If you need to grab some cash from the ATM but have your credit card instead of your debit card, there are some things that you need to know. You are still able to pull cash from a credit card however, it’s not something you should look to do often.
Cash advances are provided by most credit cards, but they charge a higher interest rate and fees upfront. If you wish to learn more about How to Get Cash From A Credit Card, continue reading on below!
What Is a Cash Advance?
A cash advance is a cash loan you take from your credit card. They are convenient, but also pricey. The service allows cardholders to withdraw cash directly rather than having to make a purchase.
You can do so through an ATM or over the counter at a bank. If you have cash in your checking account, then you might not want to use this service. However if you don’t have another option, then resort to this.
How to Get Cash from a Credit Card
Each credit card and issuer have different options, but you can get cash through either an ATM or a check. If you decide to use an ATM, you might need to contact your issuer for a PIN to get a cash advance with your credit card.
Advantages and Disadvantages of a Cash Advance
For the advantages, a cash advance is very convenient. If you find yourself needing cash right away, then this service is there to help you out. However, this should be a backup plan and not something you should look forward to doing.
A disadvantage would be the higher APR than normal purchases. Not only that, but there is an initial fee that can be as high as 5% and ATM fees. If you have no other option of getting cash, then credit card cash advances can help you out in that situation.
If you find yourself short on cash and have no way of pulling out, then take advantage of your credit card cash advance! They’re a costly alternative that should be avoided if possible. To aid you on your journey, check out more ways to save money using credit cards!