You can get a cash advance from a Credit One credit card at an ATM, at a bank teller window, through convenience checks, or by requesting a deposit through your online account or mobile app. Before you withdraw, you’ll need a PIN set up and should understand the fees involved, since cash advances are significantly more expensive than regular purchases.
Set Up Your PIN First
You need a PIN (Personal Identification Number) to withdraw a cash advance at an ATM. If you don’t already have one, sign into your Credit One online account and select the card you want to use. Go to Settings, find “Change PIN,” and follow the prompts to create one. If you’ve forgotten your existing PIN, the same process lets you create a new one. Your PIN should be ready to use shortly after you set it, though it may take a few minutes to activate across ATM networks.
Four Ways to Get the Cash
ATM Withdrawal
Insert your Credit One card at any ATM that accepts your card’s network (Visa or Mastercard, depending on your card). Select “cash advance” or “credit” rather than “checking” or “savings,” enter your PIN, and choose an amount. Keep in mind that the ATM operator may charge its own fee on top of what Credit One charges.
Bank or Credit Union Teller
Bring your Credit One card and a government-issued photo ID to any bank or credit union. Ask the teller for a cash advance, and they’ll process it against your credit line. This option works if you need more cash than an ATM’s daily withdrawal limit allows.
Convenience Checks
Credit One may mail you convenience checks tied to your account, or you can request them through the website or app. You write one of these checks to yourself or to someone else, and the amount is charged to your credit card as a cash advance. Deposit the check into your bank account or cash it like a regular check. The same cash advance fees and interest rates apply.
Online or Mobile App Transfer
Credit One sometimes allows you to request a cash advance through the app or website and deposit the money directly into your bank account. Log in, look for the cash advance option, enter the amount you want, and select the bank account where you’d like the funds sent. Transfers typically take one to three business days to arrive.
How Much You Can Withdraw
Your cash advance limit is not the same as your total credit limit. It’s a smaller portion of your overall line, and you can find the exact number in your Credit One cardholder agreement, on your monthly statement, or by logging into your account online. If your credit limit is $1,000, your cash advance limit might be $300 or $500, for example. Any amount you take as a cash advance also reduces the credit available for purchases.
Fees You’ll Pay
Cash advances come with two layers of cost that make them much more expensive than swiping your card at a store.
The first is an upfront transaction fee, typically 3% to 5% of the amount you withdraw or $10, whichever is higher. So a $200 cash advance with a 5% fee costs you $10 immediately, on top of the $200 you owe. Check your Credit One cardholder agreement for the exact percentage, since it varies by card.
The second cost is a higher interest rate. Cash advance APRs are usually several percentage points above the APR you pay on purchases. Your specific rate is listed in your card’s terms, often in a section called “Interest Rates and Interest Charges.”
Interest Starts Immediately
This is the detail that catches most people off guard. Regular credit card purchases typically come with a grace period, meaning you pay no interest if you pay your statement balance in full by the due date. Cash advances get no grace period. Interest begins accruing the day you take the advance and continues every day until you pay the balance off completely. Even if you pay your statement in full each month for purchases, the cash advance portion will still rack up daily interest charges from the moment you withdraw.
When you make a payment on your Credit One card, the amount above the minimum due is generally applied to the highest-interest balance first. That means extra payments will chip away at your cash advance balance before your purchase balance. To minimize the interest cost, pay back the cash advance amount as quickly as possible rather than carrying it over multiple billing cycles.
What to Check Before You Withdraw
Before you take a cash advance, pull up your Credit One account and confirm three things: your available cash advance limit, the cash advance fee percentage listed in your card terms, and the cash advance APR. Multiplying the fee by the amount you plan to withdraw gives you the upfront cost, and knowing the APR helps you estimate what carrying the balance will cost per month. On a $500 advance at a 29.99% APR, you’d owe roughly $12 to $13 in interest for the first month alone, on top of the transaction fee.