How To Get Cash From A Credit Card At The ATM Bankrate Caret RightMain Menu Mortgage Mortgages Financing a home purchase Refinancing your existing loan Finding the right lender Additional Resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Bank Banking Compare Accounts Use calculators Get advice Bank reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Credit Card Credit cards Compare by category Compare by credit needed Compare by issuer Get advice Looking for the perfect credit card? Narrow your search with CardMatch Caret RightMain Menu Loan Loans Personal Loans Student Loans Auto Loans Loan calculators Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Invest Investing Best of Brokerages and robo-advisors Learn the basics Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Home Equity Home equity Get the best rates Lender reviews Use calculators Knowledge base Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Loan Home Improvement Real estate Selling a home Buying a home Finding the right agent Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Insurance Insurance Car insurance Homeowners insurance Other insurance Company reviews Elevate your Bankrate experience Get insider access to our best financial tools and content Caret RightMain Menu Retirement Retirement Retirement plans & accounts Learn the basics Retirement calculators Additional resources Elevate your Bankrate experience Get insider access to our best financial tools and content Advertiser Disclosure
Advertiser Disclosure
We are an independent, advertising-supported comparison service. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.
Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: anandaBGD / Getty Images March 30, 2022 Checkmark Bankrate logo How is this page expert verified? At Bankrate, we take the accuracy of our content seriously. "Expert verified" means that our Financial Review Board thoroughly evaluated the article for accuracy and clarity. The Review Board comprises a panel of financial experts whose objective is to ensure that our content is always objective and balanced. Their reviews hold us accountable for publishing high-quality and trustworthy content. Nicole Dieker has been a full-time freelance writer since 2012—and a personal finance enthusiast since 2004, when she graduated from college and, looking for financial guidance, found a battered copy of Your Money or Your Life at the public library. In addition to writing for Bankrate, her work has appeared on CreditCards.com, Vox, Lifehacker, Popular Science, The Penny Hoarder, The Simple Dollar and NBC News. Dieker spent five years as writer and editor for The Billfold, a personal finance blog where people had honest conversations about money. Dieker also teaches writing, freelancing and publishing classes and works one-on-one with authors as a developmental editor and copyeditor. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Bankrate logo The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict editorial integrity, this post may contain references to products from our partners. Here's an explanation for how we make money. The content on this page is accurate as of the posting date; however, some of the offers mentioned may have expired. Terms apply to the offers listed on this page. Any opinions, analyses, reviews or recommendations expressed in this article are those of the author’s alone, and have not been reviewed, approved or otherwise endorsed by any card issuer. Bankrate logo The Bankrate promise
At Bankrate, we have a mission to demystify the credit cards industry — regardless or where you are in your journey — and make it one you can navigate with confidence. Our team is full of a diverse range of experts from credit card pros to data analysts and, most importantly, people who shop for credit cards just like you. With this combination of expertise and perspectives, we keep close tabs on the credit card industry year-round to: Meet you wherever you are in your credit card journey to guide your information search and help you understand your options. Consistently provide up-to-date, reliable market information so you're well-equipped to make confident decisions. Reduce industry jargon so you get the clearest form of information possible, so you can make the right decision for you. At Bankrate, we focus on the points consumers care about most: rewards, welcome offers and bonuses, APR, and overall customer experience. Any issuers discussed on our site are vetted based on the value they provide to consumers at each of these levels. At each step of the way, we fact-check ourselves to prioritize accuracy so we can continue to be here for your every next. Bankrate logo Editorial integrity
Bankrate follows a strict , so you can trust that we’re putting your interests first. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. Key Principles
We value your trust. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. We maintain a firewall between our advertisers and our editorial team. Our editorial team does not receive direct compensation from our advertisers. Editorial Independence
Bankrate’s editorial team writes on behalf of YOU – the reader. Our goal is to give you the best advice to help you make smart personal finance decisions. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Bankrate logo How we make money
You have money questions. Bankrate has answers. Our experts have been helping you master your money for over four decades. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. Bankrate follows a strict , so you can trust that our content is honest and accurate. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Most of us know how to use our credit card to make purchases, but not everybody knows how to get cash from a credit card at an ATM. When you use your credit card to request a , you can withdraw money from your credit card and use it to pay rent, pay back friends and family, cover bills and more. Can you use a credit card at an ATM to get a cash advance? Absolutely. Should you? Not unless you need to. Cash advances come with additional fees and high interest rates, so they should only be used as a last resort. Here’s what you need to know about how cash advances work, how to get cash from your credit card at an ATM and which cash advance alternatives you should consider before taking money out of your credit card. What is a cash advance
A cash advance is a transaction that allows you to withdraw money from a credit card. Instead of using your credit card to purchase goods or services, you essentially use your credit card to purchase cash. The money you withdraw during a cash advance becomes part of your credit card balance. Getting cash from a credit card is one way to ensure you have money when you need it, but requesting a cash advance at an ATM can cost you. Expect to pay a at the ATM, and expect to pay a higher interest rate on any cash you withdraw. In most cases, are between 20–25 percent APR, and there isn’t any during which you can pay off your balance without getting charged interest. That cash advance APR will kick in immediately. To , pay off your credit card balance in full as quickly as possible. The longer you keep a cash advance on your credit card without paying it off, the more you run the risk of racking up . How to use a credit card at an ATM to withdraw money
If you need to take money out of a credit card at an ATM, here’s how to request a cash advance: Insert your credit card into an ATM Enter your Select the “cash withdrawal” or “cash advance” option Select the “credit” option, if necessary (you may be asked to choose between checking, debit or credit) Enter the amount of cash you’d like to withdraw Acknowledge that you accept any fees associated with the transaction Complete the transaction and collect your cash Using a credit card at an ATM is a lot like using a debit card—just follow the instructions to withdraw cash, acknowledge that you accept the fees and charges and collect your money. Things to consider before taking a cash advance
There may be an instance where you need to take out a cash advance due to an emergency, but despite whatever reason has brought you to an ATM with your credit card, develop a plan to pay off cash advances as quickly as possible. However, with all of this in mind, there are three major drawbacks to a cash advance. Let’s take a look at a few. Cash advance fees
First, your bank will charge you a cash advance fee every time you use a credit card at the ATM. Since are already higher than ever, paying an additional cash advance fee on your ATM transaction is an extra expense that you should try to avoid whenever possible. The exact fee you will be charged varies by issuer. Cardholders can find this information in their card’s terms and conditions, so be sure to read those carefully before accepting your fate with a cash advance withdrawal. High interest rates
Cash advance interest rates can be much higher than the interest rate your credit card issuer charges for purchases—and since cash advances don’t come with grace periods, that interest starts accruing right away. Interest charges on a cash advance can seriously add to your debt, especially if you from month to month. Negative effects on credit scores
The third drawback of a cash advance has to do with . Taking out a cash advance will lower your , so be prepared for your credit score to go down. In other words, if the balance is not paid off and interest begins to accrue immediately, your will go up and your credit score will go down. You can also expect lenders to view you as more of a , since people generally only request cash advances when they don’t have enough money in their checking account to cover an expense that requires cash. Alternatives to a cash advance
If you need cash but don’t want to pay the extra expenses associated with a cash advance, you have a few options. If you have a , you can withdraw money from an ATM without having to pay a cash advance fee, as long as you use an ATM in your bank’s network. You can also visit a bank branch and in person. If you need to use your credit card to make a cash payment because you don’t have enough money in your checking account to cover the cost, see if there are other ways to transfer the money. Peer-to-peer payment apps like or Square Cash (often called the Cash App) allow you to send money to friends and family. This means that if you were hoping to get cash to pay back a friend or relative, you might be able to Venmo or Cash App them instead. Be aware that Venmo and Square Cash both charge a 3 percent fee for credit card transactions, and that some credit card issuers code peer-to-peer payments as cash advances—so it’s still best to use a debit card or a linked checking account with Venmo and Cash App whenever possible. Lastly, you might want to consider a . If you need cash quickly but don’t want to deal with the high cost of a cash advance, a personal loan can get you the money you need at a much more reasonable interest rate—as of January 31, 2022, the is 10.28 percent. When you , you’ll receive a lump sum of money that you can use to pay rent, pay off medical bills or cover other types of expenses that require cash. The bottom line
Remember, a cash advance should always be viewed as a last resort. It is important to exhaust all of your other options before you decide to get cash from a credit card at an ATM, such as using a debit card, a payment app or a personal loan. You could even borrow cash from a friend if the opportunity presents itself. Interest rates for cash advances tend to run higher than for regular purchases, so keep in mind the financial consequences if you are not able to pay off your account balance quickly. SHARE: Nicole Dieker has been a full-time freelance writer since 2012—and a personal finance enthusiast since 2004, when she graduated from college and, looking for financial guidance, found a battered copy of Your Money or Your Life at the public library. In addition to writing for Bankrate, her work has appeared on CreditCards.com, Vox, Lifehacker, Popular Science, The Penny Hoarder, The Simple Dollar and NBC News. Dieker spent five years as writer and editor for The Billfold, a personal finance blog where people had honest conversations about money. Dieker also teaches writing, freelancing and publishing classes and works one-on-one with authors as a developmental editor and copyeditor. Mariah Ackary is a personal finance editor who joined the Bankrate team in 2019, excited by the opportunity to help people make good financial decisions. Send your questions to Related Articles