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What is a 0% cash advance credit card? What is the correct way for a customer to use a 0% cash advance credit card, in the UK?
Many UK credit card customers will know that credit cards allow customers to take a cash advance from the card. This is very often done, by using the credit card in a cash machine, to make a cash withdrawal.
However, any cash withdrawal taken in this way, will be charged interest at the much higher rates reserved for cash advances. These types of cash withdrawals may also result in an additional fee being charged. Even a no fee balance transfer card will charge the customer for any cash withdrawals.
There is no 0% interest free period for any cash withdrawals made from a cash machine, using a credit card. The interest rate charged on cash withdrawals can often be 27%, or even higher. This higher interest rate applies, from the time the cash is withdrawn, until it is repaid in full.
Can You Balance Transfer Cash Advance?
If you have already taken a cash advance from your credit card, can you balance transfer that cash advance? Making a balance transfer of the amount you have taken as a cash advance, can save you money.
The answer is that you can balance transfer a cash advance. If a balance transfer is your preferred method of paying off the cash advance, then you should make this balance transfer as soon as possible.
With the higher interest rates charged on a credit card cash advance, it make sense to apply for the balance transfer, as soon as possible. Balance transfers used to take some time to clear, however most are now completed in just a couple of days.
It is important to note that with a cash advance, after you have made your balance transfer you may still have a small interest payment to make on the old credit card. This is due to the way that the interest is charged. Remember to check and make any payment required to protect your credit rating.
Popular 0% credit cards that will allow you to balance transfer a cash advance, include the following featured credit cards:-
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Card Offers
Card Details
- 0% interest for 28 months on balance transfers made within first 60 days of account opening
- 1% balance transfer fee applies (minimum £5)
- 0% interest on purchases for 3 months from account opening
- At end of promotional period, balance transfers and purchases will revert to standard variable rate
- Contactless payments to quickly and securely pay for purchases under £100
- Manage your card online
- Annual Fee: None
Application Criteria
- You have an annual income or pension before tax of £6,800 or more
- You are a UK resident
- You are aged 18 or over
- You have not held a credit card with HSBC Bank in the last 6 months
Card Offers
Card Details
- 0% for 24 months on balance transfers made within 90 days of account opening
- 2.9% balance transfer fee, minimum £5
- 0% on purchases for 24 months from account opening
- Collect M&S points every time you shop anywhere in the world with your card
- One point for every £1 you spend in M&S and one point for every £5 you spend elsewhere
- Manage account online
- Annual Fee: None
Application Criteria
- You are a UK resident
- You have an annual income or pension of at least £6,800
- You are aged 18 or over
- You have not held a credit card with M&S Bank within the previous 12 months
Card Offers
Card Details
- 0% for 32 months on balance transfers made within 90 days of account opening
- 1.99% balance transfer fee, minimum £5
- 0% on purchases for 3 months from account opening
- Collect M&S points every time you shop anywhere in the world with your card
- One point for every £1 you spend in M&S and one point for every £5 you spend elsewhere
- Manage account online
- Annual Fee: None
Application Criteria
- You are a UK resident
- You have an annual income or pension of at least £6,800
- You are aged 18 or over
- You have not held a credit card with M&S Bank within the previous 12 months
Card Offers
Card Details
- 0% interest for 33 months on balance transfers made within first 60 days of account opening
- 2.7% balance transfer fee applies (minimum £5)
- 0% interest on purchases for 3 months from account opening
- At end of promotional period, balance transfers and purchases will revert to standard variable rate
- Worldwide offers and discounts with HSBC home&Away
- Manage your card online
- Annual Fee: None
Application Criteria
- You have an annual income or pension before tax of £6,800 or more
- You are a UK resident
- You are aged 18 or over
- You do not hold an HSBC Basic bank account
Card Offers
Card Details
- 0% interest for 24 months for balance transfers made within 60 days
- 3% balance transfer fee, minimum £5
- 0% interest on purchases for 4 months from account opening
- All successful applicants will receive this exact rate and offer
- Online account management
- Annual Fee: None
Application Criteria
- Only available to customers who have held a Co-operative Bank or smile current account for 1 month or more
- You are a UK resident
- You have annual income of £10,000 or more
- You are aged 18 or over
0% Cash Withdrawal Credit Card
A 0% cash withdrawal credit card, on the other hand, does allow customers to make a cash withdrawal using their credit card, and benefit from an introductory 0% interest free period.
A customer can use a cash advance credit card to make what is called a 0% money transfer. This transfers money from the credit card directly into the customers bank account. The customer can then make a cash withdrawal from their bank account to access the cash advance taken from the credit card.
When a cash withdrawal is taken from a 0% cash advance credit card using a 0% money transfer, the customer pays no interest for the duration of the introductory 0% money transfer period. A 0% money transfer is sometimes called a super balance transfer.
Cash Advance Credit Cards
There are over 60 balance transfer credit cards currently available in the UK. However, credit cards that allow a 0% money transfer directly to their bank account, are now quite rare.
A range of alternative interest free balance transfer credit cards can be found above.
Only a very small number of UK credit cards allowed a customer to make this type of 0% cash advance. Many of the popular cash advance credit cards, that did allow a 0% money transfer to your bank account, have now been withdrawn from the market.
The credit card company will charge the customer a money transfer fee. This fee applies for each 0% money transfer a customer makes to their bank account. This money transfer fee is often also higher than the equivalent balance transfer fee.
Customers looking to benefit from 0% cash advance credit card offers do need to make regular repayments. Customers must make at least the minimum monthly repayment to the credit card company on time each month.
A 0% cash advance credit card can also commonly be referred to as a money transfer credit card.
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