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Credit cards can be a useful way to manage your monthly finances, spread the cost of a big payment, or get rewards or cashback for your spending.
Cash advances from a credit card rank as the most expensive thing you can do – so don't consider withdrawing cash on your card unless it's an absolute last resort.
When we talk about cash advances, we are primarily talking about making withdrawals at an ATM. But there are also other payments you can make on a credit card that may be considered a cash advance:
Withdrawing cash on your card attracts several charges, as well as a higher interest rate.
If you find yourself in a situation where you must withdraw cash, try to minimise the pain by following these tips:
If you're considering making a cash withdrawal or similar transaction from your credit card make sure you check how it will be treated and much it will cost you in extra charges and interest first.
Disclaimer: This information is intended solely to provide guidance and is not financial advice. Moneyfacts will not be liable for any loss arising from your use or reliance on this information. If you are in any doubt, Moneyfacts recommends you obtain independent financial advice.