By George Reed on August 11th, 2019
It’s hard to find a person who had never used his credit card to buy things when cash isn’t readily available. Have you ever used your credit card for a cash advance? Not yet?
Well, there’s always a sense to try, but first, remember that even the best cash advance credit card may sink you into an inescapable financial situation. Sometimes, when you simply need cash fast, credit card cash advance may be your best option.
The Idea Behind a Credit Card Cash Advance
Simply put, a cash advance is a cash loan from your credit card emitter. So, when strapped for cash but need money fast, borrowing cash from your credit card account looks like a great idea. Sure, it’s quick and easy, so why not? But like any other money transaction, it comes with lots of cost and limitations.
There are different ways to get a credit card cash advance. First, you can get physical cash from an ATM. Second, you can move cash from your credit card to your checking account. And finally, you can cash a convenience check.
Even though the terms for cash advances vary, one thing is sure – it’s not in your favor. First, get ready for no grace period. Ready to make your payment in full by the due date? No matter, you’ll still be charged interest.
Second, the interest rate, which starts accumulating from the day of the transaction, is much higher than the rate you’re charged for other types of credit card use. So, do research first. Even if a cash advance is your only way, it’s in your interest to get it with the lower interest rate.
How to Get a Cash Advance on a Credit Card
Again, before you get a cash advance from a credit card, think carefully about its interest rate. Thus, unlike debit cards, credit cards aren’t generally used to take out cash.
So, as a result, the interest rate on money borrowed through a cash advance is over 23 percent. To get you up to speed, the average interest rate for regular credit card balances is about 17 percent (as of May 2019).
Now, let’s learn how to get a cash advance on credit cards. When you researched, make sure that your credit card allows you to get a cash advance. Even though most credit cards do, it wouldn’t hurt to check out.
Now, make sure you know the amount of cash you can get from your credit card. It depends on your card. Do you know what credit card you have?
When choosing a credit card, pay attention to interest rate, credit limit, annual service cost, grace period, and cache back. In fact, credit cards with no cash advance fee also have these options.
Additionally, many credit cards cap your withdrawal amount at a few hundred dollars and don’t allow you to get your full credit card cash advance limit in cash. Your task is to learn all the options first.
You can always go with a 0% cash advance credit card. It means that you can make a cash withdrawal using your credit card and attention! – benefit from an introductory 0% interest-free period. This option is mostly used to make what is called a 0% money transfer.
So, what’s the point? You transfer money from the credit card directly into your bank account and make a cash withdrawal from your bank account. In this case, you as a customer pay no interest for the duration of the introductory 0% money transfer period. Without a doubt, choosing the best credit card for a cash advance can be a pain.
Fortunately, today is much easier to learn details. You just need to want to make it. Even if your time is limited, it’s in your own interest to learn all the ins & outs before getting a cash advance.
At this point, when you gathered the basic information on how to get a cash advance from a credit card, you have two options. You can visit your bank branch in person or you can withdraw it from an ATM.
Again, before visiting the bank, make sure it offers cash advances. If you head to an ATM, make sure it is affiliated with your bank or credit card. This way, you’ll avoid any additional fees. At last, insert your card and pick withdrawal from credit.
What is a Cash Advance Fee
Typically, a cash advance fee is something 2% to 8% and may have a minimum fee of $5 to $10. Let’s say, you know that your cash advance fee is 4 percent. To get $1,000 in advance, you’ll have to pay $40.
As a rule, credit cards come often with different fees, interest rates, and terms. In addition, you’ll pay interest on the transaction. So, you’d better don’t make a bad story worse and read the fine print on your credit card.
How to Get a Cash Advance on a Credit Card Without a PIN
Lost or forget your credit card PIN? From one point of view, it’s great. Chances are that you use your credit card minimum times. Yet, even if you regularly use your credit card, you have options. You can always get a cash advance on a credit card without a PIN.
All you need to call your bank or visit it in person and mention the details related to your credit card. Credit card number, name of the bank, name of the account holder, expiry date, and CVV number are those critical details to mention. If time allows, you can always get a new PIN at your bank or credit company.
When to Use Debit Card Cash Advance
Even though cash advances are typically associated with credit cards, some banks allow you to do the same with a debit card. Well, debit cards are convenient for making purchases and withdrawing money at the ATM. Better yet, you can use it to get a cash advance at a bank where you’re not a customer. Surprise!
To get a cash advance with a prepaid debit card, present your card at the teller window and get that money directly from your checking account. In most cases, you have to provide a signature and your PIN number to complete the transaction. The best thing is that debit card cash advances are available at most U.S. banks. Sure, don’t forget about a fee for requesting the advance.
The beauty of debit card cash advances is in its higher limits (up to thousands of dollars), a variety of banks allowing to get it, and no interest rate, just the initial fee. Yet, it’s not all roses and comes with a downside.
You can’t take out a debit card cash advance for more than you have in your checking account. As a result, if you need more physical cash than you currently have in your banking account, a debit card cash advance looks like a smart bet.
How to Get Cash off a Credit Card Without Cash Advance
When you’re in a cash money glitch look on the bright side. Cash advances are not the only way out and you have some other options.
None of which is ideal, yet good enough to try. You can turn to a personal loan, borrow money from friends or family, or even overdraw your checking account. No matter what option fits you best, it’s crucial to learn details about each of them.
Do the research and you may come across cash advance online direct lenders only. As a rule, every lender offers several loan plans with an online approval process, which doesn’t depend on your past records.
If somebody is looking for cash advance online no credit check, chances are his/her credit history is not in tip-top shape. If you’ve found yourself in the same situation, consider learning more about reputable loans for poor credit. To make the process easier, a credit card cash advance calculator will help you estimate how much you’ll pay in interest.
Now, when you know how to do a cash advance on a credit card, ask yourself is it worth the effort. Sometimes, cash advances can be the lesser of evils, especially when you use it as an alternative to more expensive short-term cash advance loans. But if you know that you’re able to pay off what you charge, the door is wide open.