Withdrawing cash and cash advances
In the same way you’d use a debit card, most credit cards allow you to withdraw money from an ATM, which is known as a cash advance or transaction.
When a cash advance could be useful
As withdrawing cash with a credit card can be an expensive way to borrow, it’s probably best suited to emergencies. Here’s an example:
Frequently asked cash advance questions
No. Once you’ve withdrawn cash using your credit card, transactions you make are not protected under Section 75 of the Consumer Credit Act 1974.
Only purchases made with your credit card, over £100 and up to £30,000, are covered.
No, some credit cards also give you the option to request a money transfer:
- Move money from your credit card account to your UK current account.
- Helpful for managing cash only purchases or unexpected bills.
A summary on cash advances
If you use a credit card to withdraw money at an ATM, that’s a cash advance.
- Unlike card purchases, interest will apply from the date a cash advance is made.
- Cash advance fees might apply. Other fees could apply to transactions made abroad.
- Cash advances are an expensive way to borrow, but could be handy in an emergency.
- Buying foreign currency and gambling transactions are other examples of cash advances.
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