How to Get a Cash Advance From a Visa Card

With a credit card, a portion of your credit line is typically made available for cash advances, depending on your card’s terms. These cash advances can be obtained from any ATM or financial institution that conducts business with your credit card company. It is common practise to be charged a fee as well as an extremely high interest rate on cash advances, which begins to accrue the moment you take the money. If you really need one, however, here is how to obtain one.

Method 1 Getting a Cash Advance From an ATM

1. In order to find out how much cash you can withdraw and the terms you will be required to agree to when taking out a cash advance, check your most recent credit card statement for details.

Depending on your card, your cash advance limit may be the same as or a much smaller amount than your total credit limit available.

Cash advances are typically associated with a one-time fee as well as a very high interest rate that is significantly higher than your regular interest rate on purchases. If at all possible, it may be more cost-effective to refrain from taking out cash advances altogether.

2. Keep track of your personal identification number (also known as your PIN), which was issued along with your credit card, in your financial records.

You do not need to enter your PIN for everyday credit card transactions; only when withdrawing money from an ATM using your credit line do you need to enter it. In some instances, you may have been given the option of creating your own PIN number. To retrieve your PIN if you have forgotten it, contact your credit card company, or log into your credit card account online to request a new PIN number.

3. Insert your credit card into any ATM that has the logo of your credit card displayed on the screen. When prompted, enter your PIN number and then select the amount of money you wish to withdraw from your account.

If the machine asks whether you want to make the withdrawal from your checking account, savings account, or credit card, select “Credit.”

It is important to note that some ATM operators may charge a small fee for each transaction they perform. Your credit card issuer may also charge you an additional fee for processing the transaction, which is typically a percentage of the cash advance amount.

Protecting yourself at the ATM is similar to protecting yourself when using a debit card. Don’t show your cash or credit card to others, and don’t let anyone see your PIN number.

Method 2 Getting a Cash Advance From a Credit Union or Bank

1. In order to find out how much cash you can withdraw and the terms you will be required to agree to when taking out a cash advance, check your most recent credit card statement for details.

Depending on your card, your cash advance limit may be the same as or a much smaller amount than your total credit limit available.

Cash advances are typically associated with a one-time fee as well as a very high interest rate that is significantly higher than your regular interest rate on purchases. If at all possible, it may be more cost-effective to refrain from taking out cash advances altogether.

2. Take your credit card to a bank or credit union that bears the logo of the credit card company on its front window display. Make your way through the teller line.

It is not always necessary to be a member of the financial institution in order to complete this transaction. Seeing the logo of your credit card company on the bank’s or credit union’s website indicates that the bank or credit union does business with your credit card company and should be able to accommodate your request.

3. To use the teller, you must present your card as well as photo identification. Inform them that you would like to receive a cash advance and how much money you would like to receive. It is their responsibility to process your card through a cash advance machine and then provide you with the cash if the transaction is approved.

Method 3 Getting a Cash Advance With a Cash Advance Check

1. In order to find out how much cash you can withdraw and the terms you will be required to agree to when taking out a cash advance, check your most recent credit card statement for details.

Depending on your card, your cash advance limit may be the same as or a much smaller amount than your total credit limit available.

Cash advances are typically associated with a one-time fee as well as a very high interest rate that is significantly higher than your regular interest rate on purchases. If at all possible, it may be more cost-effective to refrain from taking out cash advances altogether.

2. To obtain cash advance checks from your credit card company, call the company. You may not even need to request them because, in many cases, your credit card company will send you one without your having to ask for one. These will arrive in the mail, and they will look very similar to a personal check, except that they will have your information on them, including your banking information.

If you are sent cash advance checks without asking for them, keep in mind that you are under no obligation to use them, and that you should always shred or otherwise destroy them after they have been cashed. Your personal and account information is on them, and it is possible that they will use it to commit identity theft or make fraudulent charges to your account.

It is possible that when you request the cash-advance check, it will arrive blank, and you will be required to fill it out. Alternatively, the card issuer may ask you to specify the amount of each check and who the checks should be made out to over the phone.

In some cases, credit card companies will send cash advance checks with low promotional interest rates, which are the same as the interest rates on your regular credit purchase transactions. Please take advantage of this option if you are in desperate need of a cash advance and you have the funds available.

3. Fill in the blanks on the check. If you only want cash, simply make the check payable to “cash” and sign it as you would normally do.

It is also possible to use cash advance checks to pay for non-cash transactions, such as paying rent, or for any other purpose for which you would use a personal check. With the exception of the fact that these checks are drawing money from your credit line rather than your checking account, there is no difference.

4. Go to your bank or a bank that displays the logo of the credit card company where you have your account. Hand over your check to the teller and, if it is approved and the money is not held for a few days while the check clears, inform the teller of the denominations in which you would like your cash to be distributed. You will receive the money from the teller, and your job will be completed!

Some banks may keep cash advance checks on their books for a short period of time before releasing the funds. If you require cash in a short period of time, you may wish to contact the bank or credit union where you intend to conduct your business in advance to determine whether this will be possible.

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