Getting Cash From A Credit Card
Getting cash from a credit card is something that many people forget about when they’re in need of fast cash. I’ve written before about credit card cash advances, and their pitfalls, but for some situations it’s the best way to get the money that you need. You’ll end up paying more interest on a credit card cash advance than you would on a normal purchase, but you have the option to repay it over an extended period of time. This is a clear benefit over a payday loan or title loan, but still use these cash advances very carefully.
In order to get cash from a credit card you (obviously) have to be below your credit limit on the card. To get cash you’ll need the pin number that you received when you first got your credit card. You probably don’t know it off the top of your head or don’t know where your original paperwork is. In this case, call the customer service phone number on the back of your credit card. They’ll put you through a long process to determine you’re actually the owner of the card, but they’ll eventually cough the number up.
Once you have the pin number all you have to do is go to an ATM that has the logo of your credit card (Visa, Mastercard, etc.) and follow the instructions to get cash with your credit card. Some ATM’s are going to put a $300 limit on the amount you can withdraw. In this case you can either call your credit card company (again) to get them to raise the amount or go inside the bank to see what they can do. Most banks will not have a problem with your credit card cash advance, but be prepared to go through a long process to prove your identity.
The fees are certainly high on a cash advance. You’ll first have to pay the two or three dollar fee at the ATM and then pay interest through your credit card company. Some credit card contracts have a clause that says that when you make a payment the money goes towards paying for purchases first and advances second. This means that if you have a total balance of $300 and $200 is from purchases and $100 from advances, a $250 payment will pay off the purchases and only $50 on the advance. They do this because the interest rate is usually higher on the cash advance.
Getting cash from a credit card can help you out in a pinch, but I recommend checking out some other avenues first. In the end you’ll have to pay it back, so it’s a good idea to see what other ways you can get fast cash cheaper.
Related posts:
- Credit Card Cash Advance
- 7 Reasons A Payday Loan Is Smarter Than Using A Credit Card
- Understanding Zero Percent Credit Card Offers
- Choosing the Right Credit Card
- Tips On Handling Credit Card Debt
- A Few Misunderstandings about Credit Card Limits
- How to Cancel Credit Card Debt
- Erase Credit Card Debt Today
- How To Find The Best Credit Card Deals
- Drawback of Unsecured Credit Card Debt Consolidation
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My name is Lydia and I'm and expert at getting fast cash. I've been through it all, and now I want to share my experience with you