How to get a cash advance with Capital One

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

Although 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 may not have not enough money in your bank account to cover a cash-only expense.

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 need to consider before applying for one.

What is a cash advance?

A cash advance allows you to withdraw money from a credit card. Instead of using your credit card to make purchases, you request a cash advance against your credit limit. Most people use ATMs to obtain 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’re buying a money order, for example, you’ll need to pay 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 usually 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 interest on cash advances begins to accrue as soon as the transaction is completed.

If you’re considering applying for a cash advance because you need to cover an expense that you can’t pay with your checking account, you might want to consider a personal loan instead. In many cases, personal loans charge lower interest rates than cash advances, which means the right personal loan could 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, start by finding an ATM. You don’t need to use a Capital One ATM to obtain a cash advance, although ATMs that are not part of 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 PIN. 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 withdraw a cash advance from a bank teller. All you’ll need is your Capital One credit card and government-issued photo ID, such as a driver’s license.

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

What you need to know before getting a cash advance

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

Be prepared to pay fees

Cash advances come with 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 $10 or 3% of each cash advance amount, whichever is greater.

Cash advances may have higher interest rates

Cash advances also come with cash advance interest rates, which are often higher than the interest rates you will pay on your 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 your creditworthiness – but the cash advance APR is variable by 24.99 percent, even if you purchase a cash advance during the introductory APR period.

That said, some Capital One credit cards don’t charge higher interest rates on cash advances. If you have Capital One’s Journey Student Rewards, your Purchase APR and Cash Advance APR are both 26.99%. Read the terms of your credit card to find out if you’ll pay a higher interest rate on cash advances.

Interest on cash advances begins immediately

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

There is a limit to how much you can carry daily

Capital One credit cards come with a cash advance limit, which is often lower 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, 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 through a cash advance. These tend to be daily limits, so you should be able to take out multiple cash advances over a few days as long as you stay within your limit.

You will need your card PIN

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 ask for 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 is a breakdown of the cash advance fees and APRs associated with each card:

Card name: Cash advance offered? Cash advance fees Cash Advance APR (varies)
Capital One Platinum Credit Card Yes $10 or 3% 26.99 percent
Capital One Venture Rewards Credit Card Yes $10 or 3% 23.99 percent
Capital One VentureOne Rewards Credit Card Yes $10 or 3% 24.99 percent
Capital One Quicksilver Cash Rewards Credit Card Yes $10 or 3% 24.99 percent
Capital One QuicksilverOne Cash Rewards Credit Card Yes $10 or 3% 26.99 percent
Capital One Savor Cash Rewards Credit Card Yes $10 or 3% 24.99 percent
Capital One SavorOne Cash Rewards Credit Card Yes $10 or 3% 24.99 percent
Capital One Journey Student Rewards Yes $10 or 3% 26.99 percent
Capital One Platinum Secured Credit Card Yes $10 or 3% 26.99 percent
Capital One Spark Cash for Business (This card is no longer available) Yes $10 or 3% 26.99 percent
Capital One Spark Cash Select – $500 Cash Bonus Yes $10 or 3% 26.99 percent
Capital One Spark Miles for Business Yes $10 or 3% 26.99 percent
Capital One Spark Miles Select for Business Yes $10 or 3% 26.99 percent
Capital One Spark Classic for businesses Yes $10 or 3% 26.99 percent

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

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