What is a cash advance fee?
A cash advance fee is when your credit card issuer charges a fixed dollar value or a percentage of each cash advance. This normally applies to all ATM withdrawals, transfers, and cash equivalent transactions.
How much does a cash advance generally cost?
You’ll typically pay the higher of a percentage of the amount you’re withdrawing or a flat fee. For example, the American Express Blue Cash Preferred Card has a cash advance fee of either $10 or 5% of the amount you’re withdrawing.
Assuming you take out a $400 cash advance, that means your fee comes out to $20.
Check out our cash advance calculator to determine how much you can expect to pay on your cash advance.
If I get cash back from a shop when I get my groceries is that treated the same as cash from atm?
Hello Mark,
Thank you for your query.
As you on the page about cash advances, I would just want to clarify if it is cash back that you are asking about or cash advances?
Please know that cash back and cash advances are two different things.
Cash Advances:
“cash equivalent” using your account. These transactions often attract a higher interest rate than purchases. Cash advances also come with other restrictions, such as not being eligible for interest-free days or rewards points. Along with the higher interest rate and restrictions, these transactions can also attract additional cash advance fees.
Cash Back:
When you get a percentage of the amount spent paid back to the card holder
– if you are referring to a cash advance, using your card in a shop to get your groceries will not be considered as a cash advance but instead treated as a retail purchase.
– If you use your card to draw money to pay for your groceries, that will be considered as a cash advance.
– if your card has a cash back reward feature on it, you will get a percentage of the amount you spent back on the card
Hope this helps.
Cheers,
Gru
I WAS WONDERING DO YOU GUYS DO $500 ADVANCES WITH LOW MONTHLY INSTALMENTS
Hi Murhuri,
Thanks for visiting Finder. We are a comparison website and we do not offer loans ourselves. You may, however, reach out to any of the lenders listed on this page who offer $500 short-term loan.
Please make sure you confirm that you meet the eligibility criteria before you submit your application, as rejected credit applications can have a negative impact on your credit score.
Kind regards,
Liezl