Cash advances attract two different charges:
These charges make cash advances the most expensive transactions you can make with a credit card.
If you withdrew $1000 on a credit card with a cash advance fee of 3%, you would be charged $30 straight away. If the card had a cash advance interest rate of 21.99% p.a., this $1030 debt would cost you about $18.60 a month, and up to $223 a year!
As well as cash advances, there are other fees and charges that may be applied to your account in different situations, including:
If you’re not prepared or aware of these fees, you could end up with a balance that’s more than you expected, and a payment that covers less of the debt.