What is a credit card cash advance?

It's borrowing against your credit card's limit, most often by withdrawing cash at an ATM. Balance transfers, money orders, and convenience cheques are also treated as cash advances.

How much does a cash advance cost?

Interest starts immediately (no grace period), usually around 22.99% or more, plus a per-advance fee and any ATM fees. Cash advances also earn no rewards.

Is a balance transfer the same as a cash advance?

They're related but not identical. A standard cash advance is charged the high cash advance rate immediately. A promotional balance transfer can run at 0% to 0.99% for several months, which is what makes the strategies in this article possible. Always confirm which rate applies.

Do cash advances earn points or cash back?

No. Cash advances and balance transfers don't earn rewards, and they don't count toward a welcome bonus's minimum spend.

Which card has the lowest cash advance or balance transfer rate?

For balance transfers, the CIBC Select Visa* Card (0% for 10 months) and BMO Preferred Rate Mastercard®* (0% for 18 months) lead as of June 2026. For ongoing low rates, the Scotiabank Value® Visa* Card and National Bank Syncro Mastercard are strong options.

Are there safer alternatives?

Yes. An emergency fund, a line of credit, or overdraft protection are usually cheaper than a standard cash advance. Tapping a TFSA can also be less costly than borrowing at 22.99%.