Check your statement online to make sure you haven’t missed a payment or reached your borrowing limit. If either of these is a concern, you likely won’t be able to get a cash advance.
Most cards automatically offer the option, but some either do not offer it or set restrictions. For example, some cards end the cash-advance option once your balance reaches a certain limit. You may be able to get this restriction removed by calling customer service and asking. Again, this is more likely if your account is in good standing and you don’t have late payments on your record.
This usually involves dialing an automated 800-number and changing your PIN over the phone. The automated system may ask you to enter your existing pin to make the change. If you don’t know your existing PIN, ask a customer service representative to send a new PIN to you in the mail. Note that it may take 7-10 days before you receive it. If you know you’ll need a cash advance soon, inquire about your PIN at least two weeks in advance.
Standard terms for cash advances may include fees of 3-5% of the amount withdrawn. [2] X Research source
Median annual interest rates for cash advance on most credit cards is currently around 24%. Generally, the cash advance rate is 5%-6% above the rate of purchases. Interest on cash advances often begins accruing immediately. Even if you pay off the advance as soon as possible, you may not be able to avoid paying at least some interest. [4] X Research source
Pay off cash advance balances as soon as possible. The high interest rates on them mean the debt can quickly grow well beyond the amount you took out as an advance.
Once again, log into your account and browse the website. There should be a tool you can use to locate a nearby ATM. [6] X Research source If you’re abroad, search the website for foreign affiliations that offer fee withdrawals. You can find these relationships with many European and South American nations. They can save you a lot of money for both debit and cash advance withdrawals.
