How to get cash from a credit card 

Credit cards offer an easy, convenient way to pay online and in stores. It also may be possible to use your credit card to get cash. But using what’s called a cash advance is different from regular purchases. 

Find out how to get cash from a credit card and some things to consider before you do. 

Key takeaways 

• Cash advances might allow you to get cash from your credit card at an ATM or bank branch.
• Convenience checks might be another option. They’re blank checks from credit card issuers that are charged to credit card accounts.
• Getting cash from a credit card may come with fees and higher interest rates than other credit card purchases do.
• Make sure to check your credit card’s terms and conditions before you withdraw cash so you understand the cost and how it could affect your budget.

There are several ways you might get cash from a credit card. No matter which option you choose, the transaction is classified as a cash advance.

With a cash advance, the amount you withdraw against your credit limit is added to your card’s balance. And it has to be repaid like other purchases you make with your card.

Issuers generally charge higher fees and interest rates on cash advances than they do for typical credit card purchases. It’s important to understand your credit card’s terms before getting a cash advance. And you may want to explore other, less costly options first.

How much cash you can get from your credit card depends on your issuer’s cash advance limits. You can generally find your cash advance limit by reviewing your card’s terms or your credit card statement.

There are several ways to use your credit card to get cash. Here are some potential options: 

The process for using an ATM to withdraw cash from your credit card may vary. But it generally works like this:

1. Insert your credit card or use a cardless ATM option to access your account.
2. Enter your credit card PIN. Capital One cardholders can request a PIN online.
3. Select the cash advance or withdrawal option when prompted and follow the instructions on the ATM screen.
4. Enter the amount of cash you plan to withdraw.
5. Before completing the transaction, make sure you understand any fees that the ATM might charge and other fees related to cash advances.
6. Complete the transaction and take your cash and receipt.

If an ATM isn’t available, you can visit your bank. A teller or ambassador may be able to help you get cash from your card. You’ll also likely need to show some form of photo ID, like a driver’s license or passport.

When you receive your credit card in the mail, it may come with blank checks known as convenience checks. You can use them to make purchases that are drawn against your credit card balance. You simply write the check and make yourself the payee. Then, you can cash or deposit that check. This is one way to get a cash advance without needing your credit card PIN.

Make sure to read the terms and conditions related to the check before using that option. And keep in mind that cash advance fees and higher interest rates likely still apply.

Before you get cash from your credit card, it’s important to understand how much it might cost. Here are some possible costs to consider:

You may have to pay a service charge to get cash from your credit card. That could be a flat fee or a percentage of the amount of cash you’re withdrawing. The fee could be taken out of your cash withdrawal or added to your credit card balance. If you get your cash at an ATM, you might also have to pay an ATM fee.

When it comes to credit cards, interest and annual percentage rate (APR) are usually the same thing. Cash advances typically have a significantly higher APR than other credit card purchases do.

Plus, most credit cards don’t offer a grace period on cash withdrawals. When you get a cash advance, it likely starts accruing interest right away. This means that getting cash can end up being a lot more expensive than making a typical purchase with your credit card.

Getting a cash advance won’t directly impact your credit scores. But because it uses up some of the credit you have available, it could affect your credit utilization ratio. 

Your credit utilization ratio is a measure of how much credit you’ve used versus how much credit you have. It’s one of the factors that affect your credit scores. Your credit card balance will go up by the cash advance amount plus interest and fees, which can in turn increase your credit utilization ratio.

There may be other ways to access cash when you need it. But it’s crucial that you understand the details before you make any decisions.

• Checking account or emergency fund. If you have cash in a checking or savings account, you may want to consider tapping into those funds first. That way, you can avoid the interest and fees associated with a cash advance.
• Personal loans. With a personal loan, the borrower typically gets a lump sum from a lender that they pay back in regular installments. Like any line of credit, it’s important to understand all the terms of a personal loan, such as the interest rate and payment schedule, before taking it out. 

There are also risky alternatives to be aware of. One example is called a cash advance loan. This is a type of payday loan. Typically, payday loans are short-term, high-interest loans that can end up being very expensive. 

They can be so risky that some states prohibit payday loans altogether. If you’re considering a payday loan, make sure you understand all the costs and risks. You may also want to explore other, less expensive options first.

Cash advances can offer a convenient way to get cash from a credit card. But they often come with fees and higher interest rates than those of other credit card transactions. So before using your credit card to get cash, make sure you understand the big-picture cost.

And if you’re looking for a way to earn cash back rewards on spending you’re already doing, a cash back credit card may be right for you. As you use a cash back card, you earn back a percentage of what you spend. It’s a simple way to get rewarded for making everyday purchases. You can compare Capital One rewards cards and find out if you’re pre-approved for card offers before you apply.