on 06-04-2017 11:34 AM
A cash advance fee is charged for every cash advance transaction which includes; withdrawing cash or transferring funds from your credit card, and for gaming/gambling purchases. The fee will be 2% of the value of the transaction or $4, whichever is higher.
Effective from 1st April 2010, all purchases for gaming or gambling transactions such as lottery tickets, gambling chip purchases, and online gambling purchases will be treated as cash advances and the cash advance interest rate will apply to them. These transactions will be identified as gaming, or gambling, from the Merchant Category Code supplied with each transaction from Mastercard. These transactions include online and other betting.
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on 01-03-2019 09:13 AM
Hi Sarah, what costs to the bank does the fee cover and does that mean you are not charged interest on the transfer for the first month?
on 01-03-2019 12:39 PM
Hi @Martin, as credit cards are not designed to be used for cash advance transactions, the fee is charged to deter these.
Cash advance interest starts being calculated from the day the cash advance transactions is made and will continue until the outstanding balance is paid in full. It does not have an interest free period.
Further information regarding how cash advance interest is calculated can be found in the Credit Card Conditions of Use (Section 24d, page 19)