How much is the Mastercard cash advance fee?

To get a Mastercard cash advance, visit any ATM that displays the Mastercard logo, then insert the credit card and enter its PIN. Next, choose the cash advance option from the ATM’s menu, input the amount of the cash advance, and collect the cash and your card. Cardholders who do not yet have a PIN will need to contact their credit card issuer to get one prior to taking out a cash advance at an ATM.… read full answer

Another way to get a Mastercard cash advance is to go into any bank branch that displays the Mastercard logo and give the card to a teller, then request a cash advance of a certain amount. You won’t need your PIN this way, as the teller will ask for a photo ID instead.

Key Things to Know About Mastercard Cash Advances:

• Cash Advance Fee: With most credit cards, including those on the Mastercard network, there will be a substantial cash advance fee that gets added instantly to the amount you owe.
• Cash Advance APR: The interest rate on cash advances will usually be quite a bit higher than your card’s normal APR.
• Immediate Interest: Unlike with normal purchases, cash advances start accruing interest right away.
• Terms Left to Issuers: Mastercard does not set cards’ cash advance fees or APRs. The hundreds of banks and credit unions that issue Mastercard credit cards are responsible for choosing them.
• Best for Emergencies: Since Mastercard cash advances are so expensive, it’s not a great idea to do one unless you’re in an emergency situation. If you do have to get a cash advance, you should pay it off as quickly as possible to avoid accruing a lot of interest.

It’s also worth noting that you can get an “emergency cash advance” through Mastercard if you’re traveling and lose your card. This service helps get money wired to you wherever you are, and does so by accessing your card’s credit line. Be careful, though, because you’ll owe wire transfer fees and possibly a foreign transaction fee on top of the regular cash advance fee. To get an emergency Mastercard cash advance, call (800) 627-8372.

Cash advances typically cost around 3.84% of the withdrawn amount. This cash advance fee is applied every time you use your credit card to get a cash advance.

In addition to expensive cash advance fees, there is also a high cash advance APR (22.53%, on average). From the moment you withdraw the money, your credit card company will immediately begin charging you interest. And the charges will continue to mount until you pay off the entire cash advance balance.… read full answer

The costs of a $1,000 cash advance:

• Cash advance fee: The fee for a $1,000 cash advance would be $37.5, based on the current average cash advance fee. But it could be even higher, depending on the card. Some credit card companies charge a 3% fee, while others charge up to 5%. Keep in mind that you’ll have to pay a fee every time you take out a cash advance.
• Cash Advance APR: The cash advance APR for this amount would be around 56 cents per day at the current average cash advance APR of 22.53%. Keep in mind that interest will start accruing from the moment you perform the withdrawal. Plus, the interest you’re charged one day also becomes part of the balance accruing interest the next. In other words, credit card interest compounds daily.
• Other costs: There might also be ATM fees in case you use one that’s not affiliated with your card’s issuer. Banks charge non-customers $1.50 to $3.50 at their ATMs, but non-bank ATM operators often charge more, up to $10 per transaction.

As you can see, cash advances are very expensive transactions. So, it's best to avoid them unless it's an emergency. In case you must get one, make sure pay it off as soon as possible.

A Visa cash advance fee is usually 1% to 8% of the cash advance amount, or a flat fee of $5 to $20, depending on the card and the amount advanced. Cash advance fees, which are charged when you use a credit card to withdraw cash at a bank or an ATM, are assessed by the card issuer and not controlled by Visa.… read full answer

Cash Advance Fees for Popular Visa Credit Cards

Be aware, this fee is not the only cost associated with cash advances. You will also get charged interest on the cash advance amount, and there may be ATM fees, too, depending on where you do the cash advance.

In the long run, cash advances can get expensive. However, if you’re looking for a card that will save you a little bit of money on cash advances, check out WalletHub’s picks for the best cash advance credit cards.