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How to Get Cash from a Credit Card?

[Friday, August 30th, 2019]

We all used to make purchases or pay for various services with our credit cards. More than 300 billion credit cards are issued in the U.S. annually, and almost 80% of Americans own at least one credit card. However, despite the wide acceptance of credit cards, it still remains useful to carry cash in your pocket. That’s where a credit card cash advance comes into play.

What is a Credit Card Cash Advance?

Cash advance is the exact name for the money you withdraw from your credit card. Though, unlike personal loans, credit cards do not initially imply to bring you cash, most issuers provide their cardholders with such an opportunity.

Basically, a cash advance is similar to standard credit card operations of sending money to other cardholders or balance transfers. The withdrawn money is written off from your account and you have to pay it back later adding the applied interest and fees.

How to Get a Credit Card Cash Advance?

Since credit card issuers’ terms for taking a cash advance vary, all information regarding options for getting it, fees, APRs, and the order of interest and fees accruing can be found in your credit card agreement. Typically, you can take cash from a card at an ATM, directly in the bank office, at a point of sale, or with the help of a convenience check your credit card company will send you upon request.

In case you decide to get cash at an ATM, it will request you to enter your card’s PIN. If you don’t have one, you can contact the issuer and ask them to set it up.

How Much Cash Can You Get from a Credit Card?

As a rule, the amount of cash advance you can withdraw is determined by the issuer individually and depends on the credit card and your creditworthiness. Sometimes it may not be equal to your available credit card limit. To find out your exact cash advance limit, you can again turn to the card terms and conditions, search for this information in your monthly statement or in your online account. Besides that, ATMs may also set daily limits on the amount you can receive in cash.

How Much Does a Credit Card Cash Advance Cost?

Withdrawing cash from a credit card is by no means a cheap pleasure. First of all, just like other credit card transactions, a cash advance is to bring you interest. The APR on cash advances is typically much higher than the purchase APR and has no grace or intro period. It means that it applies immediately and makes no exception even if you pay off your balance in full by the due date.

Another charge you will have to bear is a cash advance fee. On average, its amount is fluctuating between 2% and 8%. There also may be a minimum limit of $5-$10.

What is more, ATMs can also set additional transaction fees, especially if you are abroad.

A Credit Card Cash Advance – Yes or No?

There may be different reasons to use a credit card for receiving cash. And, of course, there are yeas and nays. If you’re unable to cover an unexpected expense with a credit card and there seems to be no other way out, then availing yourself of a cash advance option can help you out. But in this case, you should be ready for consequences like paying a tidy sum of interest and fees for such a decision. In all other cases, it is best to refrain from withdrawing cash from a credit card and, if possible, pay for a purchase or service directly from the card.

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