{"id":87801,"date":"2024-06-25T10:26:13","date_gmt":"2024-06-25T14:26:13","guid":{"rendered":""},"modified":"2024-06-25T10:26:14","modified_gmt":"2024-06-25T14:26:14","slug":"what-is-cash-advance-rate-how-does-it-work","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-credit-cards\/what-is-cash-advance-rate-how-does-it-work\/","title":{"rendered":"What is a credit card cash advance rate \u2014 and how does it work?"},"content":{"rendered":"<div class=\"wp-block-rbc-single-article-header\">\n\t<section class=\"section-grey cover pad-t-hlf\">\n\t\t<div class=\"section-inner w-half w-mob-full centered-margin cover section-grey pad-tb-0\">\n\t\t\t\t\t\t\t<div class=\"inline-block pill-container pill-taxonomies\">\n\t\t\t\t\t<div class=\"mar-b-hlf mob-mar-b snipe pill is-style-blue-pill\">\n\t\t\t\t\t\t<a class=\"primary-taxonomy\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/credit-and-debt\/\">\n\t\t\t\t\t\t\t<span>Credit and Debt<\/span>\n\t\t\t\t\t\t<\/a>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t<h1 class=\"mar-b-hlf mar-t-0 mob-pad-lr-hlf h2 has-black-color\">What is a credit card cash advance rate \u2014 and how does it work?<\/h1><p class=\"mar-b-0 mob-pad-lr-hlf author-text\">By Royal Bank of Canada<\/p>\t\t\t\t\t<div class=\"featured-image-wrapper pos-rel\">\n\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"657\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/06\/shutterstock_2223351521-1.jpg?quality=80\" class=\" cover-image  wp-post-image\" alt=\"A woman looking at documents while working on a laptop\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/06\/shutterstock_2223351521-1.jpg 6827w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/06\/shutterstock_2223351521-1.jpg?resize=300,192 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/06\/shutterstock_2223351521-1.jpg?resize=768,493 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/06\/shutterstock_2223351521-1.jpg?resize=1024,657 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/06\/shutterstock_2223351521-1.jpg?resize=1536,985 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2024\/06\/shutterstock_2223351521-1.jpg?resize=2048,1313 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t<\/section>\n\t<div class=\"article mar-t-dbl\">\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner socials-section\">\n\t\t\t\t<div class=\"top-socials-bar mob-mar-b-hlf\">    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=What is a credit card cash advance rate \u2014 and how does it work? &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-credit-cards\/what-is-cash-advance-rate-how-does-it-work\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-credit-cards\/what-is-cash-advance-rate-how-does-it-work\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  <\/div>\n\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section>\n\t\t\t<div class=\"section-inner w-half w-mob-full centered-margin pad-tb-0 mob-mar-t-hlf mob-mar-b\">\n\t\t\t\t<p class=\"cover-pub-line text-xs mar-b-hlf\">Published June 25, 2024 \u2022 5 Min Read<\/p>\t\t\t<\/div>\n\t\t<\/section>\n\t<\/div>\n<\/div>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner w-half w-mob-full\" style=\"border-radius:0x\">\n<p>If you\u2019re short on the cash needed to make an important purchase, taking out a cash advance on your&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/credit-cards\/index.html\" data-dig-id=\"LP-87801-5892057a\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"credit card\" class=\"rbc-link-format\">credit card<\/a>&nbsp;can be a good option. Not only are credit card cash advances a quick and easy way to withdraw funds from the card you already have in your wallet, but you also don\u2019t need a fresh credit check to access those funds.<\/p>\n\n\n\n<p>But before making this move, it\u2019s important to understand that the terms for cash advances on your credit card tend to be quite different from using it to purchase goods and services. In particular, cash advance interest&nbsp;rates&nbsp;are typically higher than credit card purchase interest&nbsp;rates&nbsp;\u2014 and they start accruing on day&nbsp;one.<\/p>\n\n\n\n<p>To help you make an informed decision about whether to take out a cash advance, let\u2019s examine those rates and how they work \u2014 and discuss some key differences between cash advances and regular credit card purchases.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">The lowdown on cash advance rates<\/h2>\n\n\n\n<p>Cash advances tend to carry a higher interest rate than the standard purchase interest rate on your credit card. While purchase interest rates on credit cards start as low as 12.99% and up to 20.99%, cash advance rates tend to be much higher \u2014 typically in the range of 22.99% to 27.99%. You\u2019ll find your rates listed in your cardholder agreement.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">There\u2019s no interest-free grace period<\/h3>\n\n\n\n<p>While you\u2019re probably accustomed to enjoying that minimum 21-day interest-free grace period when making regular purchases on your credit card, it\u2019s important to note there\u2019s no such grace period when it comes to cash advances.<\/p>\n\n\n\n<p>In other words, you\u2019ll pay interest on your cash advance from the day of the transaction until the day you pay off the full amount.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">You can stop cash advance interest from accruing<\/h3>\n\n\n\n<p>To keep the interest on your cash advance from accruing, the best thing to do is to pay off your entire credit card balance as quickly as possible.<\/p>\n\n\n\n<p>Here\u2019s why: If your credit card statement shows you\u2019ve been making cash advances at the higher interest rate, as well as buying goods or services at the lower purchase rate, you can\u2019t ask that the amount you owe in cash advances be paid off first.&nbsp;&nbsp;<\/p>\n\n\n\n<p>Instead, your payment will be split proportionally against the balance on each interest rate. So, if you\u2019re not paying off your entire balance for several months, that higher cash advance rate will stick with you for quite a while, too.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Cash advance fees can be added on top of interest<\/h3>\n\n\n\n<p>Along with paying interest on a cash advance, you\u2019ll typically be charged a flat fee to take out a cash advance. These fees vary among cards and card issuers, so review your cardholder agreement to find out the exact fee that applies to you.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">How to use cash advances \u2014 and what counts as one<\/h2>\n\n\n\n<p>The cash advance spending limit on your credit card is only a portion of your card\u2019s total limit, so know your number before you take out an advance.<\/p>\n\n\n\n<p>The most recognized way to receive a cash advance is using your credit card to withdraw money at an ATM with the PIN assigned to your account. Note there may be a bank fee for using the machine, as well. Here are other ways to obtain a cash advance:&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">At the bank or with a credit card cheque<\/h3>\n\n\n\n<p>This is also known as a convenience cheque or promotional cheque. Knowing your cash advance spending limit is especially important if you\u2019re writing a credit card cheque; if you write it for an amount that exceeds your limit, the cheque will be declined and returned, and a dishonored payment fee will be charged<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Transferring funds from your credit card to your chequing account<\/h3>\n\n\n\n<p>Moving funds from your credit card to your chequing or savings account is also considered a cash advance. That\u2019s the case whether you\u2019re making the transfer online, over the phone or in the branch.&nbsp;<\/p>\n\n\n\n<h3 class=\"wp-block-heading\">Making \u201ccash-like\u201d transactions<\/h3>\n\n\n\n<p>Check your cardholder agreement to see what applies, but cash advances typically apply for purchases like lottery tickets, gaming chips or bets at kiosks or in an online casino; travelers\u2019 cheques; foreign or virtual currencies; and wire transfers. Bill payments are also considered cash-like transactions, so arrange these payments as preauthorized charges with the merchant to ensure they\u2019re treated as regular purchases.<\/p>\n\n\n\n<p>Remember that&nbsp;you can always get in touch with your card issuer&nbsp;if you\u2019re unsure about whether a transaction will be treated as a regular purchase or cash advance.<\/p>\n\n\n\n<div class=\"wp-block-group mar-b has-rbc-bright-blue-tint-4-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading has-text-align-center\">Looking for a credit card?<\/h2>\n\n\n\n<p class=\"has-text-align-center\">Use our Credit Card Selector Tool to find the best credit card for you.<\/p>\n\n\n\n<div class=\"wp-block-buttons mar-b-hlf is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button is-style-primary primary btn before\"><a class=\"wp-block-button__link has-text-align-center wp-element-button\" href=\"https:\/\/www.rbcroyalbank.com\/credit-cards\/tools\/choose-a-credit-card.html\" data-dig-id=\"LP-87801-91845cfc\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Help Me Choose-https:\/\/www.rbcroyalbank.com\/credit-cards\/tools\/choose-a-credit-card.html \">Help Me Choose<\/a><\/div>\n<\/div><\/div>\n\n\n\n<p class=\"has-text-align-center\"><a href=\"https:\/\/www.rbcroyalbank.com\/credit-cards\/tools\/compare-credit-cards.html\" data-dig-id=\"LP-86588-edc4fa85\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"Compare Credit Cards\" class=\"rbc-link-format goto-link\" data-icon-class=\"goto-link\">Compare Credit Cards<\/a><\/p>\n<\/div>\n\n\n\n<h2 class=\"wp-block-heading\">The lowdown on rewards<\/h2>\n\n\n\n<p>If you\u2019re a big fan of earning cash-back credits or points on your credit card, stick with purchases. Rewards don\u2019t apply to cash advances.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Relying on cash advances<\/h2>\n\n\n\n<p>Credit card cash advances can be a useful tool, but advance rates are typically higher than purchase rates \u2014 so these cash advances should been treated as a last resort, rather than a habit. Be sure to fully understand the cash advance interest rates in your cardholder agreement so you&#8217;re able to responsibly use your credit card cash advance.&nbsp;<\/p>\n\n\n\n<p><\/p>\n\n\n\n<div class=\"wp-block-rbc-rbc-default-collapsible\"><p><button class=\"collapse-toggle collapsed\" data-target=\"#collapse834a1009\" data-toggle=\"collapse\" aria-expanded=\"false\" aria-controls=\"collapse834a1009\" data-dig-id=\"LP-57738-834a1009\" data-dig-category=\"LP\" data-dig-action=\"accordion closed\" action-closed=\"accordion closed\" action-opened=\"accordion open\" data-dig-label=\"Things our lawyers want you to know\"><span>Things our lawyers want you to know<\/span><span>Things our lawyers want you to know<\/span><\/button><\/p><div class=\"collapse-content collapse\" id=\"collapse834a1009\">\n<div class=\"wp-block-rbc-collapsible-inner-block collapse-inner\">\n<p>This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.<\/p>\n<\/div>\n<\/div><\/div>\n\n\n\t\n\t<div class=\"wp-block-tk-spacer id-d38b0053-4d30-4bfc-9e11-ca1952832430\" aria-hidden=\"true\"><\/div>\n\t\n\n\n<p class=\"has-text-align-center h5 mar-b\"><strong>Share This Article<\/strong><\/p>\n\n\n\n\t\t<div class=\"socials-block\">\n\t\t\t    <div class=\"social-links mob-mar-b-hlf mob-mar-t-hlf\">\n            <a class=\"social-button-wrapper sharing-custom sharing-email\" href=\"mailto:?subject=What is a credit card cash advance rate \u2014 and how does it work? &#038;body=Hi, I thought you might be interested in this article from RBC My Money Matters: https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-credit-cards\/what-is-cash-advance-rate-how-does-it-work\/\">\n        <img decoding=\"async\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-email.svg\"\n          alt=\"envelope icon\">\n        <span>\n          Email        <\/span>\n      <\/a>\n      <div class=\"social-button-wrapper sharing-copy-wrapper\">\n        <button class=\"sharing-custom sharing-copy\" data-url=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-credit-cards\/what-is-cash-advance-rate-how-does-it-work\/\">\n          <img decoding=\"async\"\n            src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/plugins\/rbc-blocks\/assets\/img\/icons\/icon-related.svg\"\n            alt=\"copy icon\">\n          <span id=\"sharing-copyUrl-Label\">\n            Copy URL          <\/span>\n        <\/button>\n        <input type=\"text\" class=\"sharing-copy-text\" aria-labelledby=\"sharing-copyUrl-Label\">\n      <\/div>\n    <\/div>\n  \t\t<\/div>\n\n\t\t\n\n\t\n\t<div class=\"wp-block-tk-spacer id-0ecbff08-13b9-4339-b837-92699e36fd3c\" aria-hidden=\"true\"><\/div>\n\t\n\n\n\t\t\t<div class=\"wp-block-rbc-single-post-topics related-topics-links\">\n\t\t\t\t<p class=\"h5 mar-r-hlf\">Topics:<\/p>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/banking-digital-banking\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Banking\/ Digital banking<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/credit-and-debt\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Credit and Debt<\/a>\n\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/topic\/managing-money\/\" class=\"btn topic mar-t-0 mar-r-qtr mar-b-hlf\">Managing Money<\/a>\n\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n<\/section>\n\n\n\n<section class=\"wp-block-rbc-section-block  pos-rel mob-pad-t-dbl\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<h2 class=\"wp-block-heading mar-b mob-mar-b-dbl mar-t-0\" id=\"h-read-this-next\">Read This Next<\/h2>\n\n\n\t\t\t<div class=\"related-posts-type-2\">\n\t\t\t\t<div class=\"related-post-list\">\n\t\t\t\t\t<ul class=\"grid-wpr eh-wpr\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<li class= 'grid-one-third grid-tb-full grid-mob-full mar-b'>\n\t\t\t\t\t\t\t\t\t\t<article class=\"col-wpr mar-b-0 mar-r-0 mar-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"postcard-img-ctr post-card-image col-md-12 col-xs-6 mob-mar-b-0 pad-l-0\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t<img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/11\/iStock-1057767656.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"\" 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height=\"683\" src=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/04\/shutterstock_722608003_understanding-credit-card-balances.jpg?quality=80&amp;w=1024\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"women on mobile phone reviewing paper work to understand credit card balance transfers\" srcset=\"https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/04\/shutterstock_722608003_understanding-credit-card-balances.jpg 4901w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/04\/shutterstock_722608003_understanding-credit-card-balances.jpg?resize=300,200 300w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/04\/shutterstock_722608003_understanding-credit-card-balances.jpg?resize=768,512 768w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/04\/shutterstock_722608003_understanding-credit-card-balances.jpg?resize=1024,683 1024w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/04\/shutterstock_722608003_understanding-credit-card-balances.jpg?resize=1536,1024 1536w, https:\/\/www.rbcroyalbank.com\/en-ca\/wp-content\/uploads\/sites\/12\/2025\/04\/shutterstock_722608003_understanding-credit-card-balances.jpg?resize=2048,1365 2048w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<div class=\"card-details mob-mar-b-0 mob-mar-t-0 pad-r-0 col-md-12 col-xs-6\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a class=\"primary-taxonomy primary-link\" href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-credit-cards\/\">\n\t\t\t\t\t\tUnderstanding Credit Cards\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<a 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