What is a credit card cash advance limit?

A cash advance is a service offered by credit card issuers that gives cardholders access to a portion of their credit line via cash withdrawal or, in some cases, a paper check provided by the issuer. The most common way to do a credit card cash advance is by making an ATM withdrawal. To do that, you will need to request a PIN from your card’s issuer.… read full answer

Credit card cash advances should be reserved for emergencies only, as they are very expensive. Cash advance fees tend to be at least $5-$15, depending on the credit card company. APRs are usually in the 20%-36% range. Cash advances also don’t get any kind of grace period, so they immediately start accruing interest.

Although our world has been moving toward a cash-less society, there are still times when you might need to pay for something with cash. For those instances, it’s best to use a debit card or a prepaid card that lets you make free cash withdrawals from ATMs, whenever possible.

You can get cash from a credit card through rewards redemption or by doing a cash advance. Rewards are the better option because they actually save you money. Cash advances have very high fees and interest, so they’re more of a last resort than anything else. If you do get one, you’ll want to pay it back as quickly as possible.… read full answer

Here’s how to get cash from a credit card:

• Earn and redeem rewards: There are lots of cash back credit cards. Typically, they’ll give you at least 1% cash back on all purchases, and sometimes higher rates on specific categories of purchases.
• Do a cash advance: You can make an ATM withdrawal with your credit card to turn some of your available credit into cash. You just need to get a PIN from the card’s issuer. You can withdraw up to the “cash advance limit” listed on your statement. But cash advances are expensive – you can expect a hefty fee and a high APR that starts costing you right away. There’s no grace period. Store credit cards generally do not allow cash advances.
• Get cash back at the register: Most credit cards don’t work like this, but Discover has a feature called Discover Cash Over which allows you to get cash from the register when you check out at 70+ different chains nationwide with any Discover card. The Cash Over feature is limited to $120 every 24 hours, with no monthly limit. The cash you take out will be treated as a purchase, and won’t be subject to any transaction or ATM fees. Another option is the Walmart® Store Card which allows you to withdraw up to $20 each time you make a purchase at a Walmart store location. This is also treated as a purchase, not a cash advance.

So cash advances are not an attractive option, but there are a ton of attractive cash rewards credit cards on the market. For good or better credit, try Citi® Double Cash Card – 18 month BT offer. If your credit isn’t so great, you can apply for Discover it® Secured.

Yes, you can get a cash advance on a credit card. Well, on most credit cards actually. Most store cards and some credit cards for bad credit will not allow you to get cash advances, so it's always a good idea to call your issuer in advance and ask.

Anyway, getting a cash advance with a credit card isn't a great idea. Cash advances are really expensive considering that you are hit not only with a cash advance fee (usually 3% or $10, whichever is greater) but also with a high-interest rate that starts accruing from the moment you take the money out of the ATM.