How to get a cash advance with Capital One

A Capital One credit card cash advance is a way to get cash when you really need it – you basically borrow money from your line of credit and promise to pay it back later.

While cash advances are rarely your best option due to their high fees and even higher interest rates, taking out a cash advance can help you in a situation where you might not have enough cash on hand. your bank account to cover a cash expense only.

How do I get a Capital One cash advance? Are there any Capital One cash advance fees? Let’s take a closer look at how Capital One cash advances work and what you should consider before requesting one.

What is a cash advance?

A cash advance allows you to get money from a credit card. Instead of using your credit card to make purchases, you request a cash advance on your credit limit. Most people use ATMs to get cash advances, although you can also request a cash advance at a bank branch.

A cash advance allows you to use cash in situations where credit cards are not accepted. If you buy a money order, 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 is generally better to withdraw money from a debit card or checking account than to request a cash advance on a credit card. Cash advances come with high fees and interest rates, and cash advance interest starts accruing as soon as the transaction is completed.

If you are considering applying for a cash advance because you need to cover an expense that you cannot pay with your checking account, you may want to consider a personal loan instead. In many cases, personal loans charge lower interest rates than cash advances, which means that a good personal loan can 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, first find an ATM. You don’t need to use a Capital One ATM to get a cash advance, although ATMs that are not in the Capital One or AllPoint® networks may charge you additional fees for using a Capital One credit card.

Insert your Capital One credit card into the ATM and enter your card’s PIN code. Select the “Cash Advance” option (you may need 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 make a cash advance from a bank teller. All you’ll need is your Capital One credit card and some government-issued photo ID, such as a driver’s license.

Once your cash advance is complete, you will receive your money at an ATM or bank teller machine. Do your best to pay off your cash advance as quickly as possible, as cash advances often carry higher interest rates than standard credit card fees.

What you need to know before getting a cash advance

Cash advances can help you in a pinch, but they can also get very expensive. Here’s what you need to know before getting a cash advance.

Be prepared to pay a fee

Cash advances come with a cash advance fee, so be prepared to pay a little extra for the privilege of withdrawing money from an ATM. Capital One’s cash advance fee is $ 10 or 3% of the amount of each cash advance, whichever is greater.

Cash advances may have higher interest rates

Cash advances also come with interest rates, which are often higher than the interest rates you’ll pay on purchases. If you have the Capital One Quicksilver Cash Rewards credit card, for example, you’ll get an introductory APR of 0% on purchases for 15 months, followed by a variable APR of 14.99% to 24.99%, depending on your creditworthiness – but the money advance APR is variable by 24.99 percent, even if you take out a cash advance during the introductory APR period.

That said, some Capital One credit cards do not charge a higher interest rate on cash advances. If you have Capital One’s Journey Student Rewards, your purchase APR and your cash advance APR are both 26.99%. Read your credit card terms and conditions to find out if you’ll pay a higher interest rate on cash advances.

Interest on cash advances begins immediately

Unlike with credit card purchases, there is no grace period associated with cash advances. Your cash advance will start earning interest from the day you make the transaction, and you will not be able to repay your cash advance without interest.

There is a limit to what you can withdraw daily

Capital One credit cards come with a cash advance limit, which is often less than your credit limit or available credit. You can find your cash advance limit by logging into your Capital One account, selecting the credit card you want to use for your cash advance, and then selecting “View Details”. (The Capital One mobile app does not include your cash advance limit, so be sure to follow these steps in the browser.)

ATMs may also have additional limits on the amount of money you can withdraw in a cash advance. These are usually daily limits, so you should be able to take multiple cash advances over a few days as long as you stay within your limit.

You will need your card’s PIN code

Before you can make a Capital One cash advance at an ATM, you will need your credit card PIN. If you don’t remember your PIN, you can request a new one.

Which Capital One cards offer cash advances?

All Capital One credit cards currently offer cash advances, including several popular cash back credit cards, travel credit cards, and business credit cards.

Here’s a breakdown of the cash advance fees and APRs associated with each card:

Capital One Savor Cash Rewards, Capital One Spark Classic for Business, and Capital One Spark Miles Select for Business credit card information was collected independently by Bankrate.com. Card details have not been reviewed or approved by the card issuer.