People are currently reading this guide.
Are you looking to get cash from your Capital One credit card and send it to your Cash App account? You're in the right place! While it might seem straightforward, there are some important considerations and potential costs you need to be aware of. Let's dive into a step-by-step guide to help you understand the process.
Understanding the Landscape: Credit Cards, Cash App, and Cash Advances
Before we jump into the "how-to," it's crucial to understand what's actually happening when you try to transfer money from a credit card to a peer-to-peer payment app like Cash App.
- Credit Cards are for Purchases, Not Cash: Credit cards are designed primarily for making purchases, allowing you to borrow money from the issuer (Capital One, in this case) to buy goods and services.
- Cash App is a P2P Payment Platform: Cash App is designed for sending and receiving money between individuals, paying for services, and even investing in Bitcoin.
- The "Cash Advance" Trap: When you use a credit card to get cash, whether from an ATM, a bank teller, or by sending money through a payment app, it's almost always categorized as a cash advance by your credit card issuer. This is a critical distinction because cash advances come with specific, often expensive, terms.
The Costs Involved: Why This Can Be Pricey
Before you proceed, be fully aware of the potential fees and interest that can accumulate:
- Cash App Fee: Cash App charges a 3% fee when you use a credit card to send money. So, if you send $100, Cash App will deduct $3, and you'll effectively send $97.
- Capital One Cash Advance Fee: Capital One will likely charge its own cash advance fee. This is typically $5 or 5% of the amount of each cash advance, whichever is greater. So, on a $100 cash advance, you'd be charged $5. * **Higher Cash Advance APR:** Unlike regular purchases that often have a grace period before interest accrues, cash advances *start accruing interest immediately* from the transaction date. Capital One's cash advance APR can be significantly higher than your purchase APR. For example, it could be in the range of 29% or more. This means even a small amount can quickly become more expensive if not paid back immediately. * **Impact on Credit Utilization:** A cash advance increases your credit utilization ratio (the amount of credit you're using compared to your total available credit). A high utilization ratio can *negatively impact your credit score*. **In short, transferring money from a Capital One credit card to Cash App is generally one of the most expensive ways to get cash.** ## Step-by-Step Guide: Transferring Money from Capital One Credit Card to Cash App Now that you're aware of the implications, here's how you can technically achieve this, with the caveat that it's often not the most financially sound decision. ### Step 1: **Engage with Your Financial Readiness!** Before we even touch your phone, *take a moment to truly assess if this is the best financial move for you.* Are you in a genuine emergency? Have you explored all other options, such as using a debit card, transferring from a linked bank account, or even asking a trusted friend or family member for a short-term loan? *This step is crucial because the costs associated with credit card cash advances can quickly spiral.* If you're confident this is your only viable option, proceed to Step 2. ### Step 2: Ensure Your Capital One Card is Ready for Cash App Cash App supports U.S.-issued credit cards from Visa, Mastercard, American Express, and Discover. Your Capital One card will likely fall into one of these categories. #### Sub-step 2.1: *Verify Cash Advance PIN (If Using ATM Method)* If your ultimate goal is to get physical cash by withdrawing from an ATM after sending money to Cash App (which you then transfer to your bank and withdraw), you'll need a Cash Advance PIN for your Capital One card. * **Online Request:** Log in to your Capital One account online. Look for an option like "Control Your Card" or "Get a Cash Advance PIN." You might be able to get it immediately via a security code to your phone or have it mailed to you. * **Phone Request:** Call the customer service number on the back of your Capital One card to request a PIN. #### Sub-step 2.2: *Check Your Capital One Cash Advance Limit* There's a separate limit for cash advances on your credit card, which is often lower than your regular credit limit for purchases. * **Online Check:** Log in to your Capital One online account and navigate to your specific credit card details. Look for "View Details" to see your cash advance limit. * **Mobile App (Limited Information):** Unfortunately, the Capital One mobile app may not display your cash advance limit directly. * **Terms and Conditions:** Refer to your credit card's terms and conditions or agreement, which you can usually find on the Capital One website. ### Step 3: Link Your Capital One Credit Card to Cash App This is where you integrate your credit card into the Cash App ecosystem. #### Sub-step 3.1: *Link a Debit Card First (Requirement for Cash App)* **Important Note:** Cash App requires you to link a bank-issued debit card to your account *before* you can link a credit card. 1. Open the **Cash App** on your mobile device. 2. Tap the **Profile Icon** (usually a person icon or your picture) on the Cash App home screen. 3. Scroll down and select **"Linked Banks."** 4. Tap **"Link Bank."** 5. Tap **"Link Debit Card"** and follow the on-screen prompts to enter your debit card details. #### Sub-step 3.2: *Link Your Capital One Credit Card* Once your debit card is linked: 1. From the **Profile Icon** menu, again select **"Linked Banks."** 2. The "Link Credit Card" option should now be visible under "Linked Banks." Tap on it. 3. Enter your **Capital One credit card details:** * *Card Number* * *Expiration Date* * *CVV (the 3-digit security code on the back of your card)* * *Billing Zip Code* 4. Tap **"Link Card"** to save your Capital One credit card to Cash App. ### Step 4: Send Money Using Your Capital One Credit Card on Cash App This is the point of no return for incurring those fees and immediate interest. 1. From the Cash App home screen, tap the **"$" (Payments) tab.**
- Enter the amount you wish to send.
- Tap "Pay."
- Enter the recipient's **$Cashtag, phone number, or email address.** 5. In the "From" section, ensure your **Capital One credit card is selected** as the funding source. If it's not, tap on the current funding source and select your Capital One card from the list. 6. *Review the transaction details carefully*, paying close attention to the **3% Cash App fee** that will be added. 7. Tap **"Pay"** to confirm the transaction. ### Step 5: Understanding What Happens Next Once you confirm the transaction: * The money will be sent to the recipient's Cash App balance. * Your Capital One credit card will be charged the amount you sent *plus* the 3% Cash App fee. * Capital One will classify this transaction as a **cash advance**, immediately applying their cash advance fee and beginning to accrue interest at the cash advance APR. **It's highly recommended to pay off this cash advance as soon as possible to minimize the interest charges.** ## Important Warnings and Considerations * **High Cost:** Reiterate that this is an *expensive* way to get cash due to multiple fees and immediate interest. * **Credit Score Impact:** Cash advances can increase your credit utilization and potentially impact your credit score. * **Alternative Solutions:** Always explore other options first, such as: * *Transferring from a linked bank account on Cash App (usually free).* * *Using a debit card on Cash App (usually free).* * *Taking a personal loan from a bank or credit union.* * *Borrowing from friends or family.* * *Considering cash advance apps (though these often have their own fees, they might be lower than credit card cash advance fees and interest).* * **Read Your Cardholder Agreement:** Always read the terms and conditions of your Capital One credit card to understand the specific fees and interest rates for cash advances. ## 10 Related FAQ Questions ### How to check my Capital One cash advance limit? You can typically check your Capital One cash advance limit by logging into your Capital One online account and viewing the details for your specific credit card. It's usually found under a section like "Credit Details" or "Account Summary." ### How to find my Capital One credit card PIN for cash advances? You can request a cash advance PIN by logging into your Capital One online account (look for "Control Your Card" or "Get a Cash Advance PIN") or by calling Capital One customer service. ### How to avoid cash advance fees when using a credit card on Cash App? Unfortunately, you cannot avoid cash advance fees when using a credit card on Cash App, as most credit card issuers, including Capital One, classify such transactions as cash advances. Cash App also charges its own 3% fee. ### How to link a debit card to Cash App? To link a debit card to Cash App, open the app, tap the Profile Icon, select "Linked Banks," then "Link Bank," and finally "Link Debit Card" to enter your card details. This is a prerequisite for linking a credit card. ### How to send money on Cash App using a linked card? On the Cash App home screen, tap the "$" tab, enter the amount, tap "Pay," enter the recipient's details, and ensure your desired linked card (debit or credit) is selected as the funding source before confirming.
How to transfer money from Cash App to my bank account?
From your Cash App home screen, tap the "Banking" tab (the house icon), tap "Cash Out," enter the amount, choose either "Standard" (free, 1-3 business days) or "Instant" (small fee, immediate), and confirm.
How to get money from Capital One credit card without Cash App?
You can get a cash advance directly from your Capital One credit card by using an ATM with your PIN or by visiting a bank branch that displays the Visa or Mastercard logo and presenting your card and a valid ID.
How to understand the interest on a Capital One cash advance?
Interest on Capital One cash advances begins accruing immediately from the transaction date, with no grace period. The APR for cash advances is typically higher than for purchases. This means you start paying interest from day one.
How to see the fees for using a credit card on Cash App?
Cash App explicitly states a 3% fee for sending money using a credit card during the transaction confirmation screen. Your Capital One credit card statement will show the cash advance fee (either $5 or 5% of the amount, whichever is greater) and the cash advance interest charges.
How to avoid high fees when I need cash urgently?
Instead of a credit card cash advance, consider these options for urgent cash: ask a trusted friend or family member, explore personal loans from banks or credit unions, or look into reputable cash advance apps (while still checking their fees, they might be lower than credit card cash advances).