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CashD vs credit cards
A credit card is credit, and the interest adds up if you can’t clear the balance. CashD lets you withdraw pay you’ve already earned, for one small fee.
By [Author — Gary to supply]Reviewed by [Reviewer]Updated
- Worse than CashD
 Your pay | Credit cardCredit | |
|---|---|---|
| Cost on $500Over one month | $9.951.99% fee | [COST]Interest if not paid in full |
| What it isWhose money it is | Pay you’ve already earned | Worse than CashD: Credit you repay |
| InterestOn what you owe | None | Worse than CashD: If you don’t pay in full |
| Credit checkBefore you get it | None | Worse than CashD: Yes, when you apply |
| If you can’t repayWhat happens next | Nothing to repay: it comes out of your pay | Worse than CashD: Late fees, and interest keeps building |
| MaximumHow much you can get | Up to 50% of earned pay | Your credit limit |
On $500 over one month. [PLACEHOLDER: credit card cost basis, e.g. a typical purchase rate and annual fee, with its source.]
Key points
- A credit card is a line of credit. If you don’t pay the full balance by the due date, you’re charged interest on what’s left.
- Using a credit card to get cash usually costs more: there’s often a fee, a higher rate, and interest from day one.
- CashD isn’t credit. You withdraw up to 50% of the pay you’ve already earned, for a 1.99% fee: $9.95 on $500.
- No interest, no credit check and nothing to default on.
The short answer
A credit card lets you spend the bank’s money now and pay it back later. Pay the whole balance on time and it can cost you little. Carry a balance and interest is added every month until it’s cleared.
CashD gives you early access to pay you’ve already earned, and takes it back out of your next pay through payroll. There’s no balance to carry and no interest to build.
How credit card interest works
Most credit cards work in a similar way, though the rates and fees differ from card to card.
- Interest-free days. Many cards give you a period to pay for purchases without interest, but usually only if you pay the full closing balance by the due date.
- Purchase rate. If you don’t, interest is charged on the unpaid balance at the card’s purchase rate. [PLACEHOLDER: typical purchase rate, with source]
- Minimum repayments. Paying only the minimum keeps your account in good standing, but the rest of the balance keeps collecting interest.
- Fees. Many cards also charge an annual fee, and a late payment fee if you miss the due date. [PLACEHOLDER: typical annual and late payment fees, with source]
Source: [PLACEHOLDER: source for credit card interest and fees, e.g. Moneysmart’s credit cards guide], [DATE].
Using a credit card for cash
Taking cash out on a credit card, or paying for some things treated like cash, is usually called a cash advance. Card providers typically treat it differently from a purchase:
- there’s often a cash advance fee on each withdrawal;
- the interest rate is usually higher than the purchase rate;
- interest generally starts from the day you take the cash, with no interest-free days.
Check your own card’s terms for the exact figures. [PLACEHOLDER: typical cash advance rate and fee, with source]
What $500 on a credit card costs
[PLACEHOLDER: cost of $500 on a credit card over one month]
Gary to supply the figures (interest at a typical purchase or cash advance rate, plus any fee), with a source and date. Until then, no figure is shown.
With CashD, you withdraw $500 of pay you’ve already earned and pay a $9.95 fee. $509.95 comes out of your next pay, and that’s the end of it.
How earned wage access is different
Earned wage access works through your employer. CashD connects to the payroll and HR software your employer already uses, so it knows what you’ve earned so far this pay period.
- You can withdraw up to 50% of what you’ve earned.
- There’s one fee of 1.99% per withdrawal. No interest and no late fees.
- There’s no credit check, and it doesn’t affect your credit rating.
- On payday, what you withdrew and the fee come out through payroll. No balance to carry into next month.
If you’re carrying a balance
If your card balance keeps growing, there’s free help. Talk to your card provider early about a hardship arrangement, and call the National Debt Helpline for free, confidential advice: 1800 007 007.
See also CashD vs payday loans and CashD vs early wage access.
Getting started
Access your pay in four steps.
- 01
Check your employer
Find out if your employer is already with CashD.
- 02
We’ll invite them
If they’re not signed up yet, we’ll contact them and keep you updated.
- 03
Set up your account
You’ll get an onboarding email. No credit check, and we never need access to your bank.
- 04
Download the app
See your earned pay in real time and withdraw it when you need it.
FAQs
Questions people ask before they start.
Is CashD like a credit card?
No. A credit card is a line of credit you pay back, usually with interest if you don’t clear the balance in full. CashD gives you early access to pay you’ve already earned, for one fee per withdrawal and no interest.
What happens if I use a credit card to get cash?
Card providers usually treat it as a cash advance: there’s often a fee, a higher interest rate, and interest that starts straight away with no interest-free days. Check your card’s terms for the exact figures.
Will CashD affect my credit rating?
No. There’s no credit check to use CashD and no impact on your credit rating.
Is there a credit limit with CashD?
No, because it isn’t credit. You can withdraw up to 50% of the pay you’ve earned so far in the pay cycle, and it comes out of your next pay through payroll.
Can I use CashD if my employer isn’t signed up?
Not yet, but it’s easy to start. Tell us where you work and we’ll contact your employer for you and keep you updated.
How much can I access?
Up to 50% of the pay you’ve earned so far in the pay cycle.
Check my employer
See if your employer is with CashD.
Tell us where you work. If your employer isn’t signed up yet, we’ll contact them for you and keep you updated.
- No credit check
- We never need access to your bank
- Up to 50% of your earned pay, instantly
- One small fee of 1.99% per withdrawal