Meaning & use
cash advance fee
Last updated
Meanings
nouncountable
A charge made by a bank or credit card company when you withdraw cash using a credit card or take a cash loan.
Grammar: Countable: you can say 'a cash advance fee' or 'cash advance fees'.
Patterns
- charge a cash advance fee
- pay a cash advance fee
- a cash advance fee of $10
My credit card charges a cash advance fee of 3% whenever I use an ATM.
She was surprised by the cash advance fee on her statement after withdrawing money abroad.
Before taking out a cash advance, check the cash advance fee and the interest rate.
nouncountable
A fee charged for getting a cash advance from a payday lender or similar short-term loan service.
Grammar: Often used in the plural when talking about the general cost: 'cash advance fees can be high'.
Patterns
- high cash advance fee
- cash advance fee for a payday loan
The payday lender advertised no cash advance fee, but the interest was very high.
He didn't realize the cash advance fee would be $30 on a $100 loan.
Word forms
| plural | cash advance fees |
|---|
Common combinations
- charge a cash advance fee
- Most banks charge a cash advance fee for using a credit card at an ATM.
- pay a cash advance fee
- You will pay a cash advance fee if you withdraw cash with your credit card.
- high cash advance fee
- That card has a high cash advance fee, so I avoid using it for cash.
- cash advance fee of
- There is a cash advance fee of 5% on all cash withdrawals.
Synonyms and how they differ
- cash withdrawal fee
- Similar, but often refers specifically to ATM fees, while cash advance fee is broader and includes credit card cash loans.
- transaction fee
- A more general term for any fee on a transaction; cash advance fee is a specific type.
Word family
- cash advance noun
- The amount of cash you get, before any fee is added.
Commonly confused: cash advance fee or interest?
cash advance fee vs interest
Interest is a percentage charged over time on borrowed money, while a cash advance fee is a one-time charge for the service of getting cash.
Practice
Which sentence uses 'cash advance fee' correctly?
Choose one answer.
Option 0 correctly describes a one-time charge for a cash withdrawal. Option 1 confuses the fee with interest. Option 2 misuses 'fee' as a bonus. Option 3 is wrong because debit cards usually don't incur cash advance fees; using a debit card avoids the fee, but the sentence says he avoided it by using debit, which is not a correct use of the term.
Make it your own
Write a sentence using “cash advance fee”, then check it and compare it with the examples above.