How to Get a Cash Advance
Check your cash advance limit., Identify what fees will be charged., Check the interest rate for cash advances., Find your PIN., Locate an ATM., Use the right credit card., Get the cash from an ATM., Obtain the cash advance from a bank branch...
Step-by-Step Guide
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Step 1: Check your cash advance limit.
Even if you have a $5,000 limit on your credit card, your cash advance limit is likely lower.
Card issuers don’t want you to max out your cards using a cash advance.
For this reason, your limit might be only a few hundred dollars.You can check by looking at your monthly billing statement, which should state the “cash limit” or “cash credit line.” You can also call the card issuer.
Look on the back of your card to find the phone number. -
Step 2: Identify what fees will be charged.
If you take out $100 in a cash advance, you will owe more than $100 to your credit card company.
Typically, they add on a fee of 2 to 5% plus the regular interest rate on your credit card.For a $200 cash advance, you might end up paying $4 to $10 as a cash advance fee in addition to the interest.
Check the section titled “Fees” on your monthly statement to see how much you must pay in fees.
The amount of the fee might depend on how you get your cash advance.
For example, using a convenience check might have a lower advance fee than withdrawing the money from an ATM., Your interest rate on a cash advance is usually much higher than the rate for purchases.
For example, you might pay only
15.24% on purchases, but your interest rate for a cash advance could be
21.24%.
The interest on your cash advance also begins to accrue right away.
With purchases, the interest doesn’t begin to accrue until the grace period ends, which is usually 30 days.
You can find your interest rate on one of your monthly statements.
Look for the section titled “Interest Rates and Interest Charges.” There should be a subsection titled “APR for Cash Advances” where you can find the interest rate.When paying back the cash advance, keep in mind that you will likely owe more in interest than you normally would for purchases on your credit card.
Save up your money accordingly. , You’ll need a personal identification number (PIN) to use an ATM.This number is usually four digits.
If you didn’t set one when you first got your credit card, you’ll need to call your bank. , So long as you have a PIN, you can get a cash advance out of an automated teller machine (ATM).
These can often be found in train stations, convenience stores, and laundromats.
You can also find an ATM by visiting the website for your credit card company.
For example, if you have a Visa credit card, you can use the ATM Locator at the Visa website.Just enter your address and a list of ATMs should pull up.
Try to find an ATM for the bank that issued you the credit card.
Although you can use another bank’s ATM, your transaction fee will probably be higher. , If you have multiple credit cards, then you should choose the best one to use for the cash advance.
Compare interest rates and fees.
But also consider the following:
Ideally, you should use a card with no balance on it.
When you pay your bill, any amount above the minimum will go to charges with the higher balances.
Your regular purchases will be paid off slower and continue to accrue interest.
Pick a card you won’t be making another purchase on for some time.
This will allow you to pay off your balance quicker. , Try to get the cash advance during the day.
Unfortunately, thieves sometimes target ATM users, who have their backs turned.
Each ATM is a little different, but generally you can get a cash advance by doing the following:
Insert your credit card into the slot.
Select your language.
The options should display on the ATM screen.
Enter your PIN and press the “enter” key.
Request the amount of cash you want.
You will be given options, such as $20, $40, $100.
You usually can also type in a different amount.
Agree to pay the ATM fee.
This fee is on top of your cash advance fee and is charged by the bank whose ATM you are using.Take the cash.
End your session by pressing the appropriate button.
The ATM screen should prompt you.
Wait for your card to pop out. , You can also request a cash advance at a bank.
You can go to a branch of the company that issued the card.
For example, if you have a Chase credit card, then you can go to a Chase bank.
You can also get a cash advance from any bank that displays your credit card company’s logo.
Look on the door or at the teller station.
You will need to show the teller your credit card and valid personal ID.
Hand both to the teller and say, “I’d like $100 as a cash advance, please.” , Some card issuers will send you “convenience checks,” which you can use to get a cash advance.You also use the same checks to make a balance transfer.
Depending on your bank, you may be able to write the check out to yourself and deposit it into your checking or savings account.You might also be able to transfer funds directly into your account from the bank’s website.
The process is similar to making a balance transfer.
You will enter your bank account number and then the amount you want deposited as cash. , It is important not to fall into debt.
Because cash advances are so expensive, you should pay back the borrowed amount as soon as possible.
If you’re falling behind financially, then come up with a budget and stick to it.
Once you have repaid, you might consider saving up for an emergency fund.
If you have another difficult situation or emergency in the future, you can use this money instead of going into costly debt. -
Step 3: Check the interest rate for cash advances.
-
Step 4: Find your PIN.
-
Step 5: Locate an ATM.
-
Step 6: Use the right credit card.
-
Step 7: Get the cash from an ATM.
-
Step 8: Obtain the cash advance from a bank branch.
-
Step 9: Deposit cash into your bank account.
-
Step 10: Repay the money.
Detailed Guide
Even if you have a $5,000 limit on your credit card, your cash advance limit is likely lower.
Card issuers don’t want you to max out your cards using a cash advance.
For this reason, your limit might be only a few hundred dollars.You can check by looking at your monthly billing statement, which should state the “cash limit” or “cash credit line.” You can also call the card issuer.
Look on the back of your card to find the phone number.
If you take out $100 in a cash advance, you will owe more than $100 to your credit card company.
Typically, they add on a fee of 2 to 5% plus the regular interest rate on your credit card.For a $200 cash advance, you might end up paying $4 to $10 as a cash advance fee in addition to the interest.
Check the section titled “Fees” on your monthly statement to see how much you must pay in fees.
The amount of the fee might depend on how you get your cash advance.
For example, using a convenience check might have a lower advance fee than withdrawing the money from an ATM., Your interest rate on a cash advance is usually much higher than the rate for purchases.
For example, you might pay only
15.24% on purchases, but your interest rate for a cash advance could be
21.24%.
The interest on your cash advance also begins to accrue right away.
With purchases, the interest doesn’t begin to accrue until the grace period ends, which is usually 30 days.
You can find your interest rate on one of your monthly statements.
Look for the section titled “Interest Rates and Interest Charges.” There should be a subsection titled “APR for Cash Advances” where you can find the interest rate.When paying back the cash advance, keep in mind that you will likely owe more in interest than you normally would for purchases on your credit card.
Save up your money accordingly. , You’ll need a personal identification number (PIN) to use an ATM.This number is usually four digits.
If you didn’t set one when you first got your credit card, you’ll need to call your bank. , So long as you have a PIN, you can get a cash advance out of an automated teller machine (ATM).
These can often be found in train stations, convenience stores, and laundromats.
You can also find an ATM by visiting the website for your credit card company.
For example, if you have a Visa credit card, you can use the ATM Locator at the Visa website.Just enter your address and a list of ATMs should pull up.
Try to find an ATM for the bank that issued you the credit card.
Although you can use another bank’s ATM, your transaction fee will probably be higher. , If you have multiple credit cards, then you should choose the best one to use for the cash advance.
Compare interest rates and fees.
But also consider the following:
Ideally, you should use a card with no balance on it.
When you pay your bill, any amount above the minimum will go to charges with the higher balances.
Your regular purchases will be paid off slower and continue to accrue interest.
Pick a card you won’t be making another purchase on for some time.
This will allow you to pay off your balance quicker. , Try to get the cash advance during the day.
Unfortunately, thieves sometimes target ATM users, who have their backs turned.
Each ATM is a little different, but generally you can get a cash advance by doing the following:
Insert your credit card into the slot.
Select your language.
The options should display on the ATM screen.
Enter your PIN and press the “enter” key.
Request the amount of cash you want.
You will be given options, such as $20, $40, $100.
You usually can also type in a different amount.
Agree to pay the ATM fee.
This fee is on top of your cash advance fee and is charged by the bank whose ATM you are using.Take the cash.
End your session by pressing the appropriate button.
The ATM screen should prompt you.
Wait for your card to pop out. , You can also request a cash advance at a bank.
You can go to a branch of the company that issued the card.
For example, if you have a Chase credit card, then you can go to a Chase bank.
You can also get a cash advance from any bank that displays your credit card company’s logo.
Look on the door or at the teller station.
You will need to show the teller your credit card and valid personal ID.
Hand both to the teller and say, “I’d like $100 as a cash advance, please.” , Some card issuers will send you “convenience checks,” which you can use to get a cash advance.You also use the same checks to make a balance transfer.
Depending on your bank, you may be able to write the check out to yourself and deposit it into your checking or savings account.You might also be able to transfer funds directly into your account from the bank’s website.
The process is similar to making a balance transfer.
You will enter your bank account number and then the amount you want deposited as cash. , It is important not to fall into debt.
Because cash advances are so expensive, you should pay back the borrowed amount as soon as possible.
If you’re falling behind financially, then come up with a budget and stick to it.
Once you have repaid, you might consider saving up for an emergency fund.
If you have another difficult situation or emergency in the future, you can use this money instead of going into costly debt.
About the Author
Diane Flores
Experienced content creator specializing in crafts guides and tutorials.
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