Can you use a credit card at an ATM?
Using a credit card to get cash at an ATM is considered a cash advance. Cash advances can be convenient, but they may involve higher costs than using a debit card to get cash.
Learn more about how to use your credit card at an ATM and what to consider before you do.
What you’ll learn:
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It’s possible to withdraw money at an ATM using your credit card. This is considered a cash advance.
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Cash advances typically have service fees and higher interest rates than regular purchases.
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You’ll need your credit card PIN to complete an ATM withdrawal.
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You can check your cash advance limit and your card balance to know how much you might be able to withdraw at an ATM.
What is a credit card cash advance?
When you use a credit card to withdraw cash, it’s considered a cash advance. With a cash advance, the money won’t come from a bank account like it does with a debit card ATM withdrawal. Instead, the cash advance shows up as a charge on your credit card. You then repay your card issuer for the amount you borrowed, plus any fees and interest the issuer charges for the transaction.
How to use a credit card at an ATM
Before using your credit card to get cash at an ATM, it may be a good idea to check your cash advance limit and account balance. You can usually find this information by signing in to your account online or checking your monthly statements.
Once you’re ready to get your cash advance at an ATM, the process usually looks something like this:
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Insert your credit card into the ATM or use a cardless ATM option.
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Enter your credit card PIN.
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Follow the instructions on the ATM screen and enter the amount of your cash advance.
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Accept any additional charges, which may include an ATM transaction fee and a cash advance fee.
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Complete the transaction and take your cash and receipt.
Does using a credit card at an ATM hurt your credit scores?
Yes, a cash advance could affect your credit scores, depending on how much you borrow and how quickly you pay down the balance.
When you use a credit card at an ATM, you’re taking out cash against your credit limit. Your card issuer adds the cash advance amount, plus fees and interest, to your credit card balance. This can increase your credit utilization ratio, which is an important credit-scoring factor that measures how much of your available credit you’re using.
Generally, a higher credit utilization ratio can have a negative impact on your credit scores. The Consumer Financial Protection Bureau recommends keeping your credit utilization ratio under 30%.
What to consider before using your credit card at an ATM
Using your credit card at an ATM can be a convenient way to get cash. But there are a number of things to consider, including:
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Additional costs: You may pay a cash advance fee and ATM fees.
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Higher interest rate: Your card issuer may charge you a higher annual percentage rate (APR) on the cash advance than it does for purchases.
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No grace period: Credit card cash advances typically don’t come with a grace period. That means interest might start accruing immediately on the amount you withdraw.
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Potential impact to your credit: Taking a cash advance increases your credit utilization, which may have a negative impact on your credit scores.
Using a credit card at an ATM FAQ
Here are frequently asked questions about using your credit card at an ATM.
How much do you get charged for using your credit card at an ATM?
The cost of a credit card cash advance can vary, but here are some of the common costs that come with cash advances:
- Cash advance APR: The APR is usually higher on cash advances than on regular purchases.
- Cash advance fee: Card issuers may charge a flat fee or a percentage of the amount withdrawn. For instance, some card issuers charge either $3 or 3% of the amount of the transaction, whichever is greater.
- ATM fees: You may be charged an ATM fee for taking a cash advance at an ATM other than a Capital One ATM.
How much cash can you withdraw using your credit card?
The maximum amount you can withdraw with a cash advance can vary. Issuers usually cap cash advances at a percentage of a person’s card’s credit limit. Say you have a $5,000 credit limit and your card issuer caps your cash advance limit at 30%. In this example, your maximum cash advance would be $1,500.
If a cash advance puts you over your credit limit or you’ve already maxed out your credit card, you may not be able to withdraw money using your credit card at an ATM.
ATM dispense limits also vary, so you may need to perform more than one transaction to get the full amount of cash you need. And each transaction may incur separate fees.
Can you withdraw cash using your Capital One credit card?
Yes, eligible Capital One cardholders can typically use their credit cards to get cash advances. View important rates and disclosures.
Do you need a PIN for using a credit card at an ATM?
Yes, you’ll typically need a PIN to use your credit card at an ATM. You may have received a PIN when you first got your credit card. If you need to create or change your PIN, you can typically do so by signing in to your account online.
Key takeaways: Can you use a credit card at an ATM?
It’s possible to withdraw cash at an ATM using a credit card. This kind of transaction is called a cash advance. Cash advances often involve fees and a higher interest rate, making them more costly than using a debit card to withdraw cash from a checking account.
If you like the convenience—and potential rewards—a credit card can offer, you can find out whether you’re pre-approved for a Capital One credit card. It’s quick, and it won’t hurt your credit scores.
