How to Get a Cash Advance from a Credit Card
Key points about: Using a credit card to get cash
You can use your credit card to get a cash advance and put money in your wallet quickly.
Your credit card can help you access cash via ATMs, banks, credit unions, direct deposits, and cash access checks.
Be aware of interest rates, fees, limits, and other requirements before taking a cash advance.
When you need cash for a transaction that you can’t pay with a credit card, you may be able to use your credit card to get the cash you need, by requesting a credit card cash advance.
Below, we’ll walk you through how to get cash from a credit card, and some things you should keep in mind before you take a cash advance.
How to get cash from a credit card
A cash advance functions as a short-term loan. It lets you borrow money against your credit limit, like when you use a credit card to buy something. But instead of swiping, tapping, or entering your credit card information to make a purchase, you’re able to turn credit into cash.
Let’s review your options for getting a cash advance using your credit card.
Get cash from ATMs, banks, or credit unions
You can use your credit card to get cash in person from a bank or credit union. You’ll need your credit card and a photo ID to do so, as long as the financial institution allows cash advances from your credit card issuer.
Participation can vary by location, so it’s best to contact your local branch to confirm.
If you choose a cash withdrawal from an ATM, you’ll need a credit card PIN to verify your identity. Using an ATM to get a credit card cash advance is usually similar to using a debit card. You insert the credit card, enter your PIN, and follow the instructions to withdraw cash. Typically, there will be fees associated with a cash advance, and there could be an additional ATM fee for those types of transactions. You’ll need to accept them before you can complete the transaction.
Online direct deposit
If your credit card company allows it, instead of physically accessing cash in person, you can go online and move cash from your credit account into your checking account. With Discover, most accounts from which you’ve made payments to your Discover Card bill in the past are eligible for a cash advance deposit, and the process may take 1-3 days.
Get cash access checks
You may also be eligible for a cash access check or convenience check. Just like a personal check pulls money from your checking account, a cash access check pulls funds from your credit card account. You can use these checks anywhere that accepts personal checks and fill them out for any amount up to your credit limit.
Log into your Discover account to see if you’re eligible to receive cash access checks. And keep in mind that they may take a few days to reach you via mail.
What to know before you take a cash advance
It may seem like an easy decision to take a cash advance anytime you need cash, but there are some important factors to keep in mind before you get one.
Cash advance APRs and fees
Did you know?
Cash advances may come with a higher interest rate (APR) than the APR for credit card purchases.
And cash advances typically start accruing interest immediately, unlike regular credit card purchases, which offer a grace period for paying off your credit card balance in full every month by the due date. So even if you pay off your cash advance by the due date, you’ll still pay interest charges for all transactions starting when your cash advance is processed.
Cash advances also commonly come with transaction fees from the card issuer, and some ATMs may have an additional transaction fee and restrictions for a cash advance. Your cardmember agreement will explain the details of your card’s cash advance transaction fees. Depending on your card, the cash advance fee might be a fixed amount or a percentage of your cash advance.
Are there limits to how much cash you can get?
Your credit card issuer will set a cash advance limit, which is usually a percentage of your total credit limit. This indicates the highest amount of money you can take out with a cash advance. Your cash advance limit can also be affected by factors such as a balance transfer and recent purchases since those may affect your total available credit. That’s why it’s important to check your cash advance credit line before counting on a cash advance.
Additionally, if you’re accessing cash through an ATM, some banks may have their own withdrawal limits for a cash advance. Credit card cash advances can be beneficial when you’re in quick need of additional cash. They are convenient for a credit card cash withdrawal from an ATM or bank location, but also come with some drawbacks. Make sure to know if there is a cash advance fee or an ATM fee, a cash limit to how much you can take, and what your cash advance interest rate may be.
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