A young woman uses her credit card to get money from an ATM.

How to Get Cash From a Credit Card

Last Updated: October 15, 2024

6 min read

Table of contents

Key Points:

A cash advance lets you borrow cash from your credit card, usually limited to a percentage of your total credit line.
Due to fees and interest, a credit card cash advance can be costly.
A cash advance is a short-term loan that increases the percentage of available credit you’re using, which can impact your credit score.

While retailers and service providers widely accept credit cards, you may still find yourself in need of a large amount of cash for merchants who don’t. A cash advance lets you use your credit card to withdraw cash at a bank, ATM, credit union, or sometimes by using checks.

A cash advance lets you borrow cash against your credit line instead of using your credit card to make a purchase.

However, there are differences between a cash advance and a credit card purchase. Here are some crucial points to consider when weighing whether to take a cash advance.

How to take a cash advance from your credit card

ATM: Set a PIN for your credit card to use it like a debit card at an ATM
Bank Teller: Bring a government-issued photo ID and your credit card to a bank
Online Transfer: Transfer cash to your checking account from your credit card account
Checks: Request a blank check from your credit card company

What to know about a credit card cash advance

Your credit card may have a cash advance limit
The interest rate on a cash advance is often higher than the credit card purchase APR
Credit cards usually have a cash advance fee

How much can I get from a credit card cash advance?

Your credit card issuer will usually cap the amount you’re eligible to borrow at a percentage of your total credit limit. As an example, if you have a credit limit of $1,000 and your card issuer offers cash advances up to 20% of your limit, you could borrow up to $200. Borrowers with good credit scores may be eligible to borrow more than those with lower scores.

Did you know?

Your recent credit card statement, online account, and cardmember agreement should have information about your cash advance limit.

See If You're Pre-Approved

Making a credit card cash withdrawal

ATM: You can withdraw cash from your credit card account using an ATM. However, you must set up a PIN with your credit card issuer. Using your PIN and the cash advance option, you can insert your credit card at any qualifying ATM to access funds immediately. Your withdrawal is subject to your cash advance limit, and the ATM may also have a limit on how much you can withdraw in a single day.

Bank: You can visit a bank or credit union teller to get a cash advance from your credit card account. You’ll need your credit card and a photo ID to withdraw the funds.

Convenience check: You may be able to request convenience checks from your credit card company. You can use a convenience check in the same way you use regular checks. Once a convenience check clears, your credit issuer deducts the amount from your credit limit.

Online transfer: An online transfer is another way to pull cash from your credit card. You can log in to your credit card account to request the advance, which typically gets deposited into your checking account within a few days.

The cost of a cash advance

You can think of a credit card cash advance as a short-term loan, albeit a pricey one. A credit card cash advance typically comes with substantial credit card fees.

Cash advance fee: Your credit card cash advance will probably incur a cash advance transaction fee. This fee may be a set dollar amount per transaction or a percentage of the total cash amount you’re taking from your credit card account. Check your credit card terms for details on your card’s fees.

Cash advance interest rate: When you borrow cash from your credit card, you’ll often pay a higher interest rate than you do for regular purchases. And while everyday credit card purchases have a no-interest grace period if you pay your balance in full each month, most cash advances do not. Instead, interest usually starts accruing the day you take the advance. So, even if you make your payment in full by the due date, you’ll pay interest each day you carry the loan (from the day you receive your cash advance to the day you repay the entire loan amount).

ATM fee: Many banks charge a fee when you withdraw cash from their ATM. The same is true of making a withdrawal using your credit card. There could even be a separate fee for cash advance transactions.

Foreign cash advance fee: Foreign cash advances are convenient while traveling, especially for emergencies. But you’ll have to decide if it’s worth the additional fees. Credit cards issued in the United States may get hit with double or triple the transaction costs when you try to access foreign currency cash advances. Foreign transaction fees, ATM, currency conversion, and cash advance fees add up quickly. And that’s on top of the already higher interest rate you might have for the cash advance.

Using your Discover card for a cash advance

You can get a cash advance with any Discover Card at over 500,000 ATMs or from participating banks and credit unions. You can also deposit cash from your Discover Card directly into your checking account, and you may be eligible to request checks online.

Will a cash advance hurt your credit score?

A cash advance can be tempting if you need cash fast, but you might want to consider how it could impact your credit score. Because you’re borrowing money against your credit limit, you’re increasing your overall credit utilization (how much of your total available credit is in use). And if you can’t pay the balance right away, high interest charges can put you deeper into credit card debt. When your total credit balance gets too high, it can negatively impact your credit score.

If your credit score took a hit because of a cash advance, it won’t necessarily have a long-term impact on your credit score. Your score can rebound if you can pay the loan off quickly.

Paying more than your minimum monthly payment is one way to pay your credit card balance quicker. And credit card companies are required to apply amounts over your monthly minimum to the balance with the highest interest rate, according to the Office of the Comptroller of the Currency. In other words, your extra payments will go toward your cash advance loan before your regular interest purchases.

Should you take a cash advance on your credit card?

Because a cash advance is an expensive way to borrow money, it may help to add up the potential costs ahead of your decision. You may also want to consider other ways to borrow money, like a personal loan, which could provide a lower interest rate. Understanding the short and long-term costs of any borrowing is key to finding the loan that’s right for you.

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