How to Withdraw Cash From a Credit Card

Most credit cards offer the ability to withdraw cash immediately. This is known as a "cash advance." A cash advance is added to your credit card balance the same way a purchase is, however, they usually come with higher interest rates and fees. Most financial advisers recommend avoiding credit card cash advances; however, if you're in a bind and need cash fast, it may be your only option.

Step 1

Examine your statement or contact your credit card company to determine what your cash advance limit is. The cash advance limit is different (usually much lower) than your purchase limit.

Step 2

Determine the cash advance interest rate on your account. Cash advance interest rates are usually much higher than normal purchase rates. Once you find out the rate, determine if you still want to withdraw cash from the card.

Step 3

Visit a nearby bank, bring photo identification and your credit card. Most bank branches can process cash advances from credit cards. Tell the representative the amount you want to withdraw. Most banks charge a small service fee.

Step 4

Wait for the teller to process the card; sign the receipt when the transaction goes through. Make sure to keep a copy for your records.

Tip

You can also request a PIN from your credit card company. However, most credit card companies will not give you an immediate PIN; you must wait for it to come in the mail. Once you have your PIN, you can use the credit card at any ATM.

Warning

Read your credit card agreement closely when deciding if a cash advance is right for you. The interest rates tend to be very high; some credit card companies also charge transaction fees.

Things You'll Need

  • Credit card statement

  • Identification card

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