How to Get Cash from a Credit Card
Key Points About: How to get a credit card cash advance
You can use your credit card to get a cash advance and put money in your wallet quickly.
Your credit card may help you get 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 something that you can’t pay with a credit card, you may be able to use your card to get the cash you need with a credit card cash advance.
How to get cash from a credit card
A cash advance acts like a short-term loan. It lets you borrow money against your card’s credit limit. But instead of swiping, tapping, or entering your credit card information to make a purchase, you can use your credit card to get cash for that transaction.
Here’s how you can get a cash advance using your credit card:
Get cash from ATMs, banks, or credit unions
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 like using a debit card. You insert the credit card, enter your PIN, and follow the instructions to withdraw cash. You may get a cash advance fee, and there could be additional fees for these types of transactions depending on the bank. You’ll need to accept them before you can complete the transaction.
You can also use your credit card to get cash in person from a bank or credit union (if the financial institution allows cash advances from your credit card issuer). You’ll need your credit card and a photo ID to do so.
Online direct deposit
If your credit card company allows it, instead of physically getting cash in person, you can go online and move cash from your credit card account into your checking account. With Discover, if you used an account before to make a credit card payment, that account will likely also be 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 bank account, a cash access check pulls funds from your credit card account. You can use these checks anywhere that accepts personal checks.
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
Cash advances may come with a higher interest rate (APR) than the APR for regular purchases on your credit card. That’s because cash advances typically start accruing interest immediately (unlike regular 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 possible fees in detail. 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 shows the highest amount of money you can take out with a cash advance. Your cash advance limit can also be affected by other factors, such as if you recently had a balance transfer or made purchases since these can 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 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.
Was this article helpful?