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What is a 0% cash advance credit card? What is the correct way for you 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 their card. This is usually done, by using your 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 higher rates which apply to cash advances. These types of cash withdrawals may also result in an additional fee being charged. Even with a no fee balance transfer card you will still be charged for any cash withdrawals you make using your card.
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 29%, or even higher. This higher interest rate applies, from the time the cash is withdrawn, until the amount withdrawn is repaid in full.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 to that question, is that yes 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 quickly apply for the balance transfer. Balance transfers used to take some time to process, however most are now completed in just a couple of days.
There is one important thing to note with any cash advance, followed by a balance transfer. After you have made your balance transfer you may still have a small interest payment to make on your old credit card. This is due to the way that the interest is charged, on a daily basis. Remember to check and make any payment required on your old card, 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 up to 27 months on balance transfers made within first 60 days of account opening
- 3.49% 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% for 15 months on balance transfers made within 90 days of account opening
- 2.99% balance transfer fee, minimum £5
- 0% on purchases for 18 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 28 months on balance transfers made within 90 days of account opening
- 2.99% 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 up to 16 months on balance transfers made within first 60 days of account opening
- 3.49% balance transfer fee applies (minimum £5)
- 0% interest on purchases for up to 18 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% on balance transfers for up to 12 months
- 2.9% balance transfer fee
- 0% on purchases for up to 12 months
- Credit limit up to £8,000
- Online account management
- Annual Fee: None
Application Criteria
- You are a UK resident
- You have a bank or building society account
- 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.
Some customers may be able to use a 0% cash advance credit card to make what is called a 0% money transfer. A very small number of UK credit cards do allow money transfers. This transfers money from the credit card directly into the customers bank account. You can then make a cash withdrawal from your bank account, inn the normal way. This does then allow you to access the cash advance taken from your 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. However, many of these cards do charge higher fees when making a money transfer. 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 most popular 0 cash advance credit cards, that allowed a 0% money transfer to your bank account, have now been withdrawn from the UK 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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