Do you find yourself in a bind and need quick access to cash? While your Capital One credit card is primarily designed for purchases, it does offer a feature called a "cash advance" that can provide you with immediate funds. However, it's crucial to understand that a cash advance is a very expensive way to borrow money and should generally be considered only as a last resort in genuine emergencies.
Before we dive into the "how-to," let's be absolutely clear: A cash advance comes with significant fees and high interest rates that start accruing immediately, with no grace period. This means you'll begin paying interest from the moment you withdraw the cash.
Ready to understand the process and its implications? Let's proceed, but keep those warnings firmly in mind!
How to Pull Cash from Your Capital One Credit Card: A Step-by-Step Guide
Step 1: Are You Sure This Is the Best Option? (Engage!)
Before you even think about putting your card into an ATM or walking into a bank, I urge you to pause and consider if this is truly the only way to get the cash you need.
Have you explored other options? Could a small personal loan from a bank or credit union be more affordable? Do you have an emergency savings fund you can tap into? Can you ask a trusted friend or family member for a short-term loan?
Do you fully understand the costs involved? We'll break them down in detail, but be prepared for a cash advance fee and a higher interest rate than your typical purchases.
If, after careful consideration, you still believe a cash advance from your Capital One card is your best or only immediate option, then proceed with caution to the next steps.
Step 2: Understand the Costs and Limits
This is perhaps the most critical step. You need to know exactly what you're getting into financially.
Sub-heading: Cash Advance Fees
Capital One typically charges a cash advance fee that is either $5 or 5% of the amount of each cash advance, whichever is greater. This fee is applied immediately to your account.
Example: If you withdraw $100, your fee will be $5. If you withdraw $200, your fee will be $10. If you withdraw $500, your fee will be $25. This adds up quickly!
Sub-heading: Higher Interest Rates
Cash advances generally have a higher Annual Percentage Rate (APR) than your regular purchases. This interest starts accruing from the transaction date, not your statement closing date. There is no grace period for cash advances.
Check your cardmember agreement or log into your Capital One online account to find the specific cash advance APR for your card. It can range from around 29% to 31% or even higher, depending on your card and current market rates.
Sub-heading: Cash Advance Limit
Your credit card has a total credit limit, but it also has a separate, often lower, cash advance limit. You cannot withdraw more than this limit.
How to find your limit: Log into your Capital One online account. Select the specific credit card you intend to use and look for "View Details." Your cash advance limit should be listed there. Note: The Capital One mobile app may not display this specific limit.
ATM limits: Be aware that individual ATMs may also have their own daily withdrawal limits, which could be lower than your Capital One cash advance limit.
Step 3: Getting Your Cash Advance PIN
To get a cash advance at an ATM, you will absolutely need a Personal Identification Number (PIN) for your Capital One credit card. This is different from your debit card PIN.
Sub-heading: If You Already Have a PIN
If you've set up a PIN for your Capital One credit card in the past, you can use that.
Sub-heading: If You Don't Have a PIN or Forgot It
Online Request: Log into your Capital One online account. Look for a section like "Control Your Card" or "Get a Cash Advance PIN." You may be able to request a new PIN to be mailed to you, or in some cases, you might be able to get an instant PIN by verifying your identity with a security code and your phone.
Phone Call: You can call Capital One customer service (the number is usually on the back of your card) and request a PIN be mailed to you. This can take several business days to arrive.
Important: Do not try to guess your PIN. Incorrect attempts can lead to your card being temporarily locked.
Step 4: Choose Your Withdrawal Method
You have two primary ways to get a cash advance with your Capital One credit card:
Sub-heading: Method 1: ATM Withdrawal (Most Common)
This is the quickest and most common way to get a cash advance.
Locate an ATM: Find an ATM that displays the Visa or Mastercard logo (whichever network your Capital One card belongs to). You don't necessarily need a Capital One branded ATM.
Insert Your Card: Insert your Capital One credit card into the ATM.
Enter Your PIN: Carefully enter the PIN you have for your credit card.
Select "Cash Advance": The menu options might vary slightly, but you'll typically see an option like "Cash Advance," "Credit," or "Withdraw from Credit." Select the appropriate option.
Enter Amount: Enter the amount of cash you wish to withdraw. Remember your cash advance limit and any daily ATM limits.
Confirm Transaction: The ATM will usually display the fees that will be charged by the ATM operator (in addition to Capital One's fees). Review this carefully before confirming.
Collect Cash and Receipt: Take your cash and your receipt. Keep the receipt for your records.
Sub-heading: Method 2: Bank Teller Withdrawal
If you prefer a face-to-face transaction or don't have a PIN, you can get a cash advance inside a bank branch.
Visit a Bank: Go to a bank branch that displays the Visa or Mastercard logo. This can be a Capital One branch or another bank that supports your card's network.
Present Card and ID: Inform the teller you'd like a cash advance. You will need to present your Capital One credit card and a valid government-issued photo ID (like a driver's license or passport).
Specify Amount: Tell the teller the amount of cash you wish to receive.
Sign and Receive Cash: The teller will process the transaction. You may need to sign a slip. You will then receive your cash.
Step 5: Repay Your Cash Advance PROMPTLY!
This step cannot be emphasized enough. Because interest starts immediately and at a high rate, repaying your cash advance as quickly as possible is paramount to minimizing the financial burden.
Sub-heading: Understanding Payment Allocation
When you make a payment to your Capital One credit card, payments are typically applied to the balances with the highest interest rates first. Since cash advances have a higher APR, your payment should prioritize clearing that balance. However, always verify this by checking your statement and payment allocation rules.
Sub-heading: Payment Options
Online Payment: The easiest way to make a payment is through your Capital One online account or mobile app.
Phone Payment: Call Capital One customer service to make a payment over the phone.
Mail a Check: You can mail a check to the address provided on your statement.
In-Person (at a branch): Pay at a Capital One bank branch if one is convenient.
Frequently Asked Questions (FAQs)
How to check my Capital One cash advance limit?
You can check your Capital One cash advance limit by logging into your Capital One online account, selecting the specific credit card, and looking for the "View Details" section.
How to get a PIN for my Capital One credit card for a cash advance?
You can request a PIN online through your Capital One account's "Control Your Card" section, or by calling Capital One customer service. It may be mailed to you or, in some cases, available instantly online.
How to avoid cash advance fees on Capital One?
The best way to avoid cash advance fees and high interest is to not take a cash advance. Explore alternatives like personal loans, borrowing from savings, or asking for an advance from your employer.
How to pay back a Capital One cash advance?
You pay back a cash advance like any other credit card balance – through online payments, phone payments, mailing a check, or in-person at a Capital One branch. Prioritize paying it off quickly due to high interest.
How to find out the interest rate for a Capital One cash advance?
The cash advance APR is listed in your credit card's terms and conditions, which you can usually find in your online Capital One account, or on your monthly statement.
How to know if my Capital One credit card allows cash advances?
All Capital One credit cards generally permit cash advances. However, it's always wise to check your specific cardmember agreement or account details online to confirm your individual eligibility and limits.
How to use a Capital One credit card cash advance without a PIN?
If you don't have a PIN, you can get a cash advance by visiting a bank branch (which displays the Visa or Mastercard logo) and presenting your Capital One credit card along with a valid government-issued photo ID to the teller.
How to get emergency cash without a credit card cash advance?
Consider alternatives such as personal loans, borrowing from friends or family, asking for a payroll advance from your employer, or exploring local community assistance programs.
How to quickly pay off a Capital One cash advance?
Make a payment as soon as possible, ideally paying the entire cash advance amount plus fees. If you can't pay it all, make the largest payment you can to minimize interest accumulation, as interest starts immediately.
How to contact Capital One customer service regarding a cash advance?
You can contact Capital One customer service by calling the number on the back of your credit card. You can also find general customer service numbers on the Capital One website.