How to Get a Cash Advance

Businesspeople's hands holding dollars

As well as using your credit card for goods and services, you can also take a cash advance.

What is a Cash Advance?

Most people only use their credit cards to buy goods and services, which is just what credit cards are designed for. However, you can also use your card for a cash advance. This means you essentially get a short-term cash loan from a bank or ATM. Unlike a regular cash withdrawal from your checking account, a cash advance has to be paid back since you’re taking it out on credit. You’re basically using your card to buy cash rather than goods or services.

How Do Cash Advances Work?

Let’s say you need cash but only have your credit card on you. You simply get a credit card cash advance when you need paper money. If your credit card has a PIN, you can get your advance straight from an ATM. If not, you can take your card to a bank that offers advances through your credit card company — you’ll have to show ID to get it. When you’re taking a cash advance, keep in mind that most credit card issuers don’t let you take your entire line of credit as a cash advance. You’ll usually be capped at a few hundred dollars.

What Fees Come with Cash Advances?

Cash advances can be useful, but you shouldn’t depend on them. After all, every cash advance will be eligible for certain added costs, including:

  • Cash Advance Fees: Some cards charge a flat fee per cash advance; others charge a percentage of the amount advanced. For a percentage, there’s usually a minimum dollar amount.
  • ATM of Bank Fees: Imposed by the financial institution that handles your transaction, these are usually just a few dollars.
  • Interest: Cash advance interest comes in terms of credit card charges, and interest on cash advances usually starts accruing immediately.

Get Your Credit Card Cash Advance from Xpress Cash

With locations across Idaho, Michigan, and Wisconsin, we’re perfectly placed to provide your next cash advance. Visit your local branch or contact us online to find out more.