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Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. SHARE: Rob Lewine/Getty Images August 28, 2020 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. Bankrate logo The Bankrate promise
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A cash advance allows you to . Instead of using your credit card to make purchases, you request an advance on your credit limit in cash. Most people use ATMs to get cash advances, although you can also request a cash advance inside a bank branch. A cash advance lets you use cash in situations where credit cards are not accepted. If you’re , for example, you’ll need to pay in cash, and if you don’t have a debit card (or don’t have enough funds in your checking account to use your debit card), you can use a cash advance to get the money you need. It’s generally better to get cash from a debit card or checking account than to request a cash advance on a credit card. Cash advances come with fees and high interest rates, and cash advance interest begins to accrue as soon as the transaction is completed. If you’re thinking about requesting a cash advance because you need to cover an expense that you can’t pay for out of your checking account, you might want to consider a instead. In many cases, , which means the right personal loan could save you a lot of money over time. How to get a cash advance with Capital One
To get a Capital One credit card cash advance, start by finding an ATM. You do not need to use a to get a cash advance, although ATMs that are not in the Capital One or AllPoint networks may charge you an additional fee for using a Capital One credit card. Insert your Capital One credit card into the ATM and enter your card’s PIN. Select the “Cash Advance” option (you may have to select “Credit” first) and follow the steps to request a cash advance. If you want to make a cash advance but don’t have your PIN, try going inside the bank branch. If the bank lobby displays the Visa or Mastercard logo, you should be able to take out a cash advance with a bank teller. All you’ll need is your Capital One credit card and a government-issued photo ID, such as a driver’s license. Once your cash advance is complete, you’ll receive your cash from the ATM or bank teller. Do your best to pay back your cash advance as quickly as possible, since cash advances often come with higher interest rates than standard credit card charges. What you need to know before getting a cash advance
Cash advances can help you out in a pinch, but they can also . Here’s what you need to know before you get a cash advance. Be prepared to pay a fee
Cash advances come with , so be prepared to pay a little extra for the privilege of withdrawing cash from the ATM. The Capital One cash advance fee is either $10 or 3 percent of the amount of each cash advance, whichever is greater. Cash advances may come with higher interest rates
Cash advances also come with , which are often higher than the interest rates you’ll pay on purchases. If you have the , for example, you’ll get an on purchases for 15 months, followed by a variable APR of 14.99 percent to 24.99 percent, depending on your creditworthiness – but the cash advance APR is 24.99 percent variable, even if you take out a cash advance during the introductory APR period. That said, some Capital One credit cards don’t charge higher interest rates on cash advances. If you have the , your purchase APR and cash advance APR are both 26.99 percent. Read your credit card’s terms and conditions to know whether you’ll pay a higher interest rate on cash advances. Cash advance interest starts right away
Unlike credit card purchases, there’s no associated with cash advances. Your cash advance will start accruing interest from the day you make the transaction, and you won’t have the opportunity to pay off your cash advance interest-free. There is a limit to how much you can take out daily
Capital One credit cards come with a cash advance limit, which is often lower than your or . You can find your cash advance limit by logging into your Capital One account, selecting the credit card you’d like to use for your cash advance and then selecting “View Details.” (The Capital One mobile app does not include your cash advance limit, so make sure you complete these steps in-browser.) ATMs may also have additional limits on the amount of cash you can withdraw in a cash advance. These tend to be daily limits, so you should be able to take out multiple cash advances over a few days as long as you stay within your limit. You ll need your card PIN
Before you can complete a Capital One cash advance at an ATM, you’ll need your credit card PIN. If you don’t remember your PIN, you can . Which Capital One cards offer cash advances
All currently offer cash advances, including several popular , and . Here’s a breakdown of the cash advance fees and APRs associated with each card: Card Name: Cash Advance offered? Cash Advance Fee Cash Advance APR (variable) Capital One Platinum Credit Card Yes $10 or 3 percent 26.99 percent Capital One Venture Rewards Credit Card Yes $10 or 3 percent 23.99 percent Capital One VentureOne Rewards Credit Card Yes $10 or 3 percent 24.99 percent Capital One Quicksilver Cash Rewards Credit Card Yes $10 or 3 percent 24.99 percent Yes $10 or 3 percent 26.99 percent Capital One Savor Cash Rewards Credit Card Yes $10 or 3 percent 24.99 percent Capital One SavorOne Cash Rewards Credit Card Yes $10 or 3 percent 24.99 percent Yes $10 or 3 percent 26.99 percent Yes $10 or 3 percent 26.99 percent Capital One Spark Cash for Business (This card is no longer available) Yes $10 or 3 percent 26.99 percent Capital One Spark Cash Select – $500 Cash Bonus Yes $10 or 3 percent 26.99 percent Capital One Spark Miles for Business Yes $10 or 3 percent 26.99 percent Capital One Spark Miles Select for Business Yes $10 or 3 percent 26.99 percent Yes $10 or 3 percent 26.99 percent The information about the Capital One Savor Cash Rewards Credit Card, Capital One Spark Classic for Business, and Capital One Spark Miles Select for Business have been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer. 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. Related Articles