Chip Lupo, Credit Card Writer
To get a cash advance from a credit card, you can withdraw the cash from an ATM using the four-digit PIN associated with your account. You can also ask the teller at a local bank branch for a cash advance or use a convenience check from your credit card company.
How to Get a Credit Card Cash Advance at an ATM
- Insert your card.
- Enter your 4-digit security PIN.
- Select the cash advance option from the menu.
- Retrieve your cash to complete the transaction.
If you don’t have or don’t remember your PIN, you should be able to call customer service, choose a PIN, and get it set up right away.
You can use any ATM with the logo of your card’s network (Visa, Mastercard, American Express, or Discover). Bear in mind that you may have to pay an ATM fee for each cash advance transaction. Your credit card issuer will also likely charge a cash advance fee, as well as a separate cash advance APR that might be higher than your card’s regular interest rate.
How to Get a Cash Advance at a Branch
To get a cash advance from a branch, visit a local bank or credit union and ask the teller for a cash advance. You will need to have your credit card with you, as well as a government-issued photo ID to verify your identity.
By the way, this doesn’t necessarily have to be done from your credit card issuer’s branch. The bank or credit union needs to work with credit cards on the same payment network as yours, however.
How to Do a Cash Advance With a Convenience Check
To get a cash advance with a convenience check, first get a set of checks from your credit card issuer. Credit card companies will sometimes mail convenience checks to their customers unprompted, but you can also call your credit card company to request some checks.
You can write the check out to yourself or someone else and use it to withdraw cash from your credit line. Once the check is cashed, the transaction will count as a cash advance.
Not all issuers offer convenience checks, so this option might not be available to everyone.
Key Things to Watch Out for When Doing a Cash Advance
- Cash advances typically come with a higher interest rate than the card’s regular APR. The average cash advance APR is 22.53%.
- There’s no grace period on cash advances, so interest will start accruing immediately, starting on the transaction date.
- Most credit cards also charge a cash advance fee, with the average fee equal to 3.84% of the amount advanced.
You can learn more about how cash advances work on WalletHub.
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