Take out a cash advance on your credit card

In this article:

Overview

Note: We're working hard to get the card into clients' hands and sending out more cards every week. Once you join the waitlist, your waitlist spot is secure, and you’ll get a notification as soon as you’re able to apply.

A cash advance is a withdrawal of cash from your Wealthsimple Visa Infinite* or Visa Infinite Privilege credit card's available credit limit.

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

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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