Cash transactions
Learn how to withdraw cash and use your credit card for cash transactions – plus what to be aware of.
You can withdraw cash using your Vanquis Credit Card, but it can be expensive. Using a debit card is usually a cheaper option.
Cash advances can show up on your credit report and could have a negative impact. Some credit lenders see borrowing cash as a sign of bad money management. With this in mind, let’s find out more about cash transactions.
What’s a cash transaction?
This is any transaction where you or a third party get physical cash. Things like buying foreign currency, withdrawing money from an ATM or gambling transactions.
Interest on cash transactions differs from purchase transactions, where you use your credit card to buy goods or services. Purchases can be interest-free for up to 56 days if you pay your full statement balance on time for two or more months in a row.
With cash transactions, there’s no interest-free period. This means cash interest will start building from the transaction date until the cost and interest on it is paid in full.
We hope this info helps you decide how best to use your Vanquis Credit Card. You may also want to check out our guide on using your card abroad.
Common ways of getting cash with your credit card
Cash withdrawals
You can use your credit card to withdraw cash from any ATM showing the Visa logo. This is an expensive way to use your card though – 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 full amount you need in one go instead of bit by bit. Our cash advance fee is £3 or 3% (of the amount withdrawn), whichever is higher.
For example, if you withdraw £50:
- 3% of £50 = £1.50 – we’ll charge £3 because it’s more than the 3% (£1.50).
You withdraw £150:
- 3% of £150 = £4.50 – we’ll charge the 3% (£4.50) as it’s more than £3.
As well as the cash advance fee, you’ll also be charged cash interest from the withdrawal date.
Money transfers
We can transfer money from your credit card to your current account – the funds usually arrive the same day. A cash advance fee of £3 or 3% (whichever is higher) will be charged on the amount transferred.
In addition to the cash advance fee, cash interest applies from the transfer date.
You can set up a money transfer in two ways:
- The easiest way is through the Vanquis app – just tap ‘Transfers’ and follow the on-screen steps.
- Give us a call on 0330 099 3000* and we’ll set up your money transfer over the phone.
You can find our opening hours and contact information on our contact us page.
*Call charge information
Network charges may apply. Calls to 01 and 03 numbers from UK landlines and mobiles are normally included in free plan minutes if available; otherwise calls to 03 numbers cost the same as calls to 01/02 prefix numbers. Calls to 0800 or 0808 numbers are free from mobiles and landlines.