If you have a credit card, you can get part of the availability that has been granted to you in the form of a cash advance. You can withdraw cash directly from an ATM or from banks that have agreements with your credit card circuit. This service often requires the payment of a commission, while a rather high interest rate is always applied. However, if you really need cash, this is what you need to do.
Steps
Method 1 of 3: From an ATM
Step 1. Check your latest credit card statement to find out how much money you can withdraw and what terms you will need to accept for the cash advance service
- Depending on the type of card, the cash withdrawal ceiling could be the maximum credit you have been granted or be a much lower amount.
- When you withdraw cash in advance, you usually have to pay a service fee and a higher interest rate than what is normally applied to your installment purchases.
Step 2. Verify your financial information and check your personal identification number (otherwise called a PIN) that was provided to you with your credit card
You do not need this code for everyday purchases, only for cash withdrawals at ATMs. In some cases, you can establish the secret code yourself. If you can't remember it, call the card company to retrieve it or enter your personal details on the website and then reset the PIN
Step 3. Insert your credit card into an ATM displaying your circuit logo
Enter your PIN number when prompted and select the amount of money you want to withdraw.
- If the machine asks if you want to withdraw from your checking account or a credit card, select "Credit Card."
- Remember that some banks that operate ATMs may charge a fee for each transaction. The company that issued the credit card may also charge you a fee, often a percentage of the amount withdrawn.
- Be very cautious at the counter, just like when you withdraw with your regular debit card. Don't show your card and don't let others see your PIN code.
Method 2 of 3: From a bank or credit union
Step 1. Check your latest credit card statement to find out how much money you can withdraw and what terms you will need to accept for the cash advance service
- Depending on the type of card, the cash withdrawal ceiling could be the maximum credit you have been granted or be a much lower amount.
- When you apply for a cash advance, you usually have to pay a very high commission and interest rate, which is higher than that applied to installment purchases. If possible, try to have some financial common sense and avoid asking for down payments.
Step 2. Go to a bank or credit union that displays your card circuit logo
Queue at the checkout.
It is not always mandatory to be a current account holder in that specific bank to complete the transaction. If the institution displays the logo of your card, then it means that it has active agreements with the company that issued it and therefore should be able to satisfy your request
Step 3. Present your credit card and ID to the cashier
Tell him you need a cash advance and tell him the amount you want to withdraw. The counter attendant will perform an operation via the POS terminal or according to the procedure established by the credit institution and, if the transaction is successful, will give you the money.
Method 3 of 3: With a Check
Step 1. Check your latest credit card statement to find out how much money you can withdraw and what terms you will need to accept for the cash advance service
- Depending on the type of card, the cash withdrawal ceiling could be the maximum credit you have been granted or be a much lower amount.
- When you apply for a cash advance, you usually have to pay a very high commission and interest rate, which is higher than that applied to installment purchases. If possible, try to have some financial common sense and avoid asking for down payments.
Step 2. Request an advance in the form of a check from the company that manages the card
Often, lenders send you these "checks" without you ever requesting them and therefore, in this case, you don't even have to bother to ask for them. This kind of check comes in the mail and looks very similar to a bank check, but in reality it is an advertisement that tells you how much credit you might get.
- Remember that you are not required to "cash" these unsolicited checks. To do this you should start a financing procedure and the fact that you have received the communication does not indicate that you are required to do so. You can safely ignore the advertisements. Since sometimes there is personal data on this type of postal communication, it is worth not just throwing it in the garbage but be sure to destroy it completely, in order to avoid fraudulent acts.
- When you request an advance in the form of a check, you will need to specify the amount you need and the name of the beneficiary. All this can be done by telephone, by e-mail or through the website of the financial company, according to the specific procedures of each credit institution.
- Sometimes, credit companies offer sums as a cash advance with a promotional interest rate very close to that for installment purchases. If you really need this advance, be sure to take advantage of a similar opportunity.
Step 3. Fill out the check
If you want to collect the "advertising" one, proceed with the loan request by calling the credit company. If, on the other hand, you have already received the actual check, all you have to do is sign it by drawing and "cash it" like any other payment instrument.
These checks, like personal bank checks, cannot be "endorsed" to other people and are made out to the credit card holder or to the person you indicated when requesting the down payment. They will have no influence on your traditional checking account, but their collection will affect your monthly line of credit
Step 4. Go to your bank or to another that displays your credit card logo
Deliver the check to the cashier and, if the payment is approved and days are not needed to check the check, he will give you the money based on the denominations you have requested.
Some banks hold the cash advance check and the money for a few days before disbursing it. If you need money quickly, it is best to call the credit institution in advance to find out if it implements this procedure
Advice
- If you are in dire need of money from your VISA line of credit, call the helpline number 800-819-014; if you are abroad, consult the number for the country you are in on this page of the site.
- Instead of asking for a cash advance via your credit card, try applying for a small loan from your bank. The interest rate could be much more advantageous.
