Get a Cash Advance From a Visa Card

If you have a credit card, a certain portion of your credit line is typically available for cash advances. You can get these cash advances from any ATM or financial institution that does transactions with your credit card company. To get a cash advance you will usually be charged a fee and a high interest rate that starts the moment you take the money, but if you really need one here is how to do it.

Steps

Getting a Cash Advance From an ATM

  1. Check your latest credit card statement to see how much cash you can withdraw and the terms you will need to agree to when taking out a cash advance.[1]
    • Depending on your card, your cash advance limit may be the same as your total credit limit available or a much smaller amount.
    • When you take out a cash advance you are usually charged a one time fee and a very high interest rate that is higher than your interest rate on basic purchases. If at all possible, it may make more financial sense to avoid taking out cash advances.
  2. Check your financial records for your personal identification number (otherwise known as your PIN) that was issued with your credit card.
    • You don't need your PIN for everyday credit card transactions--only for making ATM withdrawals against your credit line. In some cases, you may have been allowed to set your own PIN number. If you cannot remember it, call your credit card company to retrieve it or log into your credit card account online to reset you PIN.
  3. Insert your credit card into any ATM that displays the logo of your credit card. Enter your PIN number when prompted, then select the amount of money you want to withdraw.
    • If the machine prompts you whether to make the withdrawal from checking, savings or credit, select "Credit."
    • Note that some ATM operators may charge a small fee for each transaction. Your credit card issuer might also charge you an extra fee, usually a percentage of the cash advance, for processing the transaction.
    • Protect yourself at the ATM, just as you would while using a debit card. Don't flash the cash or your credit card around, and don't let others see your PIN.

Getting a Cash Advance From a Credit Union or Bank

  1. Check your latest credit card statement to see how much cash you can withdraw and the terms you will need to agree to when taking out a cash advance.
    • Depending on your card, your cash advance limit may be the same as your total credit limit available or a much smaller amount.
    • When you take out a cash advance you are usually charged a one time fee and a very high interest rate that is higher than your interest rate on basic purchases. If at all possible, it may make more financial sense to avoid taking out cash advances.
  2. Take your credit card to a bank or credit union that displays the logo of your credit card company. Go through the teller line.
    • You don't always have to be a member of the financial institution to conduct this transaction. If the bank or credit union has the logo of your credit card company displayed it means that they do business with your credit card company and they should be able to fulfill your request.
  3. Present your card and photo identification to the teller. Let them know that you would like a cash advance and how much you would like to withdraw. They will process your card through a cash advance machine and, if the transaction is approved, give you the cash.

Getting a Cash Advance With a Cash Advance Check

  1. Check your latest credit card statement to see how much cash you can withdraw and the terms you will need to agree to when taking out a cash advance.
    • Depending on your card, your cash advance limit may be the same as your total credit limit available or a much smaller amount.
    • When you take out a cash advance you are usually charged a one time fee and a very high interest rate that is higher than your interest rate on basic purchases. If at all possible, it may make more financial sense to avoid taking out cash advances.
  2. Request cash advance checks from your credit card company. In fact, many times your credit card company will send them to you unsolicited, so you may not even need to request them. These will arrive in the mail and they look very similar to a personal check, with your information, including your account information, on them.
    • If you're sent cash advance checks without asking for them, remember that you are under no obligation to use these checks, but you should always shred or otherwise destroy them. They have your personal and account information on them and could be used to commit identity theft or fraudulent charges on your account.
    • When you request the cash-advance check it might arrive blank and then you will need to fill it out or the card issuer might also ask you to specify the amount of each check and who it should be made out to over the phone.
    • Sometimes credit card companies send cash advance checks that have a low promotional rates that have the same interest rates as your regular credit purchases. Be sure to use these if you really need to take out a cash advance and you have them available.[2]
  3. Fill out the check. If you want cash, simply make it payable to "cash" and sign it as usual.
    • Cash advance checks can also be used to pay for non-cash transactions, such as paying rent, basically anything you would use a personal check for. The only difference is that these checks are drawing money from your credit line, instead of your checking account.[3]
  4. Go to your bank or a bank that displays the logo of your credit card company. Give your check to the teller and, if it is approved and the money isn't held for a few days while the check clears, tell the teller what denominations you would like your cash in. The teller will give you the money and you will be all done!
    • Some banks may hold cash advance checks for a short time before they release the funds. If you need your cash quickly, you may want to call the bank or credit union you are planning on going to before hand to see if this will occur.

Tips

  • If you need emergency cash from your Visa credit line, call 1-800-VISA-911 or one of the global numbers listed at the link from usa.visa.com/personal/cards/benefits/bft_emergency_cash.html.[4] Note that this service is for emergencies only and that the Visa representative may have to negotiate the cash availability with your financial institution.
  • Instead of taking out a cash advance through your credit card, try taking out a small personal loan through your bank. The interest rate should be significantly lower![5]

Warnings

  • Remember that cash advances are usually subject to much higher interest rates than other credit card transactions; check your credit card agreement or call customer service to check the exact interest rate and any fees associated with a cash advance. In addition, interest starts accruing on cash advances as soon as you take them, so be sure to pay it off as quickly as possible! You do not want to get in over your head and end up with a bunch of credit card debt that you can't pay off![6]

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Sources and Citations

  1. ↑ http://www.creditcards.com/credit-card-news/cash_advance-guide-1267.php
  2. ↑ http://creditcardforum.com/blog/how-to-get-a-cash-advance-on-a-credit-card/
  3. ↑ https://www.discover.com/credit-cards/help-center/faqs/cash-advance.html
  4. ↑ http://usa.visa.com/personal/card-benefits/credit-card/emergency-card-cash.jsp
  5. ↑ http://www.nerdwallet.com/blog/tips/bad-credit-cards/what-is-a-cash-advance/
  6. ↑ http://www.consumer.gov/articles/1014-managing-debt
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