You can turn your credit card’s available credit into cash through several methods, but each one comes with fees and higher interest rates than regular purchases. The most common approach is a cash advance at an ATM, though issuer loan programs and convenience checks offer alternatives with different cost structures. Understanding the fees before you withdraw anything can save you a significant amount of money.
ATM Cash Advances
The fastest way to get cash from your credit limit is to use your credit card at an ATM, just like you would with a debit card. You’ll need a PIN, which your card issuer can set up for you if you don’t already have one. Call the number on the back of your card to request one, or check your issuer’s app or website.
Once you have a PIN, insert your credit card at any ATM, select “cash advance” or “withdrawal,” and choose your amount. The cash comes out immediately. You can also visit a bank teller and request a cash advance in person by presenting your credit card and a valid ID.
There are two costs to watch. First, most issuers charge a cash advance fee, typically 3% to 5% of the amount withdrawn. On a $1,000 advance, that’s $30 to $50 right away. Second, the interest rate on cash advances is usually several percentage points higher than your regular purchase APR. Most important: there is no grace period on cash advances. Interest starts accruing the same day you take the money out, unlike purchases where you get until your statement due date to pay without interest.
Your Cash Advance Limit Is Lower Than Your Credit Limit
Don’t assume you can withdraw your entire credit line as cash. Most credit cards set a separate, lower cap for cash advances. This limit is typically a percentage of your total credit limit. If your credit limit is $15,000 and the card caps cash advances at 30%, your maximum withdrawal would be $4,500. You can find your specific cash advance limit on your monthly statement or by logging into your account online.
If you try to withdraw more than your cash advance limit, the transaction will be declined. Any existing cash advance balance counts against that limit too, so your available cash advance amount may be lower than the posted cap.
Convenience Checks
Some credit card issuers mail convenience checks that let you write yourself a loan against your credit line. You can make the check out to yourself, deposit it in your bank account, and use the cash however you want. These checks can also be used to pay bills or other people directly.
The costs are essentially the same as an ATM cash advance. The FDIC notes that convenience checks are charged at the cash advance interest rate, which is typically higher than your purchase rate. You’ll also pay a transaction fee as a percentage of the check amount. At 5%, a $1,000 check costs you $50 in fees alone. Interest generally starts accruing as soon as the check posts to your account, with no interest-free grace period.
One risk specific to convenience checks: if the amount pushes your balance over your credit limit, the issuer may not honor the check. That could trigger a chain of costs, including returned-check fees from the recipient, overdraft fees from your bank, and over-limit fees from your card issuer.
Issuer Loan Programs
Several major issuers now offer features that let you borrow against your available credit and deposit the money directly into your bank account, structured as a fixed-rate installment loan rather than a revolving cash advance.
Chase, for example, offers My Chase Loan, which lets eligible cardholders convert a portion of their available credit into cash deposited to a bank account in one to two business days. You choose a loan amount (minimum $500) and a repayment period, then pay it back in fixed monthly installments added to your regular credit card bill. There’s no origination fee and no separate credit check, since the loan uses your existing credit line.
Not everyone qualifies. Eligibility depends on your credit profile, your card’s credit limit, and your account history. Chase specifically excludes accounts that have been open for fewer than 180 days. Other issuers have similar programs with their own eligibility rules.
These programs can be significantly cheaper than a standard cash advance because they often carry a fixed APR closer to your purchase rate rather than the higher cash advance rate. If you need a larger sum and can repay over time, this route is worth checking before heading to an ATM.
Transferring Through Payment Apps
You can fund payments through apps like PayPal or Venmo using a credit card, then transfer that balance to your bank account. This is sometimes used as a workaround to avoid the cash advance label, but the fees add up quickly.
Venmo charges 3% when you fund a payment with a credit card. PayPal charges 2.9% plus a small fixed fee. Once the money is in your app balance, transferring it to your bank account is free if you choose standard speed (one to three business days) or costs 1.75% of the transfer amount for an instant transfer, capped at $25.
There are two catches. First, many credit card issuers code these transactions as cash advances anyway, which means you’ll pay the app’s fee plus your card’s cash advance fee and higher interest rate. Second, transaction limits apply. Venmo caps all transactions at roughly $7,000 over a rolling seven-day period. PayPal allows up to $60,000 total, with a $10,000 cap per single transaction.
This method rarely saves money compared to a straightforward ATM cash advance, and it can actually cost more when both the app fee and the cash advance fee stack up.
What to Check Before Taking Cash
Before using any of these methods, pull up your most recent credit card statement or log into your account and look for three numbers: your cash advance limit, your cash advance APR, and your cash advance fee. These are listed separately from your purchase terms. You can also call the number on the back of your card to get these details.
Calculate the total cost before you proceed. On a $2,000 cash advance with a 5% fee and a 29% APR, you’d pay $100 in fees on day one. If it takes you three months to pay it back, the interest adds roughly another $145, bringing your total cost to around $245 just to access $2,000 of your own credit line. If your issuer offers a loan program with a lower fixed rate and no origination fee, that same $2,000 could cost you substantially less over the same repayment period.