19.99 on the cash amount what do you offer best rate for balance transfer
thanks
Hi Deb,
Thanks for your question.
Yes, it is possible to transfer your credit card balance to another credit card with a different issuer. Please see our balance transfer criteria guide to know which banks you are able to transfer balance to and from.
You can then start comparing your balance transfer credit card options through our website.
I hope this helps.
Cheers,
Anndy
Are there any credit cards that DON’T allow cash advances – in case your will power isn’t 100% …. Thanks for replying
Hi Kate,
Thanks for your question.
The cash advance is a standard feature for credit cards. If you don’t like the idea of cash advances, you may want to opt for a charge card instead.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.
Cheers,
Shirley
If I do a cash advance on the Citibank Platinum credit card of $30,000.
I will be charged 3.5% on the amount of $30,000 and the interest rate is 0.00% for the first 6 months is that right?
AB.
Hi AB,
Thanks for your inquiry.
There is currently an interest-free period on cash advances. You will not get charged any interest on any cash advances you make during this term. During the interest-free period, you will only have to make the minimum monthly repayment. After this interest-free period, the cash advance rate will be charged on any unpaid cash advances transacted during the cash advance promotional period.
Please ensure to read through the relevant product disclosure statement and terms and conditions to ensure that you got everything covered on your transactions.
I hope this helps.
Cheers,
Jacob
If I choose to pay cash up front to exchange for Euros and GBP, should it not be a better rate for me than for someone using a card of any sort?
Hi William. Thanks for your question. To clarify: you’re looking to exchange currency, and you’re wondering whether you’d get a better rate if you exchanged cash at an exchange office when compared to using a credit card to make a purchase at a foreign country? To answer, it really depends on the fees and charges at the exchange office where you get your cash. A credit card will incur a cross currency conversion fee, which is usually about 2-3% – in addition to an exchange margin that is applied by the issuing bank and the card scheme. This can be expensive; however, in my experience, no more expensive than the rates you can get at an exchange office – there can also be a significant fee for using these services too. Jacob.