Cash is king – especially if you’re in a tight spot and need access to it quickly. If you have a credit card, you may need to use what’s known as a cash advance. However, take time to think before you withdraw this money.
We hope this article will help you understand the true nature of this transaction before obtaining a cash advance with a credit card.
$29ⓘMilesopedia first-year estimateFirst-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Milesopedia first-year estimateⓘFirst-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
The CIBC Select Visa* Card is one of the best Visa credit cards in Canada for balance transfers.
With this exclusive digital offer for this CIBC balance transfer credit card, you get:
a 0% interest rate on balance transfers of at least $100, for up to 10 months
a refund of the annual fee for two years†
You only pay a 1% balance transfer fee when transferring a balance from another credit card (balance transfer fees do not apply to Quebec residents). Once the promotional period ends, the card’s standard interest rate of 13.99% applies to any remaining balance. This interest rate is lower than those charged by many other credit cards.
For example, you could make large purchases on another credit card (such as renovations or furniture and appliance purchases) and then transfer the balance to the CIBC Select Visa* Card to benefit from its 0% interest rate on balance transfers for 10 months.
CIBC Select Visa* Card cardholders can also save on gas through the card’s partnership with Journie Rewards, which allows them to save up to 10 cents per litre at participating gas stations.
The CIBC Select Visa* Card has a $29 annual fee (refunded for the first two years) and requires a minimum household income of $15,000 to qualify. With CIBC mobile banking and online banking services, you can easily track your credit limit and balance transfers from your phone or by signing in online.
Legal
† Terms and conditions apply. Click on Apply Now to learn more.
Annual fee
Primary card$29
Additional card$0
Annual income required
Individual$0
Household$15,000
Conversion fees
2.5%
Earning rate
0xAll spending
Value
1st Year Value$29
2nd Year Value$29
What are cash advances on a credit card?
A credit card cash advance allows you to borrow money from your card issuer by withdrawing cash directly from an ATM. Apart from ATMs, balance transfers, money orders and credit card checks are also considered cash advances.
Admittedly, cash advances are convenient for the user, as they can get the money instantly and, on rare occasions, this option can be cheaper than a quick loan. Apart from that, the practice can be harmful if you do it regularly.
This cost is rarely discussed in detail, and the following section will give you an idea of the real cost of using a cash advance.
The real cost of cash advances
Many people equate obtaining a cash advance from a credit card with withdrawing money from a debit card, but there are distinct costs specific to cash advances that really highlight their nature.
When examining the actual costs of a cash advance, consider the following:
High interest rates
Compared to a traditional credit card,interest on a credit card cash advance is accrued almost immediately after you make the transaction. As a result, the interest is higher than the usual credit card interest.
The average credit card charges 19.99% on interest carried over from one period to the next. Interest rates on cash advances can reach 22.99% or more.
Think about additional costs
Even if the credit card issuer differs, the surcharge policy remains the same. Credit card cash advance fees can be calculated on the basis of a fixed amount per cash advance or a percentage of your transaction. And don’t forget that ATMs can sometimes have additional fees!
You don't get a grace period
Cash advances do not offer a grace period (usually 21 days) during which no additional interest will be charged if you pay your balance by the due date. In the case of a cash advance, you will be charged interest from the transaction date until your balance is repaid in full.
Minimum credit card payment
After a cash advance, you’ll still need to make minimum monthly payments on your credit card. At Quebec, minimum payment laws are strict: you must pay at least 4% of your balance or $10, whichever is greater.
You earn no reward points
We’re big fans of using credit cards to earn rewards for everyday purchases. When you use cash advances, you’re actually hurting your ability to earn rewards points. Cash advances are not considered an eligible transaction by rewards programs.
Are there any alternatives to a cash advance?
Cash advances are rarely recommended as a viable option. In fact, the only time to use them is when you’ve really exhausted all your options.
Here are a few ideas you can use before resorting to the cash advance option:
Set up an emergency fund
Emergency funds are aptly named as they help you cover unexpected expenses in an emergency. Think of it as your first line of defence before considering going into debt to get out of a situation. Generally, you should allow 3 to 6 months’ expenses. Once you’ve used it up, you can replenish it permanently, interest-free!
Ask your bank for a line of credit
Before taking out a cash advance, you can also take advantage of a less expensive option called a line of credit. This is another form of credit that lets you borrow for whatever you want. The advantage is that the interest rate is nowhere near that of a cash advance, making it a more attractive option.
Access the overdraft
An overdraft gives you access to more money than you have in your account. Let’s say you have $300 in overdraft protection. If you needed to buy something that cost $50 and only had $25, your account would end up at -$25, but you’d avoid the insufficient funds fee. Monthly fees are associated with overdrafts, but it’s a safer option than cash advances.
Which credit cards offer low-interest cash advances?
Now that you know what a cash advance is, you may still be tempted to use it for personal reasons. If you’re going to use it, you might as well find a few options with as little financial damage as possible. Here are some great credit card options with low cash advance fees:
$29ⓘMilesopedia first-year estimateFirst-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Milesopedia first-year estimateⓘFirst-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
The CIBC Select Visa* Card is one of the best Visa credit cards in Canada for balance transfers.
With this exclusive digital offer for this CIBC balance transfer credit card, you get:
a 0% interest rate on balance transfers of at least $100, for up to 10 months
a refund of the annual fee for two years†
You only pay a 1% balance transfer fee when transferring a balance from another credit card (balance transfer fees do not apply to Quebec residents). Once the promotional period ends, the card’s standard interest rate of 13.99% applies to any remaining balance. This interest rate is lower than those charged by many other credit cards.
For example, you could make large purchases on another credit card (such as renovations or furniture and appliance purchases) and then transfer the balance to the CIBC Select Visa* Card to benefit from its 0% interest rate on balance transfers for 10 months.
CIBC Select Visa* Card cardholders can also save on gas through the card’s partnership with Journie Rewards, which allows them to save up to 10 cents per litre at participating gas stations.
The CIBC Select Visa* Card has a $29 annual fee (refunded for the first two years) and requires a minimum household income of $15,000 to qualify. With CIBC mobile banking and online banking services, you can easily track your credit limit and balance transfers from your phone or by signing in online.
Legal
† Terms and conditions apply. Click on Apply Now to learn more.
$29ⓘMilesopedia first-year estimateFirst-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Milesopedia first-year estimateⓘFirst-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
The BMO Preferred Rate Mastercard®* is an excellent option for those who want to reduce interest charges or pay off a balance faster.
With this offer, you get a 0% introductory interest rate on balance transfers for 18 months, with a 3% transfer fee and no annual fee for the first year.*
The card also offers BMO’s lowest interest rate, at 13.99% on purchases, which may be appealing if you occasionally carry a balance on your card.*
With the BMO Preferred Rate Mastercard®*, you also get:
Extended warranty insurance and purchase protection insurance*
The option to add another cardholder for free*
Zero Liability Protection, which protects you against unauthorized transactions*
A card accepted at more than 30 million merchants worldwide*
Three months of Instacart+ membership plus a $5 monthly Instacart credit with an eligible card*
Legal
*Terms and conditions apply
BMO is not responsible for updating the content of this site. For the most up-to-date information, please click on the Online Application link.
$29ⓘMilesopedia first-year estimateFirst-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Milesopedia first-year estimateⓘFirst-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
0.99% introductory interest rate on balance transfers for the first 6 months (12.99% after that; annual fee $29)◊
Save hundreds of dollars in interest a year
Low 12.99% interest rate
Pay down balances faster
Simplify your monthly payments
Rates, fees and other information are effective as of July 2, 2020. Subject to change.
Legal
1 Offer description and terms and conditions: The 0% introductory rate offer on cash advances and the first-year annual fee waiver (the “Offer”) applies only to new Scotia minimum Visa credit card accounts (the “Accounts”) opened between July 2, 2026 and January 3, 2027 (regardless of when you apply for the Account), subject to the terms and conditions below. We will waive the annual fee for the primary card for the first year only. The Offer may be changed, cancelled or extended at any time without notice, and cannot be combined with any other offer.
Description and terms and conditions of the 0% introductory rate offer: The 0% introductory rate offer (the “Rate Offer”) applies to eligible cash advances (including balance transfers and quasi-cash transactions, collectively referred to as “cash advances”), subject to the terms and conditions below. This introductory rate applies for 9 months from that date (the “Promotional Period”). A fee equal to 1% of the amount of any balance transfer made during the Promotional Period applies (minimum fee of $5.00). After the Promotional Period, the interest rate on balance transfers subject to the 0% promotional rate (including any unpaid balance of those cash advances at the end of the Promotional Period) will revert to the applicable preferred interest rate for cash advances (currently 13.99%).
The introductory rate offer is subject to your Account’s cash advance limit. This offer is also based on your approved credit limit as of the date of this offer. This means that if the total of the balances transferred exceeds the approved credit limit, balance transfers may not be processed. This introductory rate offer cannot be used to transfer the balance of another Scotiabank account, or to make a payment or deposit to another Scotiabank account.
Cancellation of the promotional rate: If we do not receive your minimum payment by the due date shown on your statement two times in a row, you will lose the benefits of this special rate offer and your interest rates will revert to the annual rates normally applicable to your Account (24.99% for purchases and 27.99% for cash advances).
Application of payments: Your payment cannot be applied to the balance of your choice. For persons residing in Quebec: Generally, if one or more interest rates apply to your account, we apply payments according to the interest rate(s) that apply to the transactions posted to your account (from the highest rate to the lowest). For persons not residing in Quebec: Generally, if you make a payment greater than the minimum amount shown on your statement, the difference is applied proportionally to the different groups of charges billed to your account. Charges are grouped according to the interest rate applicable to them. Consult your credit card agreement to learn more about how payments are applied to your account.
Description and terms and conditions of the first-year annual fee waiver offer: We will waive the annual fee for the first year only for the primary card, which must occur between July 2, 2026 and January 3, 2027.
Eligibility and exclusions: You cannot take advantage of the Offer if you are currently a primary or secondary cardholder of a Scotiabank personal credit card or if you have been one in the past two years, including if you transfer your balance from an existing Scotiabank personal credit card account (and subject to the exclusions mentioned, persons holding a Scotiabank business credit card are eligible for this offer). By accepting this Offer, you confirm that you meet all eligibility conditions. We reserve the right to revoke this Offer at any time if we believe you do not meet the eligibility conditions, including after its acceptance or obtaining the Account.
Rates and fees: Current annual fees are $29 for the primary card, and additional cards are free (including those issued to co-account holders and additional cardholders). The preferred annual interest rates currently applicable to the Account are as follows: 13.99% on purchases 13.99% on cash advances. All rates, fees, features and benefits described in the application disclosure statement are subject to change.
The Scotia minimum Visa Card is one of the best credit cards for balance transfers in Canada.
You can get an introductory interest rate of 0% on balance transfers for the first nine months (with a 1% transfer fee). You pay no annual fee for the first year with this Visa credit card.
What’s more, this Visa credit card offers a low interest rate: 13.99% on purchases, balance transfers and cash advances.
Earn $100 cashback if at least $2,500 in net purchases are charged to the Mastercard account over a 4-month period, following the account opening
Purchase protection
Extended warranty
Legal
Interest rates
« Base Rate » means the variable annual interest rate publicly announced by the Bank from time to time as the reference rate used to establish the interest rate on Canadian dollar demand loans made by the Bank in Canada.
The interest rate for the SYNCRO card consists of a variable prime rate set by National Bank plus a fixed adjustment rate of 4% for purchases and 8% for balance transfers and cash advances. Please note that the annual interest rate for the SYNCRO card will not be less than 8.9% for purchases and 12.9% for balance transfers and cash advances.
Purchasing insurance
This coverage applies to purchases charged to the National Bank Syncro card.
Extended warranty coverage applies to most new items purchased with the card, in Canada or abroad, as long as the manufacturer’s warranty is valid in Canada. Certain conditions and restrictions apply. For more information and for details of your insurance coverage, please consult the insurance certificate associated with your card.
Credit terms
Grace period: No interest will be charged on purchases made during the month, provided the client pays the balance in full within twenty-one (21) days of the statement date. This grace period does not apply to cash advances or balance transfers.
Minimum payment: If your account balance is lower than $10, you must pay the entire balance.
If you reside in the province of Quebec, your minimum payment is the greater of 5% of your account balance, plus any overdue amounts, or $10.
If you live outside Quebec, your minimum payment is 2.5% of your credit card balance, plus any past-due amount or $10, whichever is greater.
Account statement: A statement is sent monthly.
Example of credit charges over a 30-day period
Annual interest rate
Average balance
$500
$3,000
22.49% (regular card)
$9.24
$55.45
20.99% (regular card)
$8.63
$51.76
13.2% (Syncro card)
$5.53
$33.16
9.2% (Syncro card)
$3.78
$22.68
*Variable interest rate in effect on September 1, 2021.
Balance transfer and cash advance are subject to credit approval by National Bank. Each balance transfer must be at least $250.
The National Bank Syncro Mastercard is a low-interest credit card from National Bank. It offers an interest rate of 8.90% for purchases and 12.90% for cash advances and balance transfers.
Since it’s a Mastercard credit card, you can use National Bank Syncro Mastercard at Costco. Finally, it offers you insurance for your purchases.
The MBNA True Line® Mastercard® credit card is one of Canada’s best options for a low-cost balance transfer. It’s ideal for reducing interest charges and consolidating your debts onto one card.
With this card, you benefit from a 0% interest rate for 12 months on balance transfers made within 90 days of account opening. Transfer fees are a competitive 3%.
This card offers fraud protection, guaranteeing the security of your transactions.
If you want to transfer balances from high-rate cards, the MBNA True Line® Mastercard® credit card allows you to benefit from a 0% rate and pay off your debts at your own pace without high-interest charges during the promotional period.
In short, the MBNA True Line® Mastercard® credit card is an excellent choice for reducing debt and optimizing balance transfers.
Legal
†, ✪, Terms and Conditions apply.
This offer is not available to residents of Quebec.
Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.
The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank.
$29ⓘMilesopedia first-year estimateFirst-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Milesopedia first-year estimateⓘFirst-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
The CIBC Select Visa* Card is one of the best Visa credit cards in Canada for balance transfers.
With this exclusive digital offer for this CIBC balance transfer credit card, you get:
a 0% interest rate on balance transfers of at least $100, for up to 10 months
a refund of the annual fee for two years†
You only pay a 1% balance transfer fee when transferring a balance from another credit card (balance transfer fees do not apply to Quebec residents). Once the promotional period ends, the card’s standard interest rate of 13.99% applies to any remaining balance. This interest rate is lower than those charged by many other credit cards.
For example, you could make large purchases on another credit card (such as renovations or furniture and appliance purchases) and then transfer the balance to the CIBC Select Visa* Card to benefit from its 0% interest rate on balance transfers for 10 months.
CIBC Select Visa* Card cardholders can also save on gas through the card’s partnership with Journie Rewards, which allows them to save up to 10 cents per litre at participating gas stations.
The CIBC Select Visa* Card has a $29 annual fee (refunded for the first two years) and requires a minimum household income of $15,000 to qualify. With CIBC mobile banking and online banking services, you can easily track your credit limit and balance transfers from your phone or by signing in online.
Legal
† Terms and conditions apply. Click on Apply Now to learn more.
The MBNA True Line® Mastercard® credit card is one of Canada’s best options for a low-cost balance transfer. It’s ideal for reducing interest charges and consolidating your debts onto one card.
With this card, you benefit from a 0% interest rate for 12 months on balance transfers made within 90 days of account opening. Transfer fees are a competitive 3%.
This card offers fraud protection, guaranteeing the security of your transactions.
If you want to transfer balances from high-rate cards, the MBNA True Line® Mastercard® credit card allows you to benefit from a 0% rate and pay off your debts at your own pace without high-interest charges during the promotional period.
In short, the MBNA True Line® Mastercard® credit card is an excellent choice for reducing debt and optimizing balance transfers.
Legal
†, ✪, Terms and Conditions apply.
This offer is not available to residents of Quebec.
Sponsored advertising. MBNA is a division of The Toronto-Dominion Bank (TD) and TD is not responsible for the contents of this site including any editorials or reviews that may appear on this site. For complete information on this MBNA credit card, please click on the “Apply Now” button.
The Toronto-Dominion Bank is the issuer of this credit card. MBNA is a division of The Toronto-Dominion Bank.
$29ⓘMilesopedia first-year estimateFirst-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Milesopedia first-year estimateⓘFirst-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
The BMO Preferred Rate Mastercard®* is an excellent option for those who want to reduce interest charges or pay off a balance faster.
With this offer, you get a 0% introductory interest rate on balance transfers for 18 months, with a 3% transfer fee and no annual fee for the first year.*
The card also offers BMO’s lowest interest rate, at 13.99% on purchases, which may be appealing if you occasionally carry a balance on your card.*
With the BMO Preferred Rate Mastercard®*, you also get:
Extended warranty insurance and purchase protection insurance*
The option to add another cardholder for free*
Zero Liability Protection, which protects you against unauthorized transactions*
A card accepted at more than 30 million merchants worldwide*
Three months of Instacart+ membership plus a $5 monthly Instacart credit with an eligible card*
Legal
*Terms and conditions apply
BMO is not responsible for updating the content of this site. For the most up-to-date information, please click on the Online Application link.
$29ⓘMilesopedia first-year estimateFirst-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Milesopedia first-year estimateⓘFirst-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
0.99% introductory interest rate on balance transfers for the first 6 months (12.99% after that; annual fee $29)◊
Save hundreds of dollars in interest a year
Low 12.99% interest rate
Pay down balances faster
Simplify your monthly payments
Rates, fees and other information are effective as of July 2, 2020. Subject to change.
Legal
1 Offer description and terms and conditions: The 0% introductory rate offer on cash advances and the first-year annual fee waiver (the “Offer”) applies only to new Scotia minimum Visa credit card accounts (the “Accounts”) opened between July 2, 2026 and January 3, 2027 (regardless of when you apply for the Account), subject to the terms and conditions below. We will waive the annual fee for the primary card for the first year only. The Offer may be changed, cancelled or extended at any time without notice, and cannot be combined with any other offer.
Description and terms and conditions of the 0% introductory rate offer: The 0% introductory rate offer (the “Rate Offer”) applies to eligible cash advances (including balance transfers and quasi-cash transactions, collectively referred to as “cash advances”), subject to the terms and conditions below. This introductory rate applies for 9 months from that date (the “Promotional Period”). A fee equal to 1% of the amount of any balance transfer made during the Promotional Period applies (minimum fee of $5.00). After the Promotional Period, the interest rate on balance transfers subject to the 0% promotional rate (including any unpaid balance of those cash advances at the end of the Promotional Period) will revert to the applicable preferred interest rate for cash advances (currently 13.99%).
The introductory rate offer is subject to your Account’s cash advance limit. This offer is also based on your approved credit limit as of the date of this offer. This means that if the total of the balances transferred exceeds the approved credit limit, balance transfers may not be processed. This introductory rate offer cannot be used to transfer the balance of another Scotiabank account, or to make a payment or deposit to another Scotiabank account.
Cancellation of the promotional rate: If we do not receive your minimum payment by the due date shown on your statement two times in a row, you will lose the benefits of this special rate offer and your interest rates will revert to the annual rates normally applicable to your Account (24.99% for purchases and 27.99% for cash advances).
Application of payments: Your payment cannot be applied to the balance of your choice. For persons residing in Quebec: Generally, if one or more interest rates apply to your account, we apply payments according to the interest rate(s) that apply to the transactions posted to your account (from the highest rate to the lowest). For persons not residing in Quebec: Generally, if you make a payment greater than the minimum amount shown on your statement, the difference is applied proportionally to the different groups of charges billed to your account. Charges are grouped according to the interest rate applicable to them. Consult your credit card agreement to learn more about how payments are applied to your account.
Description and terms and conditions of the first-year annual fee waiver offer: We will waive the annual fee for the first year only for the primary card, which must occur between July 2, 2026 and January 3, 2027.
Eligibility and exclusions: You cannot take advantage of the Offer if you are currently a primary or secondary cardholder of a Scotiabank personal credit card or if you have been one in the past two years, including if you transfer your balance from an existing Scotiabank personal credit card account (and subject to the exclusions mentioned, persons holding a Scotiabank business credit card are eligible for this offer). By accepting this Offer, you confirm that you meet all eligibility conditions. We reserve the right to revoke this Offer at any time if we believe you do not meet the eligibility conditions, including after its acceptance or obtaining the Account.
Rates and fees: Current annual fees are $29 for the primary card, and additional cards are free (including those issued to co-account holders and additional cardholders). The preferred annual interest rates currently applicable to the Account are as follows: 13.99% on purchases 13.99% on cash advances. All rates, fees, features and benefits described in the application disclosure statement are subject to change.
The Scotia minimum Visa Card is one of the best credit cards for balance transfers in Canada.
You can get an introductory interest rate of 0% on balance transfers for the first nine months (with a 1% transfer fee). You pay no annual fee for the first year with this Visa credit card.
What’s more, this Visa credit card offers a low interest rate: 13.99% on purchases, balance transfers and cash advances.
Earn $100 cashback if at least $2,500 in net purchases are charged to the Mastercard account over a 4-month period, following the account opening
Purchase protection
Extended warranty
Legal
Interest rates
« Base Rate » means the variable annual interest rate publicly announced by the Bank from time to time as the reference rate used to establish the interest rate on Canadian dollar demand loans made by the Bank in Canada.
The interest rate for the SYNCRO card consists of a variable prime rate set by National Bank plus a fixed adjustment rate of 4% for purchases and 8% for balance transfers and cash advances. Please note that the annual interest rate for the SYNCRO card will not be less than 8.9% for purchases and 12.9% for balance transfers and cash advances.
Purchasing insurance
This coverage applies to purchases charged to the National Bank Syncro card.
Extended warranty coverage applies to most new items purchased with the card, in Canada or abroad, as long as the manufacturer’s warranty is valid in Canada. Certain conditions and restrictions apply. For more information and for details of your insurance coverage, please consult the insurance certificate associated with your card.
Credit terms
Grace period: No interest will be charged on purchases made during the month, provided the client pays the balance in full within twenty-one (21) days of the statement date. This grace period does not apply to cash advances or balance transfers.
Minimum payment: If your account balance is lower than $10, you must pay the entire balance.
If you reside in the province of Quebec, your minimum payment is the greater of 5% of your account balance, plus any overdue amounts, or $10.
If you live outside Quebec, your minimum payment is 2.5% of your credit card balance, plus any past-due amount or $10, whichever is greater.
Account statement: A statement is sent monthly.
Example of credit charges over a 30-day period
Annual interest rate
Average balance
$500
$3,000
22.49% (regular card)
$9.24
$55.45
20.99% (regular card)
$8.63
$51.76
13.2% (Syncro card)
$5.53
$33.16
9.2% (Syncro card)
$3.78
$22.68
*Variable interest rate in effect on September 1, 2021.
Balance transfer and cash advance are subject to credit approval by National Bank. Each balance transfer must be at least $250.
The National Bank Syncro Mastercard is a low-interest credit card from National Bank. It offers an interest rate of 8.90% for purchases and 12.90% for cash advances and balance transfers.
Since it’s a Mastercard credit card, you can use National Bank Syncro Mastercard at Costco. Finally, it offers you insurance for your purchases.
Annual fee
Primary card$35
Additional card$0
Annual income required
Individual$0
Household$0
Conversion fees
2.5%
Earning rate
0xAll spending
Purchase protection
Purchase ProtectionIncluded
Extended Warranty+1 years
Bottom Line
Getting a cash advance from a credit card is expensive and can hurt you financially in more ways than one. They should be avoided except as a last resort, but it’s up to you to decide whether or not to use this option.
At least you’re informed and can decide whether or not it’s right for you. If you have to resort to a cash advance, it may be a sign of a larger financial problem requiring budgeting and financial discipline. Don’t be afraid to talk to a professional; get help when you can!
Cash advances – Frequently asked questions
Is it possible to withdraw money with a credit card?
Yes, it is possible to withdraw cash with a credit card in Canada using an automated teller machine (ATM) or by requesting a cash advance at a bank teller. However, this involves high fees and higher interest rates than for regular purchases.
How do I transfer money with a credit card?
To transfer money with a credit card in Canada, you can use the balance transfer service to another credit card account. You can also use third-party services such as PayPal, which allow you to send money using a credit card, but this usually involves high transaction fees.
What is a credit card cash advance?
A cash advance on a credit card allows cardholders to withdraw cash from their credit limit. This option is usually accompanied by high fees and a higher interest rate than that applied to regular purchases, with interest accruing from the transaction date.
$29ⓘMilesopedia first-year estimateFirst-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Milesopedia first-year estimateⓘFirst-year valueAnnual fee rebated$29Total$29Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
The CIBC Select Visa* Card is one of the best Visa credit cards in Canada for balance transfers.
With this exclusive digital offer for this CIBC balance transfer credit card, you get:
a 0% interest rate on balance transfers of at least $100, for up to 10 months
a refund of the annual fee for two years†
You only pay a 1% balance transfer fee when transferring a balance from another credit card (balance transfer fees do not apply to Quebec residents). Once the promotional period ends, the card’s standard interest rate of 13.99% applies to any remaining balance. This interest rate is lower than those charged by many other credit cards.
For example, you could make large purchases on another credit card (such as renovations or furniture and appliance purchases) and then transfer the balance to the CIBC Select Visa* Card to benefit from its 0% interest rate on balance transfers for 10 months.
CIBC Select Visa* Card cardholders can also save on gas through the card’s partnership with Journie Rewards, which allows them to save up to 10 cents per litre at participating gas stations.
The CIBC Select Visa* Card has a $29 annual fee (refunded for the first two years) and requires a minimum household income of $15,000 to qualify. With CIBC mobile banking and online banking services, you can easily track your credit limit and balance transfers from your phone or by signing in online.
Legal
† Terms and conditions apply. Click on Apply Now to learn more.
$990ⓘMilesopedia first-year estimateFirst-year valueWelcome bonus$990Total$990Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Milesopedia first-year estimateⓘFirst-year valueWelcome bonus$990Total$990Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
Apply with confidence — no impact on your credit scoreⓘApply with confidenceCheck whether your application will be approved before you submit it, with no impact on your credit score*When you apply for a personal American Express Credit Card, we will tell you whether you are eligible without affecting your credit score. So you can apply with confidence.*Instant decisions are only available for consumer Card applications (also called “personal Cards”).
The Marriott Bonvoy® American Express®* Card is the best credit card in Canada for free hotel nights.
New Cardmembers can earn up to 110,000 Marriott Bonvoy® points with the current offer:
Earn 80,000 points after you spend $6,000 on your Card in your first 6 months of Cardmembership.
Plus, earn 30,000 points by making a purchase during your 15th month of Cardmembership.
This offer ends on September 22, 2026. The annual fee is $120, and there is no annual fee on Additional Cards, so you can add a partner or a family member at no extra cost.
Every year after your first Card anniversary, you receive an Annual Free Night Award good for a redemption of up to 35,000 points at eligible hotels and resorts worldwide. At a valuation of 0.9 cents per Marriott Bonvoy point, that certificate is worth roughly $315, which on its own more than covers the $120 annual fee. That is the main reason to keep this Card year after year instead of cancelling it.
To get the most out of the certificate, aim it at a night that would otherwise price close to the 35,000 point ceiling.
The Card also gives you 15 Elite Night Credits each calendar year and automatic Marriott Bonvoy Silver Elite status. Those credits count toward the next Elite tier, so you begin every year 15 nights ahead of where you would otherwise start.
You move up to Gold Elite status automatically when you reach $30,000 in purchases on the Card in a year, or when you combine 10 qualifying paid nights within one calendar year with the 15 Elite Night Credits from your Card.
Marriott Bonvoy points are generally valued at 0.9 cents each. On that basis, the 110,000 point welcome offer is worth about $990, and an Annual Free Night Award used at its full 35,000 point ceiling is worth about $315.
Marriott Bonvoy points pull their weight on free nights rather than on gift cards or merchandise, which is why this Card should be judged on the hotel stays it produces.
You earn 5 points per dollar on eligible purchases at participating Marriott Bonvoy hotels and 2 points per dollar on all other purchases. Points can be redeemed for free nights with no blackout dates at more than 7,000 hotels around the world.
The Card carries a solid package of coverages: $500,000 travel accident insurance, flight delay, baggage delay, lost or stolen baggage and hotel or motel burglary at $500 each, car rental theft and damage up to $85,000 for rentals of up to 48 days, Purchase Protection for 90 days and a one year Extended Warranty.
Two things to plan around: the 2.5% foreign transaction fee on purchases made in a foreign currency, and the 21.99% purchase interest rate, which makes this a Card to pay in full every month. Like all American Express Canada Cards, no minimum income is published for this Card, and you can see whether you would be approved before you apply, with no impact on your credit score.
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Annual fee
Primary card$120
Additional card$0
Annual income required
Individual$0
Household$0
Conversion fees
2.5%
Earning rate
5xMarriott Bonvoy hotels
2xAll spending
Value
1st Year Value$1,437
2nd Year Value$312
Travel insurance
Delayed BaggageUp to $500
Lost BaggageUp to $500
Flight DelayUp to $500
Hotel BurglaryUp to $500
Travel AccidentUp to $500,000
Purchase protection
Purchase ProtectionIncluded
Extended Warranty+1 years
Auto Rental Collision (primary)Up to $85,000 / 48 days
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