Best credit card cash advances in Canada
Updated: May 01, 2024
Credit is a nearly universal way to pay these days, but that doesn’t necessarily mean cash is completely dead. Cash is still accepted virtually everywhere and can be the best type of tender for emergencies.
When facing a cash-preferred situation, those with only a credit card may be tempted to make a cash advance using an ATM or a nearby bank. But many credit card cash advances come with complications that informed consumers need to be aware of. And if you take cash advances regularly, it’s best to make sure that your card offers you friendly terms.
| Card Name | Cash Advance Details | Get Started |
|---|---|---|
| Scotiabank Value® Visa* Card |
Best for lower rates
◦$29 annual fee; First-year annual fee waived2 ($0 each Supplementary Card) ◦0% introductory interest rate on balance transfers for the first 10 months (12.99% after that; annual fee $29) ◦Cash advance minimum fee of $5.00 |
Apply Now |
| HSBC +Rewards™ Mastercard® |
Best for earning rewards
◦$25 annual fee (Additional card is $10 per year_ ◦11.9% APR on cash advances ◦Cash advance minimum fee of $5 (does not apply in Quebec) |
Apply Now |
| BMO Preferred Rate Mastercard®* |
Best for balance transfers
◦$29 annual fee (Waived with balance transfer offer or BMO Performance chequing account)† ◦15.99% for cash advances† ◦$5.00 cash advance fee |
Apply Now |
| Tangerine Money-Back Credit Card |
Best for cash back
◦$0 annual fee (and for additional cardholders) ◦19.95% for cash advances ◦$3.50 cash advance fee within Canada, $5.00 outside Canada |
Apply Now |
*Terms and conditions apply
Best Canadian cash advance credit cards
Scotiabank Value® Visa* Card
$29 Annual Fee $0.00 each Supplementary Card
12.99% Purchase APR
12.99% Cash Advance APR
12.99% Balance Transfer Rate
2.50% Foreign Transaction Fee
Fair Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
Welcome Offer Ends Oct 31, 2024
0% introductory interest rate on balance transfers for the first 10 months (12.99% after that; annual fee $29), plus no annual fee for the first year.¹
Learn moreThe Scotiabank Value® Visa* Card offers the best promotional cash advance rate in Canada, at 0% interest charged on cash advances for the first 6 months. Afterwards, cash advances have a still-competitive 12.99% interest rate.¹ Plus no annual fee in the first year.¹ Terms and conditions apply. With both the bonus and the regular rate helping so much to save, it’s logical that there’s an annual fee, though it’s a reasonable $29.
The Scotiabank Value® Visa* Card charges $5.00 per cash advance fee / 1% on Balance Transfers transferred during the Promotional Period, but savings on interest will likely eclipse these fees for most cardholders. Scotiabank offers 25% off base rates at participating AVIS locations and at participating Budget locations in Canada and the U.S. when you pay with your card as well.
¹ Conditions Apply. Visit here for the Scotiabank Value® Visa* Card to learn more.
HSBC +Rewards™ Mastercard®
2 points Earn 2 points for every $1 on dining and entertainment purchases
1 point Earn 1 point for every $1 spent on all other purchases.
$25 Annual Fee Additional card is $10 per year
11.90% Purchase APR
11.90% Cash Advance APR
11.90% Balance Transfer Rate
5.00% Balance Transfer Fee
2.50% Foreign Transaction Fee
Good Recommended Credit Score
The 11.9% fixed cash advance interest rate offered by the HSBC +Rewards™ Mastercard® is very competitive given the card’s relatively low $25 annual fee. Fees per cash advance vary depending on whether the advance was executed via an ATM or an HSBC branch inside Canada ($2 and $3 respectively) or an ATM or HSBC branch outside Canada ($4 and $5 respectively). Aside from cash advances the card is unusual in that it combines low interest rates with the potential to earn rewards, nabbing 2 HSBC Rewards points for every $1 spent on dining and entertainment* and 1 point per $1 spent on all other eligible purchases* (though take note that a cash advance is not an eligible transaction for rewards). There’s also a Welcome Offer: Get up to $200 in total value* for the first year! Conditions apply. It also offers a very valuable feature called Price Protection, which refunds up to a $500 price difference in the amount you paid for an item charged to the HSBC +Rewards™ Mastercard® if you find a lower price for it within 60 days of purchase (max. $1,000 in refunds per year).
This offer is only available to residents of Canada other than the province of Quebec (Quebec residents eligible for separate offer).
*Terms and Conditions apply.
®/TM Mastercard and World Elite are registered trademarks, and the circles design is a trademark of Mastercard International Incorporated. Used pursuant to license.
BMO Preferred Rate Mastercard®*
0.99% 0.99% introductory interest rate on balance transfers for 9 months with a 2% transfer fee and a first year annual fee waiver
$29 Annual Fee Waived with balance transfer offer or BMO Performance chequing account
13.99% Purchase APR
15.99% Cash Advance APR
0.99% Balance Transfer Rate 0.99% introductory interest rate on balance transfers for 9 months with a 2% transfer fee and waive the first year annual fee
2.00% Balance Transfer Fee
Good Recommended Credit Score
$0 Required Annual Personal Income
$0 Required Annual Household Income
Welcome Offer
Get a 0.99% introductory interest rate on Balance Transfers for 9 months with a 2% transfer fee5 and BMO will waive the $29 annual fee for the first year.*
Learn moreFor a $29 annual fee, which is waived the first year*, the BMO Preferred Rate Mastercard®* provides cardholders with a low interest rate on purchases of 13.99% (and 15.99% on cash advances). It also has a nice promotion which cardholders who have other balances may appreciate: 0.99% introductory interest on balances transferred to the BMO Preferred Rate Mastercard®* for the first none months*. There’s a 2% balance transfer fee*, and a $5.00 fee for each cash advance*. BMO also offers purchase protection against theft and damage for 90 days, and extended warranties up to an additional one year*.
*Terms and conditions apply
Tangerine Money-Back Credit Card
2% Earn 2% cash back on 2 categories of your choice (e.g. groceries, recurring bills, gas, drug stores, etc.)
3 Get a Tangerine Savings account and add a 3rd 2% cash back category.
0.5% Earn 0.50% on all your other everyday purchases.
$0 Annual Fee $0 for additional cardholders
19.95% Purchase APR
19.95% Cash Advance APR $3.50 within Canada, $5.00 outside Canada
1.95% Balance Transfer Rate 1.95% interest for first 6 months, 19.95% after that.
3.00% Balance Transfer Fee 3.00% of the amount transferred, or minimum of $5.00
2.50% Foreign Transaction Fee
Fair Recommended Credit Score
$12,000 Required Annual Personal Income
When it comes to cash advances, Tangerine Money-Back Credit Card has you covered. Whether you're within Canada or traveling abroad, the fee for cash advances is transparent: $3.50 within Canada and $5.00 outside Canada. Plus, the interest rate on cash advances is 19.95%, ensuring clarity in your financial transactions.
Understanding fees and interest rates is crucial. With the Tangerine Money-Back Credit Card, you enjoy a 19.95% interest rate on purchases. For balance transfers, there's a 3% fee of the amount transferred or a minimum of $5.00, with a promotional interest rate of 1.95% for the first 6 months (then 19.95% afterward). Foreign currency conversion incurs a 2.50% fee, adding transparency to international transactions.
It's also worth noting that while the Tangerine Money-Back Credit Card offers numerous benefits and rewards, such as cash back on your everyday purchases, it's important to understand the terms and conditions surrounding cash advances. While interest is calculated from the transaction date until the amount is paid in full, there's a grace period for new purchases if the balance is paid by the due date. However, this grace period doesn't extend to cash advances.
What Is a cash advance?
Cash advances are when you use your credit card to withdraw cash from an ATM, or from a bank that offers cash advance services through Mastercard, Visa, or other card issuers. Think of it this way; every time you buy a cup of coffee with your credit card, you essentially borrow money to pay for it. A cash advance replaces purchases like coffee with the cash you need instead, meaning that you’re borrowing cash against your credit.
Advantages
- Access to fast cash with your credit card
- Does not require cash in the bank
- Pay monthly minimums on the cash advance like with purchases
Limitations
- Interest charged, sometimes immediately after the advance
- Maximum cash advance amount might be lower than the card’s credit limit
- Miss a monthly minimum payment and your rate may increase
Some transactions may be considered cash advances, even if they’re not intended as such. This can apply to overdraft transfers to a chequing account, for example, which use your credit to cover you when a recurring bill or charge puts you beyond the balance of your chequing account.
Cash advance fees
Your credit card lists its cash advance fee online, which will be either a flat percentage rate (2.00% of the amount withdrawn for instance) or a flat charge (e.g. $3.00) per cash advance. ATMs may charge an additional ATM fee, as will some banks if you’re not already their client. The interest rate should also be considered, and it’s usually similar to the rate you pay on your purchase balance.
Alternatives to a cash advance
Credit card balance transfer
A credit card balance transfer traditionally facilitates the transfer of high-interest debt onto a credit card with a low promotional interest rate. But some balance transfer cards also permit a kind of ‘balance deposit,’ in which a cash transfer up to the new balance transfer card’s limit can be made to a bank account. The transferred cash is then subject to the card’s low promotional interest rate (which can sometimes be as low as 0%). This lesser-known option ultimately accomplishes something quite similar to a low-interest cash advance.
Line of credit
Opening a line of credit is another cash advance alternative. Lines of credit may be superior for those who prefer cash exclusively (disregarding the other benefits of a credit card). They offer you a set amount of cash that you can always withdraw, and often at a low interest rate, without the per-advance fees and with the benefit of a more forgiving grace period.
Home equity line of credit (HELOC)
A HELOC is a line of credit like any other, but secured by your home. Using home equity as leverage is a solution suitable for those who need a large amount of cash, and not usually for smaller cash needs. HELOCs can be opened at the same time as a mortgage or even within the same agreement, allowing borrowers to expand their line of credit as the mortgage is continually paid down.
Loans
Personal loans can be preferable for people who have a good credit score and healthy payment history, and might yield a lower interest rate than what they’d pay for a cash advance from their card. Personal loans don’t penalize borrowers for how they use their money, and as long as it’s paid back, the entire loan can be withdrawn as cash if necessary.
Your inner circle
Many would be surprised at the generosity of their closest friends and family. Financial needs are very personal, and so only those who are most familiar with you will be comfortable getting you the cash you need, but they might be be happy to help.
Credit card cash advance summary
Many financial advisers and money bloggers suggest people stay away from credit card cash advances entirely. The fact is, we can all find ourselves in a short-term money crunch, and the cards above offer the best low-rate cash advance options in Canada for those emergencies. In fact, we’d argue they’re some of the cheapest ways to access cash period, as their interest rates are better than most unsecured installment loans. The trick is, they’re meant to be short term and used sparingly, which you should always keep in mind before you avail of them.
BMO is not responsible for maintaining the content on this site. Please click on the Apply now link for the most up to date information.
FAQs about Cash Advance Cards
Nathan Siegel has a professional and educational passion for finance, and is a long-time writer for GreedyRates. He follows trends in the Canadian banking sector, compares competing products, and pours over fine print to make personal finance choices easier for Canadian consumers. In his spare time he loves running, swimming, and dogs of all kinds.
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