Cash advance fee FAQs
Will I be charged if I make a cash advance?
As of January 1, 2014, a cash advance fee of 3% of the cash advance or $4 (whichever is greater) will be charged to the account on each occasion on which you obtain a cash advance or make a cash equivalent transaction (except that if the cash advance is made by a direct transfer to a bank account nominated by you, this fee will not exceed $30 for that transaction).
Please note that some ATM operators may also charge an additional fee that will be deducted from your card balance. Not all ATM operators advise of this additional fee, or the amount, before you withdraw money from their ATM.
Will I be charged a cash advance fee if my card has a positive balance?
Yes, you will still be charged a cash advance fee if you withdraw cash from your 28 Degrees Platinum MasterCard even if the card has a positive credit balance. We do not recommend that you load your card into credit as this is not the intended purpose of the card.
Can I still use my card for purchases without being charged an international transaction fee?
Yes. There is still no international transaction fee on overseas purchases. This includes credit card transactions at places like retail stores and restaurants, as well as online shopping from overseas websites.
Does the cash advance fee apply within Australia or just overseas?
The cash advance fee applies both in Australia and overseas.
Does this fee only apply to withdrawing cash from ATMs?
This fee will apply to over the counter cash advances, withdrawals from ATMs or when a customer makes a cash equivalent transaction (e.g direct transfer to a bank account).
How will this fee appear on my statement?
A cash advance fee will appear on your statement at the end of your billing cycle and in your recent transactions on the Online Service Centre as “Cash Advance Fee”.
How can I continue to benefit from using my 28 Degrees Platinum MasterCard?
28 Degrees Platinum MasterCard is great for customers who are looking for a card that will provide them with the flexibility of making overseas and domestic transactions. Customers who frequently travel or shop online can still enjoy the benefit of no international transaction fees on their purchases (for example, if you pay for a retail or dining purchase with your 28 Degrees Platinum MasterCard instead of paying by cash while you are overseas, you will still enjoy the benefit of no international transaction fees on your purchase).
In addition, 28 Degrees Platinum MasterCard customers enjoy the benefit of no annual fee, no currency conversion fees, fraud protection and up to 55 days interest free on purchases1.
Will I be charged interest on my cash advance fee?
Interest will be charged on the cash advance fee on a daily basis from the date of the withdrawal. If your account is in credit, you will not be charged interest on the cash advance fee.
What is a cash equivalent transaction?
A cash equivalent transaction means:
- a purchase of traveller’s cheques or money orders;
- a purchase of casino gambling chips or tokens;
- a funds transfer debited to your account (except balance transfers);
- a purchase of, or loading of value on, a pre-paid or stored-value card or facility; or
- a transaction made through bill payment facilities where the supplier or financial institution does not accept direct payment by credit card (for example payment of bills through a third party or over the counter at a financial institution); or
- other transactions that we notify you will be treated as cash equivalent transactions.
Is this fee capped?
There is no cap on the fee for cash advances from ATMs or over the counter cash advances. Direct credit cash advances will be capped at $30.
Things you need to know:
1 To take advantage of up to 55 days Interest Free on credit card purchases, you must pay the full balance of the account (excluding unexpired Interest Free promotional plans) both for the statement before the purchases were made, and for the statement on which the purchases are listed