What Is a Cash Advance on a Credit Card?
A Cash Advance means a transaction in which your SoFi Credit Card is used to withdraw cash/funds from your available credit line. The transactions can be ATM/teller withdrawals, foreign currencies withdrawals, or other transactions that are considered to be “cash-like” transactions. These transactions are different from an ATM withdrawal with a debit card, as you’re borrowing the money against your SoFi credit card’s credit line, and not accessing funds from your bank account.
What are “Cash-like” transactions?
Cash-like transactions are transactions that involve a direct access to cash or the equivalent of cash, and can include, but are not limited to:
- Currency exchange and other forms of payment (e.g., traveler’s checks, foreign currency, money orders, wire transfers, cryptocurrency, other similar digital or virtual currency, and other similar transactions)
- Person-to-person money transfers and account-funding transactions that transfer currency
- Third-party bill-pay services (i.e., bill payment transactions not made directly with the merchant or their service provider.)
- Payment of loans (i.e., auto/car payments)
Cash Advances are Subject to a Separate Cash Advance APR and Cash Advance Fees:
- Cash Advance Fees: SoFi’s fee is either $10 or 5% per transaction, whichever is greater. The financial institution where the cash advance occurs will determine any surcharge fee. Fees are not deducted from the cash advance being withdrawn.
- Cash Advance APR: Cash Advances are subject to a separate APR from purchases, as outlined in your Cardholder Agreement. Members will begin owing interest from the first day the cash advance is withdrawn using the credit card.
Cash Advance Limits:
- Members may be able to take a cash advance up to 30% of their limit, not to exceed $5,000, however, any cash advance cannot exceed the overall available credit limit.
- Cash advances may be subject to a daily limit equal to the lesser of 30% of the member’s total Credit Limit or $1,000; Please note, ATMs and financial institutions may have their own limits on cash advances.