Take out a cash advance on your credit card

In this article:

Overview

A cash advance is a withdrawal of cash from your Wealthsimple Visa Infinite* Credit Card's available credit limit.

While convenient, cash advances have higher interest rates and fees than regular purchases, and interest starts accruing immediately.

Note: We’re releasing limited quantities of cards over the coming months. Once you join the waitlist in the app, we’ll send you a notification when cards are available, and you can apply. Make sure you have push notifications turned on in your settings to get the notification.

Interest rate

Cash advances have a 22.99% interest rate, charged daily from the date the transaction was made until the payment is made in full.

For example, if you withdraw $100 in cash today and also make a $100 payment today, you won't incur any interest on the cash advance because it was paid off immediately.

Note: If a minimum payment is not received by the due date two or more times within a 12-month period, your interest rate increases to 27.99%. Learn about your credit card interest rate.

Not all ATMs support a cash advance using a Wealthsimple Visa Infinite Credit Card. Ensure the ATM you are using has a label indicating that it supports Visa.

Tip: Locate a nearby ATM through the Visa website or mobile app.

How to take out a cash advance

  1. Insert your credit card into any ATM that accepts Visa
  2. Enter your PIN
  3. Select the amount of cash you want to withdraw
Note: ATM withdrawal limits are $500 per transaction and $1,000 per month.

* Trademark of Visa Int., used under license.

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