The Chase Sapphire Reserve cash advance fee is $10 or 5% of the transaction amount, whichever is greater. And the Sapphire Reserve cash advance rate, which kicks in right away, is 26.24% (V). So it’s a pretty costly process, which is best avoided altogether whenever possible.
Here’s how a Chase Sapphire Reserve cash advance works:
1. Chase will automatically send you a PIN after you get your card.
2. Call 1-800-297-497 to get a new PIN if you can’t find yours.
3. Use your Sapphire Reserve Card and PIN to get cash from an ATM.
4. A $10 / 5% fee gets added to your balance, which immediately starts accruing interest at an APR of 26.24% (V).
5. You can only withdraw an amount up to your “cash advance limit,” which is listed on your monthly statement.
But again, it’s really not the best idea to take out cash advances. Unlike with normal spending, there’s no grace period, meaning interest starts building up right away.
And if you do find yourself having to make a Chase Sapphire Reserve cash advance, try to pay it back as soon as possible, since you’ll owe more money with every day that goes by.