Your credit card allows you to withdraw cash from your Vanquis account. However, using a credit card for cash can be expensive and it is usually cheaper to use your debit card.
Cash advances can show up on your credit report and could have a negative effect. Some credit lenders see borrowing cash as a signal of bad money management. With this in mind, let's find out more about cash transactions.
What is a cash transaction?
A cash transaction is any transaction which could result in your or a third party getting physical cash. Things like buying foreign currency, withdrawing cash from an ATM, or investment trading are all cash transactions.
Interest charged on cash transactions is different compared to purchase transactions. A purchase transition is when you use your credit card to pay for goods or services. Purchase transactions qualify for up to 56 days interest free, which can be achieved if you pay your statement balance in full for two or more consecutive statements by your payment due dates. Whereas there is no interest free period on cash transactions.
This means cash interest will start building from the date of your transaction until the cost of the transaction and the interest on it is paid in full. This information can help you decide how to us your Vanquis credit card. We'll look at the most common ways of getting cash from your credit card.
Cash withdrawals
You can use your Vanquis credit card to withdraw cash from any cash machine displaying the Visa logo. This is an expensive way to use your credit card, and you should consider all your options first.
Each time you withdraw cash we charge a 'cash advance fee'. To avoid multiple cash advance fees, think about withdrawing the amount you need in one go instead of bit by bit. At Vanquis, our cash advance fee in £3 or 3% (of the amount withdrawn), whichever is greater.
You withdraw £50:
- 3% of £50= £1.50 - In this example we charge £3 because it is greater than the 3% (£1.50).
You withdraw £150:
- 3% of £150= £4.50 - In this example we charge the 3% (£4.50) as it is greater than £3.
In addition to cash advance fee, you'll also be charged cash interest from the date of the withdrawal. You can avoid the cash advance fee by using our Money Transfer service.
Money transfers
Using a money transfer, we can send cash from your credit card account to your current account. You can have the cash in your account as soon as the same day and we will not charge a cash advance fee. A money transfer is usually charged at you individual cash interest rate.
There are two ways that you can set up a money transfer:
- Use the Vanquis Bank App. Visit the 'Transfers' tab in the app and follow the onscreen instruction.
- Call our team and they can help set up your money transfer over the phone.