Some Granite credit card customers wonder whether Vanquis Bank impose a limit to the amount of cash they can withdraw (cash advances) from ATM machines. Just like credit cards' credit limit, there is also a limit to how much cash you can withdraw. This limit is not published on Granite card's website though, this is because the limit is going to be different for each customer.
Usually Vanquis Bank will need to review your credit report and other criteria first before deciding on the limits. But our research tells us that the cash advance limit is usually about half of your credit limit. So, let's say your Granite card's credit limit is £300, your cash withdrawal limit will probably be somewhere around £150 - the exact number could be slightly less or more than that. The numbers that we have show that the limit is usually 40% to 50% of the credit limit.
Actually, knowing how much you can take out from ATM machines is just half the story. You still need to be aware of the fees and other costs associated with cash advances. Cash advance is actually a convenience offered to credit card users, because some merchants do not accept credit cards. However before you take out the cash, you should be able to estimate how much you are going to pay for the service.
Firstly, when the cash pops out of the ATM machines, you will be immediately charged either £3 (the minimum) or 3% of the cash, whichever is higher. Let's say, you are taking out £150 from the ATM, then you will be charged £4.50, because 3% of £150 is £4.50, and it is higher than £3.
Although the £4.50 service charge is not really a lot. After all, if you settle the balances before the deadlines, then you will be paying a total of £154.50 only. However, if you are going to repay by installments, you will be paying much more, compared to if you spend the money on your Granite card. This is because the typical annual interest charged on cash advances (44.94%) is way much higher than card purchases (typically 35.9%).
Now that you know exactly how much you are going to pay for the Granite card's cash advance service, we hope that this information will help you make a more informed decision when you take out money from ATM machines. The bottom line is this: if you must take out cash, make sure that you always repay that amount as soon as possible to avoid the high interests.
The Granite card Cash advance is definitely a great convenience when you can't use your card for payment. For a complete Granite credit card review, check out this post also.
