How to Get Cash from a Credit Card: What to Know About Cash Advances

Before you jump into a cash advance, it’s helpful to understand how these work and the costs involved. Explore the details of how to get a cash advance on a credit card in this guide. 

What Is a Credit Card Cash Advance?

A credit card cash advance is an opportunity to borrow against your card limit in the form of cash. Unlike when you use your credit card for regular purchases, a credit card cash advance essentially represents a short-term loan. Typically, a cash advance comes with a higher APR, no grace period and a separate limit for how much you can borrow. This guide will explore how to get cash from a credit card. 

Can You Withdraw Money from a Credit Card at an ATM?

If you want to take out a cash advance, you may be able do so through an ATM. In order to get cash from your credit card at an ATM, you’ll need the card and a PIN provided by your credit card issuer. 

Depending on your situation, you might run into daily withdrawal limits, which vary by issuer. You also may face ATM operator fees on top of the cash advance fees imposed by your issuer. 

Can You Take Out Cash with a Credit Card Inside a Bank?

In some situations, you might be able to take out a cash advance with a credit card from inside a financial institution. Generally, this is only an option if your credit card issuer has branches or works with banks that do. Expect to provide identification to the teller before receiving a cash advance. 

Depending on the bank, you might be able to tap into higher withdrawal amounts through a teller as opposed to an ATM. But you might face teller service fees, which can add up quickly. 

Can You Get a Cash Advance If You Don’t Have a PIN?

You often have the option of setting a PIN for cash advances when you open your card. If you didn’t set a PIN during your card setup, call the number on the back of your credit card to request a PIN. Depending on the issuer, you may receive the PIN via mail several days later. 

If you don’t have a PIN, you can usually still get a cash advance by visiting a physical bank branch with your ID and credit card. Also, if you have any convenience checks provided by your credit card issuer for this very purpose, you could write a check and cash it as an advance. 

How to Get a Cash Advance on a Credit Card

Although the exact process of getting a cash advance on a card varies from issuer to issuer, you’ll likely have access to at least some of the options below. Start by looking at the ATM process of a cash advance before moving on to other options. 

Steps for Withdrawing Cash from a Credit Card at an ATM

1. Insert your credit card and enter your PIN. If you don’t have your PIN, you may need to request it from your issuer. 
2. Select ‘Cash Advance.’ Sometimes this is called a ‘cash withdrawal’ option. 
3. Enter the withdrawal amount. Make sure to keep your withdrawal amount under any applicable cash advance limits. 
4. Approve the transaction. Double-check the details before confirming the transaction. 
5. Collect your cash. You’ll take the appropriate amount of cash from the slot. 
6. Keep your receipt. The ATM should provide a receipt, which you can use to track fees and interest charges.

Other Ways to Take Cash Out of a Credit Card (Checks, Mobile Apps, Invoice Hacks)

Although taking a cash advance out of an ATM might be the most convenient pathway, it’s not the only option. Explore alternative options for how to get cash from credit cards below. 

• Convenience checks: Some credit card issuers send you convenience checks in the mail. If you have access to convenience checks, you can write a check to yourself and cash it. When you cash the check, it will reflect a cash advance against your credit card. 
• Mobile apps or online transfers: Some financial institutions allow you to take a cash advance from your credit card by transferring money from your credit card to your checking account. While you won’t receive physical cash, it’s treated the same as a cash advance. 
• Go to the bank: If there are physical locations with your credit card company, you may be able to get your cash advance there.

Credit Card Cash Advance Fees, APR and Risks

Credit card cash advances offer immediate access to cash. But that quick access can be expensive because of upfront fees and fast-accruing interest charges. 

Explore the risks and costs of a credit card cash advance below. 

Typical Cash Advance Fees

While cash advance fees vary based on your particular card, it’s not uncommon for a cash advance fee to total either $10 or 3% to 6% of the transaction. Depending on how often you lean on cash advances and the size, these typical fees could add up quickly. 

If using an ATM or a physical bank teller to facilitate your cash advance, you may encounter additional service fees. 

APR and No-Grace-Period Costs

Most credit card issuers charge a higher APR for cash advances than for regular purchases. While the typical APR for a cash advance ranges from 20% to 30%, it’s more common to find cash advance APRs at 30% or higher. 

In addition to the sky-high APRs, cash advances typically don’t come with an interest rate grace period. With that, interest charges begin to accrue immediately. 

Impact on Your Credit Score

When you take out a cash advance, that increases your credit utilization rate. Typically, a high credit utilization ratio can push your credit score down. 

Additionally, lenders tend to view frequent credit card cash advances as a sign of financial distress, which could impact your ability to take out future loans. 

When (and When Not) to Use a Cash Advance

A cash advance might seem like an easy solution to any temporary cash crunch. But these fee-riddled options should only be used as a last resort. 

If you are short on cash and facing a true emergency, leaning on a cash advance might offer a valid way to move forward. For example, you might use a cash advance when dealing with emergency medical bills, unexpected car repair bills or an unavoidable home repair bill. 

But unless you are facing a major emergency, it’s best to avoid cash advances. It’s not a good idea to regularly lean on cash advances to cover budget shortfalls, discretionary purchases or vacations. 

What Are Alternatives to a Credit Card Cash Advance?

If you want to avoid taking on a cash advance but need to solve a cash flow issue, some alternative solutions could include. 

• Tapping savings. If you have savings available, lean on those before taking on a cash advance. 
• Personal loan. Personal loans tend to come with lower APRs than cash advances and offer structured repayment terms with predictable payments. 
• Asking for a helping hand. If you have family members or friends who might be willing to help you out of a tight spot, consider asking for help. 
• 0% APR credit card offers. If you are struggling to keep up with your credit card payments or plan to make a large purchase, opting to open a 0% APR credit card could give you an extended grace period to repay the purchase before interest charges come in full force. Balance transfer cards also allow you to move existing debt from one or more credit cards to a new card with a 0% introductory APR.

Generally, the options above offer a more affordable solution than a cash advance. But the best choice for your situation varies. 

FAQs: How to Get Cash from a Credit Card

How do I know the PIN of my credit card?

Depending on your card issuer, you might have the opportunity to create a PIN when setting up your card or receive your PIN in the mail. If you aren’t sure what your PIN is, call the number on the back of your card.

Can you transfer money from credit card to bank account?

Some credit card issuers allow you to take a cash advance by transferring money from your credit card to your bank account. But you’ll still face high interest rates and any applicable cash advance fees.

Does taking cash out of a credit card hurt your credit?

The act of taking out a cash advance against your credit card may hurt your credit score if you have a high credit utilization ratio. As your credit utilization ratio rises, your credit score may fall.

What’s the maximum cash advance you can take?

The maximum cash advance limit varies based on your card. If you aren’t sure, give your issuer a call to determine the maximum cash advance you can take.