You can get a Chase Freedom cash advance either through an ATM or by going to a Chase branch and requesting one from a teller. But cash advances are very expensive, thanks to a hefty fee and a high interest rate, both of which apply immediately after the transaction. The Chase Freedom cash advance fee is: Either $10 or 5% of the amount of each transaction, whichever is greater. The Chase Freedom cash advance APR is 24.99% (V).
You’ll also need a PIN to complete a cash advance from an ATM with your Chase Freedom card. You can get a PIN by calling Chase's customer service at (800) 432-3117. Then, you’ll be able to withdraw cash from most ATMs using your Chase Freedom card. Just bear in mind that your “Cash Credit Limit” will be a lot lower than your standard spending limit.
What to know about a Chase Freedom cash advance:
Cash advance fee: Either $10 or 5% of the amount of each transaction, whichever is greater.
Cash advance APR: 24.99% (V) and applies immediately.
To conclude, cash advances should be avoided except in emergency situations. Cash advances are so expensive because credit cards aren’t supposed to be used like debit cards. But if you can’t escape making one, make sure to repay your balance as soon as possible. Credit card interest compounds daily, which means you’re charged interest on the interest that was assessed yesterday, in addition to your principal balance. Plus, you don’t get any grace period to pay before interest kicks in with a cash advance.
A Chase cash advance generally costs: Either $10 or 5% of the amount of each transaction, whichever is greater. Some exceptions are certain Chase’s business credit cards, as well as some co-branded cards. Moreover, interest begins accruing on a cash advance immediately; the Chase cash advance APR is 28.74% (V) for most cards, which is a lot higher than each card’s regular APR.
Here's what you should know before getting a chase cash advance:
Chase Cash Advance Fee: Either $10 or 5% of the amount of each transaction, whichever is greater. This goes for the vast majority of the cards.
Chase Cash Advance APR: 28.74% (V) for most Chase credit cards. This rate kicks in right when you withdraw the money.
PIN: A PIN is required to get a Chase credit card cash advance at an ATM. You can call the number you see on the back of your card to request a PIN from Chase customer service.
How to Do It: You use your Chase credit card like a debit card to get money from an ATM. Your cash advance balance is the amount you withdraw, plus the cash advance fee.
Limits: Many cards have a separate cash advance limit, which is a portion of their overall credit limit. For example, while your limit might be $1,000, if your cash advance limit is 10%, you'll only be able to withdraw $100.
So, to put it simply, cash advances are expensive. You really should avoid them entirely unless you’re in an emergency situation and a cash advance is your only option. If you do have to make one, you can’t avoid the fee, but you can prevent a lot of the interest if you repay your balance right away. But you should also know that cash advances will look bad to your issuer, and could also hurt your chances of getting a credit limit increase in the future.
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