How To Get A Cash Advance With Capital One

Tim Robberts/GettyImages; Illustration by Hunter Newton/Bankrate

A Capital One credit card cash advance is one way to get cash when you really need it — you’re essentially borrowing cash from your line of credit and promising to pay it back later.

Although cash advances are rarely the best option due to their high fees and even higher interest rates, they can be helpful in situations where you might not have enough money in your bank account to cover a cash-only expense.

Let’s examine how Capital One cash advances work and what to consider before requesting one, including a breakdown of the fees associated with cash advances.

What is a cash advance?

A cash advance allows you to get cash from a credit card. Instead of using your credit card for purchases, you can request an advance on your credit limit in cash. Most people use ATMs to get cash advances, but you can also request one inside a bank branch.

A cash advance allows you to access cash in situations where credit cards are not accepted. If you’re buying a money order, for example, you’ll need to pay in cash, and if you don’t have a debit card (or sufficient funds in your checking account to use your debit card), a cash advance can provide the money you need.

It’s generally better, however, to get cash from a debit card or checking account rather than requesting a cash advance on a credit card. Cash advances come with fees and high interest rates, and interest on cash advances begins accruing immediately after the transaction is completed.

If you’re considering 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 personal loan instead. In many cases, the rates for personal loans are lower than those for cash advances, meaning that the right personal loan could save you a significant amount of money over time.

How to get a cash advance with Capital One

To get a Capital One credit card cash advance, begin by locating an ATM. You do not need to use a Capital One ATM for a cash advance, although ATMs outside the Capital One or AllPoint networks may charge you an additional fee for using a Capital One credit card.

You’ll follow three basic steps:

1. Insert your Capital One credit card into the ATM and enter your card’s PIN.
2. Select the “Cash Advance” option (you may have to select “Credit” first).
3. Follow the steps to request a cash advance.

If you want to make a cash advance but don’t have your PIN, you can request one online by following these steps:

1. Log in to your Capital One account and select the credit card you wish to use for a cash advance.
2. Select the “I want to…” menu button with the gear icon next to it.
   
3. Scroll to the “Control Your Card” section and choose “Get a Cash Advance PIN.”
   
4. Choose to either get your PIN in the mail or get it immediately by using a security code and your phone.
   
5. Select “Get a PIN” and follow the rest of the instructions.

If you don’t want to deal with a 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. After your cash advance is complete, you’ll receive your cash from the ATM or the bank teller.

What you need to know before getting a cash advance

Cash advances can help you in a pinch, but they can also be quite costly. Here’s what you need to know before you get a cash advance:

• Be prepared to pay a fee
  

  Cash advances incur cash advance fees, 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 $5 or 5 percent of the amount of each cash advance, whichever is greater.

• Cash advances come with higher interest rates
  

  Cash advances also incur cash advance interest rates, which are often higher than the interest rates applied to purchases.

  If you have the Capital One Quicksilver Cash Rewards Credit Card, for example, you’ll get an introductory 0 percent APR on purchases and balance transfers for 15 months, followed by a 19.24% – 29.24% (Variable) APR based on your creditworthiness — however, the cash advance APR is 29.24% (Variable), even if you take out a cash advance during the introductory APR period.

• Cash advance interest starts right away
  

  Unlike purchases with most credit cards, there’s no grace period associated with cash advances. Your cash advance begins accruing interest from the day you make the transaction, so 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 have a cash advance limit that is often lower than your credit limit or available credit. You can view your cash advance limit by logging into your Capital One account, selecting the credit card you wish to use for your cash advance, and then choosing “View Details.” (The Capital One mobile app does not include your cash advance limit, unfortunately.)

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

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:

The bottom line

Getting a cash advance from your Capital One card is a straightforward process, especially since all Capital One credit cards permit cash advances and charge the same fee for them. You should be able to get your cash advance at an ATM, provided you have a PIN ready. If you need to request a PIN, the process becomes a bit more complicated, but it is still easy to do online through your account. Alternatively, you can visit a bank and work with a teller if getting a PIN is not possible.

Just be careful — any cash advance you get from your card will incur a cash advance fee and a hefty APR that takes effect immediately. This means your balance will start accruing interest with no grace period, so you should only get a cash advance if you know you’ll be able to pay it off quickly.