Navigating international travel often comes with the need for local currency. While relying on your credit card for purchases is generally a good idea to avoid foreign transaction fees (which, thankfully, Capital One Journey cards do not charge!), there are times when cash is king. That's where knowing how to use your Capital One Journey credit card for cash withdrawals at foreign ATMs comes in handy.
The Capital One Journey Card: Your Travel Companion
The Capital One Journey Student Rewards Credit Card is a fantastic starter card, and a huge perk for international travelers is that Capital One does not charge foreign transaction fees on any of its credit cards, including the Journey card. This is a significant saving compared to many other cards that charge 1% to 3% on every international purchase or cash withdrawal. However, when it comes to cash advances from an ATM, there are still some important considerations and fees to be aware of.
Ready to confidently access cash abroad? Let's break it down step-by-step!
Step 1: Are You Prepared for a Cash Advance? Understanding the Basics
Before you even think about finding an ATM in a foreign country, you need to understand what a "cash advance" is and its implications.
What is a Cash Advance?
A cash advance is essentially a short-term loan from your credit card issuer. Unlike a regular purchase where interest usually only kicks in if you don't pay your statement balance in full by the due date (the "grace period"), interest on cash advances typically begins accruing immediately from the transaction date. This is a crucial difference and often means cash advances are a more expensive way to get cash compared to using a debit card or exchanging currency at a bank.
Cash Advance Fees & APR: The Hidden Costs
While Capital One doesn't charge foreign transaction fees, they do charge a cash advance fee and a higher interest rate for cash advances.
Cash Advance Fee: Capital One typically charges either $5 or 5% of the amount of each cash advance, whichever is greater. So, if you withdraw $100, the fee would be $5. If you withdraw $200, the fee would be $10. This fee is added directly to your credit card balance.
Cash Advance APR: The interest rate for cash advances on your Capital One Journey card will likely be higher than your APR for purchases. This interest starts accruing immediately, without a grace period. It's vital to check your specific card's terms and conditions to know your exact cash advance APR.
Step 2: Getting Your PIN Ready – Don't Forget This Crucial Step!
To use your credit card at an ATM, you will need a Personal Identification Number (PIN). For purchases, Capital One chip cards generally don't require a PIN outside the U.S., but for cash advances at an ATM, a PIN is almost always mandatory.
How to Obtain or Confirm Your PIN:
Check Online: Log in to your Capital One online account. Many card issuers allow you to request a PIN or view an existing one through their online portal. Look for options related to "Cash Advance PIN" or "Manage PIN."
Call Capital One Customer Service: If you can't find it online, call Capital One's customer service.
Within the US: 1-800-CAPITAL (1-800-227-4825)
Outside the US (Collect Call): 1-804-934-2001 (You may need to make a collect call from a landline, and Capital One will accept the charges.)
Request by Mail: You might be able to request a PIN to be mailed to you, but this is obviously not ideal if you're already traveling or planning to leave soon.
Pro Tip: Memorize your PIN! Writing it down is risky, especially when traveling.
Step 3: Notifying Capital One of Your Travel Plans – The Modern Approach
In the past, it was standard practice to notify your credit card company of your travel plans to avoid your card being flagged for suspicious activity. However, with advancements in fraud detection and the security of chip cards, Capital One generally does not require you to notify them of your travel plans when using your card internationally.
Why No Travel Notification Needed Anymore:
Capital One's advanced fraud detection systems are designed to monitor your spending patterns and identify unusual activity, regardless of your location. Your chip-enabled card also adds a layer of security.
What You Should Still Do:
Ensure Contact Information is Up-to-Date: This is critical. Make sure Capital One has your current phone number (including your international cell number if you'll have one) and email address. If they do detect suspicious activity, they'll use this information to contact you.
Download the Capital One Mobile App: The app allows you to monitor your transactions in real-time, set up alerts, and even lock your card if it's lost or stolen. This provides immense peace of mind while abroad.
Set Up Transaction Alerts: Consider setting up alerts for all foreign transactions or transactions above a certain amount so you're immediately aware of any activity.
Step 4: Finding a Compatible ATM Abroad – Look for the Right Logos
Once you're in your foreign destination and need cash, you'll need to locate an ATM that accepts your Capital One Journey card.
Network Logos to Look For:
Your Capital One Journey card is likely a Visa or Mastercard. Look for the corresponding logos on ATMs in your destination country. These networks are widely accepted globally.
Visa/Plus: If your card has the Visa logo, look for ATMs displaying the Visa or Plus network symbol.
Mastercard/Cirrus: If your card has the Mastercard logo, look for ATMs displaying the Mastercard or Cirrus network symbol.
Using ATM Locators:
Visa ATM Locator: [You can often find a link to the Visa ATM locator on their global website.]
Mastercard ATM Locator: [Similarly, Mastercard provides an ATM locator on their website.]
Allpoint Network: While primarily a US network, Capital One sometimes partners with Allpoint. You can check the Allpoint ATM locator for international locations, though their global presence might be more limited.
Important Note: While Capital One doesn't charge foreign transaction fees for purchases, the local ATM operator may charge its own fee for the withdrawal. This fee will typically be displayed on the ATM screen before you confirm the transaction. Always review the fees before proceeding.
Step 5: Making the Withdrawal – Follow These Steps Carefully
You've found a compatible ATM, you have your PIN, and you're ready to get some local currency.
Step-by-Step ATM Withdrawal Process:
Insert Your Card: Insert your Capital One Journey card into the ATM as directed.
Enter Your PIN: Carefully enter your 4-digit (or sometimes 6-digit) PIN when prompted. Be discreet and shield the keypad.
Select "Cash Withdrawal" or "Cash Advance": The exact wording may vary, but you're looking for an option to withdraw cash.
Choose "Credit Card Account": The ATM might ask you to select an account (e.g., checking, savings, credit). Select the option that corresponds to your credit card. This is crucial for it to be processed as a cash advance.
Enter the Amount: Input the amount of local currency you wish to withdraw.
Consider withdrawing a larger sum once rather than multiple small amounts to minimize cash advance fees (which are typically a flat fee or percentage per transaction, whichever is greater).
Be mindful of your daily cash advance limit on your Capital One Journey card. You can usually find this by logging into your online account or calling Capital One.
Decline Dynamic Currency Conversion (DCC): This is extremely important! The ATM may offer you the option to complete the transaction in your home currency (USD) or the local currency. Always choose to be charged in the local currency. If you choose USD, the ATM operator will perform the currency conversion at their unfavorable exchange rate, which is usually much worse than the rate Capital One (or the card network like Visa/Mastercard) will use. This is known as Dynamic Currency Conversion (DCC) and it will cost you more.
Review Fees and Confirm: The ATM screen will typically display any fees the local ATM operator is charging. Review this information carefully before confirming the transaction.
Take Your Cash and Card: Once confirmed, the ATM will dispense your cash. Don't forget your card and your receipt!
Step 6: Monitoring Your Account – Stay on Top of Your Spending
After making a cash withdrawal, it's essential to monitor your Capital One Journey account closely.
Why Monitoring is Key:
Track Transactions: Confirm the cash advance amount, including the cash advance fee, appears correctly on your account.
Manage Interest Accrual: Since interest starts immediately, you'll want to pay off the cash advance portion of your balance as quickly as possible to minimize interest charges.
Fraud Detection: Keep an eye out for any unauthorized transactions.
How to Monitor:
Capital One Mobile App: The easiest way to keep tabs on your account in real-time.
Online Banking: Log in to your Capital One account from a secure internet connection.
Transaction Alerts: Ensure you have transaction alerts set up to receive notifications for activity on your card.
Step 7: Repaying Your Cash Advance – Minimize the Cost
To mitigate the higher costs associated with cash advances, prompt repayment is crucial.
Strategies for Repayment:
Pay Immediately: If possible, make an immediate payment to Capital One for the amount of the cash advance plus the fee. This will stop interest from accruing further.
Pay More Than the Minimum: When your statement arrives, ensure you pay more than just the minimum due. Prioritize paying off the cash advance balance first, as it incurs higher interest from day one.
Understand Payment Allocation: Credit card payments are typically applied to balances with the highest interest rates first. However, it's good practice to ensure you're always covering the cash advance portion promptly.
Important Considerations for Foreign ATM Use:
Daily Limits: Be aware of your daily cash advance limit. This limit is separate from your purchase credit limit.
Security: Always be cautious when using ATMs in foreign countries. Choose ATMs in well-lit, secure locations, such as inside banks or reputable stores. Be aware of your surroundings and avoid showing off large sums of cash.
Backup Plan: It's always a good idea to have a backup plan. Consider carrying a small amount of local currency for immediate needs upon arrival, or have a debit card from a bank that reimburses foreign ATM fees.
Exchange Rate Fluctuations: The exchange rate applied to your cash advance will be the rate on the day the transaction processes, not necessarily the day you withdraw the cash.
By following these steps and understanding the nuances of cash advances, you can effectively use your Capital One Journey credit card to get cash at foreign ATMs when necessary, while minimizing potential costs.
Frequently Asked Questions:
Here are 10 related FAQ questions that start with 'How to' with their quick answers:
How to check my Capital One Journey cash advance limit?
You can usually check your cash advance limit by logging into your Capital One online account or by calling their customer service.
How to avoid foreign transaction fees with my Capital One Journey card?
Capital One Journey credit cards do not charge foreign transaction fees, so you automatically avoid them when using your card for purchases or cash advances abroad.
How to find a Capital One ATM internationally?
Capital One does not have its own international ATM network. Instead, you'll look for ATMs displaying the Visa or Mastercard (Cirrus/Plus) logos, as your Capital One Journey card operates on one of these networks. You can use the Visa or Mastercard ATM locators online.
How to get a PIN for my Capital One Journey card for cash advances?
You can request or confirm your PIN by logging into your Capital One online account or by calling Capital One customer service (1-800-CAPITAL within the US, or 1-804-934-2001 collect from outside the US).
How to minimize fees when getting cash at foreign ATMs with my Capital One Journey card?
To minimize fees, make fewer, larger withdrawals rather than many small ones (due to the flat cash advance fee), and always decline Dynamic Currency Conversion (DCC) by choosing to be charged in the local currency.
How to contact Capital One customer service while abroad?
You can call Capital One customer service at 1-804-934-2001 (you may need to make a collect call from a landline, and Capital One will accept the charges).
How to report a lost or stolen Capital One Journey card while traveling?
You can immediately lock your card using the Capital One mobile app. Then, contact Capital One customer service directly at the international number (1-804-934-2001) to report it lost or stolen.
How to understand the exchange rate applied to my foreign ATM withdrawal?
The exchange rate will be determined by the Visa or Mastercard network on the day the transaction processes. Avoid Dynamic Currency Conversion (DCC) where the local ATM offers to convert to your home currency, as this will result in a less favorable rate.
How to best repay a cash advance on my Capital One Journey card?
Repay the cash advance portion of your balance as quickly as possible, ideally immediately, as interest starts accruing from the transaction date without a grace period. Pay more than the minimum due on your statement.
How to ensure my Capital One Journey card works without issues while traveling?
Ensure your contact information (phone and email) is up-to-date with Capital One, download and use the Capital One mobile app for monitoring, and remember your cash advance PIN. While not required, some prefer to set up transaction alerts for international activity.