Capital One cash advance

I've just applied for a Capital One card. New to credit cards but just checking to see what people know about them. I may at some point use it for cash advance, potentially late in month and close to my salary going in, end of month issues. Does anyone know if the interest rate Capital One charges on that advance is the same or higher than standard use of credit card in say Tesco or Lidl? I know that any interest applies from the time of withdrawal of cash and there is a blanket 3% fee. But I just can't find any information regarding additional interest with it going from say my standard 34.9% to say 39.9%. My fear it could suddenly be a huge difference for cash withdrawals where it may be 80% or 120%. I can cope with the idea of paying an additional 10% or so but if it was a huge difference I'd probably borrow personally off friends but this is embarrassing to do.

Also it says on their website about cash advance promotional rate. Don't know if I have one or not, but should I email them about this, I do not use the phone due to anxiety. 

Any advice warmly welcome. Please though I know that credit cards are bad for my financial health but I have chosen to use one and its cash advance if absolutely necessary. I just need some guidance as to what additional cost I can expect. 

I made the huge mistake of not downloading the various documents as I was applying. On phone so thought it best to stay in the main application process and hoped they would email them to me. 

Many thanks for any advice or information.


  • sammyjammy
    sammyjammy Posts: 7,291
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    Don't do it, its a really bad idea.
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  • cymruchris
    cymruchris Posts: 4,880
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    edited 2 December 2023 at 4:57PM
    Taking cash out on a credit card every month will absolutely trash your credit history. It'll show future potential lenders that you were reliant on the credit card to reach the end of the month, and so likely most (if not all) will say no to any further credit products - or offer them at extortionate interest rates. (This may include mobile phone contracts, credit cards, loans, mortgages etc). So think very carefully before withdrawing cash on a credit card.

    The history stays visible for 6 years. The 'cost' isn't just the interest payments and charges - it will also be that future forms of credit will be more expensive, if available at all.

    Yes it can be done. You'll get charged fees left right and centre. Interest from the moment you withdraw. It's a very expensive way of borrowing money.

    What's your thinking behind wanting to do it?

    If it is to get through the month, before you know it, it's likely to snowball out of control and you'll be in a much worse position.

    If you're currently struggling with balancing your income and expenditure - it may be worth posting a statement of affairs showing your ins and outs to see if anyone can provide advice on how to improve your situation.

    You're not alone, many are facing similar challenges right now.
    An ex-bankrupt on a journey of recovery. Feel free to send me a DM reference credit building credit cards from the usual suspects :) Happy to help others going through what I've been through!
  • born_again
    born_again Posts: 13,565
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    Echo the above..

    Cash advance will have a fee & interest from day one.

    Life in the slow lane
  • Brie
    Brie Posts: 9,251
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    Check where you're using cash currently and where you can use your credit card.  Hadn't pegged it but the OH mentioned having to update his mobile "DD" as it's actually paid by a credit card and not out of the bank.  I was about to tell him to change it to a proper DD from the bank but realised we'd then miss out on the (granted miniscule) amount of cash back on the card.  Of course you always have to ensure you pay your card in full each month so you don't get charged interest for any further purchases of any sort.  
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