How to get cash from a credit card

Credit cards offer a convenient way to pay online and in stores, and they might also allow you to get cash in the form of a cash advance.

Keep reading to learn more about how to get cash from a credit card and some things to consider.

What you’ll learn:

• Getting cash from a credit card is known as a cash advance.

• You might be able to get cash from your credit card at an ATM, by visiting a bank branch or with a convenience check. 

• Getting cash from a credit card may come with fees and higher interest rates than standard credit card purchases.

• Alternatives to a cash advance may include tapping into your emergency fund or taking out a personal loan.

Yes, you can generally get cash from a credit card in the form of a cash advance—but this can be a costly way to access funds.

Credit card cash advances allow you to withdraw against your credit limit. That amount is then 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. And there are typically limits to how much you can withdraw. That’s why it’s important to read your credit card terms first.

You can get cash from a credit card in a few different ways, including:

The process for using an ATM to withdraw cash from your credit card may vary. But it generally works similarly to the process of withdrawing cash from your debit card:

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 Get Cash option when prompted.

4. Enter the amount of cash you plan to withdraw.

5. Before completing the transaction, make sure you understand any fees the ATM might charge, plus any additional fees related to cash advances. Some ATMs provide a warning about potential ATM charges if they’re out of your bank’s network.

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.

Depending on your bank, you may also be able to use the mobile check deposit option to access the funds electronically.

Depending on your issuer’s policies, you may be able to get a cash advance by making an online transfer from your credit card to your checking account.

While getting a cash advance can be quick and easy, it’s important to understand the costs and risks involved.

Before you get cash from your credit card, here are some things to consider:

Depending on the method you use, you might have to pay two different types of fees: 

• Cash advance fee: 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. 

• ATM fee: If you get your cash at an ATM, you might have to pay an ATM fee.

Cash advance APRs are typically much higher than a credit card’s purchase APR. And when you get a cash advance, it likely starts accruing interest right away because there’s no grace period. Without a grace period, getting cash can end up being more expensive than a typical credit card purchase. This is different from standard credit card purchases, which offer a set period of time to pay down the balance before interest accrues.

Getting a cash advance could affect your credit utilization ratio. That’s a major credit-scoring factor that measures how much credit you’ve used versus how much credit you have. If the cash advance increases your credit utilization ratio, your credit score could be negatively affected.

How much cash you can get from your credit card depends on your cash advance limit, which is typically a percentage of your card’s credit limit and varies by issuer. You can generally find your cash advance limit by reviewing your card’s terms or your credit card statement.

If you use an ATM to withdraw cash from your credit card, there may also be a separate withdrawal limit set by the financial institution.

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

• Checking account or emergency fund: If you have cash in a checking account or emergency fund, you may want to consider tapping into those funds first and 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 first understand all the terms of a personal loan, such as the interest rate and payment schedule.

• 0% introductory rate credit cards: 0% introductory rate credit cards offer a promotional period for you to make purchases or transfer balances without incurring interest. These cards don’t typically offer 0% cash advances, but this option could create more room in your budget if you’re making payments on high-interest credit card debt.   

There are also risky alternatives to be aware of. One example is called a cash advance loan. This is a type of payday loan. These short-term, high-interest loans can end up being very expensive. They can have such high costs that some states prohibit payday loans altogether.

You can get cash from your credit card through a cash advance. While it may be a convenient way to get cash from a credit card, it often comes with fees and higher interest rates than those of other credit card transactions. 

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. You can compare Capital One credit cards and find out whether you’re pre-approved before you apply—without impacting your credit scores.