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!
Table of Contents
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.
Bottom Line
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!
Thanks for the great advice, Beavis 🙂 Using the Current card at US Bank ATMs has no ATM owner surcharges, right?
changes apply on oct -18th 2009.
until then 4 free atm transaction per month (does not include bank (atm owner) surcharge)
no fee for cashback at point of transaction.
ex. buy ‘a carrot’ – cashier asks if you want cashback…. up to $100 at local walmart.
works best is at those self check-out.
not sure how many times it can be done? _(IMO – no limit)
anyone have comments on this?
They changed the rules on ATM withdraws. $2.50 per transaction on Current’s side, and possibly more from the ATM vendor. $1000 max per month ATM withdraw. Any ideas how to counter this?
I don’t have kids, but I have brothers and sisters.
I have no qualms about interpreting ‘usually’ but what is the date of birth of your teen did you print on the application?
Another Promo code for THE first month free: CP509
From the registration page of Discover:
“I am the Card Holder
The person using the card itself, usually a teenager.”
Interpret Usually however you feel like it. FYI, I have no kids.
Since it is issued in the name of a teen you cannot use this scheme if you do not have a teen,
I entered the promo code DM110806 on the page for funding where it asks for one. Is that the right place? It replied with: Invalid promo code.
Has the code expired? Do you have another promo code?
So do you have to have a teen at home or can anyone over the age of 19 apply for it?
Thanks but that seems too much of a work. Besides, I think Chase will be not too happy and may cancel my very sweet Chase Rewards card…
you’re crazy. But I like it. Will they consider my six year old to be a teen?
Also, i don’t suggest people go crazy with this. They can easily stop this once they see what is happening.
You might want to do a few dollars purchases here and there using your Teen card to make them happy.
For those with an old chase freedom, you get an extra $50 for cashing in $200. Essentially, making this 1.25%.
Again, it has only been reported to work with Chase. I’m not sure about Schwab or other CC.
I think the Chase Freedom card would only provide 1% back for this type of purchase. I have a Schwab card that gives me 2% back on all purchases with no limit. I’m wondering if Schwab would treat it like a normal purchase. That would be great. Thanks for posting this.
Well..i’m lowballing here.
Chase freedom is 1.25% cash back on purchases. So here’s the math
1.25% x $1500 x 30 days = $562 minus ATM fees = ??
How did u get this number “If you withdraw everyday with the 3 cards, you can make over $300 each month via cash back with your e.g. Chase Freedom card ” ?