Cash Advance is an option available to credit card holders that allows you to access a portion of your credit line through an ATM, check or bank counter. A cash advance through an ATM can be a convenient way to withdraw cash in an emergency or to pay a bill for if cash is the only available payment solution. Use these steps to get a cash advance through an ATM.
Steps
Step 1. Find your personal identification number (PIN)
Your 4 or 5-digit PIN is assigned to you after your credit card is issued. The PIN is mailed separately from the card. The PIN is generated by the issuing institution, but can sometimes be chosen personally.
Request a new one. If you can't find your PIN, call the customer service number on the back of your credit card and request a new one. You can also reset your PIN or request a new one via the website if the institution that issued your credit card supports this option
Step 2. Review the cash advance fees and interest rates
A cash advance fee is applied when you access a portion of your line of credit.
Look for the fee clauses. Cash advance fees can range from 2 percent to 5 percent of the amount received. The cash advance begins to generate interest from the day the money is withdrawn from your credit card account. The interest rate for the cash advance may be higher than that expected for purchases
Step 3. Check the credit available on your account
Cash advances are limited to the available credit on your credit card account. Make sure that the amount you request, including the additional fees for withdrawing at the ATM, falls within the available credit. If the amount of money you withdraw exceeds your credit limit, overdraft fees are imposed.
Step 4. Find an ATM
You can use the website of the institution that issued your credit card to locate an ATM. Call the customer service number on the back of your card if you are unsure where the ATMs are in the area where you are.
Step 5. Collect cash at an ATM
Insert your credit card in the appropriate slot, enter your PIN and select the option to withdraw with credit card. You may be asked to accept an additional ATM withdrawal fee. The transaction is automatically canceled if you decline the commission. Select the amount of the cash advance and receive your money.
Advice
- When you request a new PIN, you will be prompted for verification information or asked to answer security questions.
- Additional ATM fees are charged by the bank that owns the ATM. These fees typically range from 2 to 5 euros.
