To get a Mastercard cash advance, visit any ATM that displays the Mastercard logo, then insert the credit card and enter its PIN. Next, choose the cash advance option from the ATM’s menu, input the amount of the cash advance, and collect the cash and your card. Cardholders who do not yet have a PIN will need to contact their credit card issuer to get one prior to taking out a cash advance at an ATM.
Another way to get a Mastercard cash advance is to go into any bank branch that displays the Mastercard logo and give the card to a teller, then request a cash advance of a certain amount. You won’t need your PIN this way, as the teller will ask for a photo ID instead.
Key Things to Know About Mastercard Cash Advances:
- Cash Advance Fee: With most credit cards, including those on the Mastercard network, there will be a substantial cash advance fee that gets added instantly to the amount you owe.
- Cash Advance APR: The interest rate on cash advances will usually be quite a bit higher than your card’s normal APR.
- Immediate Interest: Unlike with normal purchases, cash advances start accruing interest right away.
- Terms Left to Issuers: Mastercard does not set cards’ cash advance fees or APRs. The hundreds of banks and credit unions that issue Mastercard credit cards are responsible for choosing them.
- Best for Emergencies: Since Mastercard cash advances are so expensive, it’s not a great idea to do one unless you’re in an emergency situation. If you do have to get a cash advance, you should pay it off as quickly as possible to avoid accruing a lot of interest.
It’s also worth noting that you can get an “emergency cash advance” through Mastercard if you’re traveling and lose your card. This service helps get money wired to you wherever you are, and does so by accessing your card’s credit line. Be careful, though, because you’ll owe wire transfer fees and possibly a foreign transaction fee on top of the regular cash advance fee. To get an emergency Mastercard cash advance, call (800) 627-8372.