You can get a credit card cash advance at any ATM, at a bank branch, or by using convenience checks your issuer mails you. The process takes minutes, but the costs are steep: you’ll pay an upfront fee plus a higher interest rate than you’d pay on regular purchases, and that interest starts accruing the moment the transaction posts.
How to Get a Cash Advance at an ATM
The fastest method is using your credit card at an ATM. Here’s the step-by-step process:
- Insert your credit card into the ATM.
- Enter your credit card PIN.
- Select “cash withdrawal” or “cash advance” from the menu.
- If prompted to choose between checking, debit, or credit, select “credit.”
- Enter the dollar amount you want to withdraw.
- Acknowledge the fees displayed on screen.
- Complete the transaction and collect your cash.
You need a PIN to use this method. If you’ve never set one up, call the number on the back of your card and request one. Some issuers mail it separately for security reasons, so plan a few business days if you don’t already have a PIN on file.
Other Ways to Get Cash From a Credit Card
If you’d rather not use an ATM, you have a couple of alternatives. You can walk into any bank that’s part of your card’s network (Visa, Mastercard, etc.) and request a cash advance at the teller window. Bring your credit card and a government-issued ID. The teller processes the advance the same way an ATM would, and the same fees apply.
Some credit card issuers also mail convenience checks tied to your account. Writing one of these checks to yourself and depositing it into your bank account is another way to access cash. These checks typically carry the same cash advance fees and interest rates as an ATM withdrawal, so read the terms printed on the check insert before using one.
Peer-to-peer payment apps like Venmo and Cash App let you send money using a credit card, but both charge a 3% fee on credit card transactions. More importantly, many card issuers classify these payments as cash advances, which means you’d pay the app’s fee on top of your card’s cash advance fee and the higher interest rate. It’s an expensive way to move money.
What a Cash Advance Costs
Cash advances come with two layers of cost that make them one of the most expensive ways to borrow money.
The first is a transaction fee, charged every time you take an advance. Most issuers charge either a flat dollar amount or a percentage of the withdrawal, whichever is greater. A common structure is 3% to 5% of the amount withdrawn, with a minimum of $5 or $10. So a $500 advance at 5% costs you $25 before interest even enters the picture.
The second cost is the interest rate. Cash advance APRs are almost always higher than your card’s purchase APR. Many cards charge cash advance rates in the mid-20% to 30% range. You can find your card’s exact cash advance APR in your cardholder agreement or on your monthly statement under the “Interest Charges” section.
The real sting is timing. Unlike regular purchases, cash advances have no grace period. When you buy something with your credit card, you typically have until your statement due date to pay the balance without incurring interest. Cash advances don’t work that way. Interest starts accruing the same day the transaction posts to your account, and it compounds daily until you pay the balance in full. Even if you repay the advance within a week, you’ll owe interest for those seven days.
Your Cash Advance Limit
Your cash advance limit is not the same as your overall credit limit. It’s typically a fraction of your total credit line, often somewhere between 20% and 50%. So if your card has a $10,000 credit limit, your cash advance limit might be $2,000 to $5,000.
Your credit history can also influence this number. Borrowers with stronger credit scores may qualify for a higher cash advance ceiling. To find your specific limit, check your most recent credit card statement, log into your issuer’s app or website, or look at your original cardholder agreement. The limit is usually listed separately from your total credit line.
Keep in mind that any cash advance you take counts against your overall credit limit too. If you have a $10,000 limit and take a $2,000 cash advance, you now have $8,000 of available credit for purchases.
How Repayment Works
When you make a payment on your credit card, issuers are required to apply any amount above the minimum payment to the balance with the highest interest rate first. Since your cash advance balance almost certainly carries a higher rate than your purchase balance, extra payments should chip away at the advance before your regular charges. Your minimum payment, however, can be allocated however the issuer chooses, which often means it covers lower-rate balances first.
The practical takeaway: if you take a cash advance, pay more than the minimum each month and try to clear the advance balance as quickly as possible. Every day it sits on your account, it’s generating interest at that elevated rate with no grace period relief.
Lower-Cost Alternatives
Before taking a cash advance, it’s worth considering whether another option could get you the money at a lower cost.
- Personal loans: Banks, credit unions, and online lenders offer unsecured personal loans with APRs that are often significantly lower than cash advance rates, especially if you have good credit. Funding can take one to several business days.
- Credit union payday alternative loans: Many credit unions offer small-dollar loans designed for emergency borrowing, with capped fees and rates well below what a cash advance would cost.
- Paycheck advance from your employer: Some employers offer earned-wage access programs that let you draw part of your paycheck early, often with no interest.
- 0% intro APR credit cards: If you have time to apply, a new card with a 0% introductory rate on purchases could cover the expense interest-free for a promotional period, as long as you don’t need literal cash.
- Borrowing from friends or family: Not always comfortable, but a short-term loan from someone you trust carries no fees or interest.
A cash advance makes sense mainly when you need physical cash immediately and have no other option. If you can wait even a day or two, a personal loan or credit union loan will almost always save you money. If you do take the advance, prioritize paying it off before your other credit card balances to minimize the interest damage.