Withdrawing cash on your credit card is called a cash advance and can cost much more than spending on it in a shop or online.
Avoid using your credit card in a cash machine if possible, but if you cannot avoid it in an emergency, make sure you understand how much it will cost.
How much does it cost?
You will to pay:
A cash advance fee of around 3% of the amount you withdraw (usually with a minimum charge of £3 or more)
Interest on the amount you withdraw from the day you take the cash out, usually at a higher rate than your normal APR
Here is a closer look at how much they cost and how to keep your costs down.
What else counts as a cash advance?
As well as cash withdrawals, the following may be considered as cash advances by your credit card company:
Paying your mortgage or utility bills
Buying travel money
Buying gift vouchers
Writing cheques from your credit card (only offered by some providers)
Find the best card
If you think you will need to withdraw cash on a credit card, choose one that will be as cheap as possible.
The above table includes every credit card available in the UK and shows the cash withdrawal fee and interest rate for each one. You can sort the results to show the cheapest fees or interest rates.
The comparison also shows the maximum amount you can withdraw and the card's APR.
You can also keep your costs down by withdrawing all the money you need in one go and paying off your balance straight away.
How else can you get the cash you need?
If you need a large amount of cash it could be cheaper to use a money transfer credit card. These let you send money from the card to your bank account, which you could then withdraw.
They charge a fee, but some come without interest for several months. This guide explains how much money transfer cards cost.
Cash advance credit card FAQs
Can I withdraw cash for free on a credit card?
No, although some cards come without cash withdrawal fees, they all charge interest on the amount you withdraw.
How is a credit card different to a debit card?
Debit cards are linked to your bank account, using your balance to pay for things. Credit card spending lets you borrow money and pay it back later.
Can I use my credit card to get cash abroad?
Yes, but it could can be expensive. Here are the fees they charge and how to find a card that is cheaper to use abroad.
What is APR on a cash advance card?
The interest rate you pay (APR) determines how much you will be charged when you use your credit card to borrow money.
How long does it take to get a card?
It usually takes around ten days for your card to arrive once you have applied. Here is how long it can take and how to speed up the process.
Could I use a money transfer card instead?
Yes, you can send cash from your credit card to your bank account. They charge fees but some come with 0% interest for several months.