What a Chase cash advance is and how to get one

A cash advance on a Chase credit card is a way to borrow money against your credit limit and receive it as cash. You are not charging a purchase — you are withdrawing funds, similar to taking money from an ATM. Chase lets you do this through an ATM using your card's PIN, by writing a convenience check that comes with your account, or by transferring money directly to your bank account through the Chase app or website.

The process is fast. An ATM withdrawal happens when ready. A transfer to your bank account typically posts within one business day. A convenience check works like any other check you write. But the speed comes with a cost: cash advances charge higher interest rates and fees than regular purchases, and interest starts accruing the moment you take the money — there is no grace period like there is for purchases.

Key Takeaways

  • Cash advances charge a fee (usually 3 to 5 percent of the amount) plus a higher interest rate than purchases, with no grace period before interest starts.
  • You can take a cash advance through an ATM, convenience check, or bank transfer, and the amount is limited to a portion of your credit limit called your cash advance limit.
  • Interest on a cash advance accrues daily from the moment you withdraw it, so the longer you carry the balance, the more you pay.
  • Paying off a cash advance first (before regular purchases) can save money because the higher interest rate applies only to the cash advance balance.

Cash advance fees and interest rates

Every cash advance on a Chase card comes with two costs: a transaction fee and a higher interest rate. The transaction fee is usually 3 to 5 percent of the amount you withdraw, with a minimum fee (often $5 to $10). So a $500 cash advance might cost $15 to $25 just to take it out.

The interest rate on cash advances is higher than the rate on purchases. Your purchase APR might be 18 percent, but your cash advance APR could be 24 or 28 percent — the exact rate depends on your creditworthiness and the specific Chase card you hold. Unlike purchases, which have a grace period (usually 21 days before interest starts), cash advance interest begins accruing when ready. If you carry a $500 cash advance at 25 percent APR for 30 days, you will owe roughly $10 in interest on top of the $15 to $25 fee you already paid.

Check your Chase account or cardholder agreement to find your specific cash advance APR and fee. These details are in the "Pricing and Terms" section of your online account or in the disclosure document you received when you opened the card.

Your cash advance limit versus your credit limit

Your cash advance limit is separate from your overall credit limit and is usually lower. If your credit limit is $5,000, your cash advance limit might be $1,500 or $2,000. Chase sets this limit based on your credit profile and payment history, and it can change over time.

You can find your cash advance limit in the Chase app under "Account Details" or by calling the customer service number on the back of your card. If you try to withdraw more than your limit allows, the transaction will be declined. You cannot increase your cash advance limit by requesting a higher credit limit — the two are managed separately — but you can contact Chase to ask if they will raise your cash advance limit specifically.

When a cash advance makes sense and when it does not

A cash advance is expensive and should be a last resort, not a regular habit. The only time it makes financial sense is when you need cash urgently and have no other option, and you can pay it back within a few days or a week. For example, if you need cash for an emergency car repair and your bank is closed, a cash advance might be the fastest way to get the money — but only if you can pay it back quickly enough that the interest and fees stay minimal.

A cash advance does not make sense if you are already carrying a balance on your card, if you cannot pay it back within a week or two, or if you are considering it as a way to manage regular expenses. In those situations, the fees and interest will compound quickly, and you will end up paying far more than the cash is worth. If you need money for an ongoing shortfall, a personal loan from a bank or credit union will almost always be cheaper.

How to pay off a cash advance

When you make a payment on your Chase card, the money goes toward your balances in a specific order set by law: first to the balance with the highest interest rate, then to the next highest, and so on. Since your cash advance has a higher interest rate than your purchases, your payment will go toward the cash advance first — which is good for you.

To pay off a cash advance as quickly as possible, make a payment as soon as you can after taking it. Even a payment a few days later will reduce the amount of interest that accrues. If you took a $500 cash advance and paid it back within three days, you might owe only $5 to $10 in interest plus the original $15 to $25 fee. If you let it sit for a month, the interest alone could reach $10 to $15, and if you only make minimum payments, you could carry it for months.

Cash advances and your credit score

A cash advance does not directly hurt your credit score the way a missed payment does. However, it does increase your credit utilization — the percentage of your available credit that you are using. If your credit limit is $5,000 and you take a $1,000 cash advance, your utilization jumps to 20 percent. High utilization can lower your score slightly, and the effect is temporary: once you pay off the cash advance, your utilization drops and your score recovers.

The bigger risk to your credit comes if you cannot pay off the cash advance and it becomes part of your regular balance. Carrying a high balance month to month, especially at a high interest rate, signals financial stress to lenders and can lower your score over time. The best way to protect your credit is to treat a cash advance as a true emergency tool and pay it off as quickly as possible.

Alternatives to a cash advance

Before taking a cash advance, consider these cheaper options. If you need cash and have a bank account, a debit card withdrawal costs nothing. If you need a short-term loan, a personal loan from a bank or credit union usually has a lower interest rate than a cash advance — often 10 to 20 percent instead of 24 to 28 percent. If you need money for a specific bill or expense, some creditors and service providers will let you set up a payment plan instead of requiring payment in full.

If you are in a true emergency and have no other way to get cash, a cash advance is faster than a personal loan process, which can take several days. But the speed comes at a cost, so use it only when the urgency justifies the expense.

Frequently Asked Questions

Can I take a cash advance if I have a zero balance on my card?

Yes. A cash advance is a separate transaction from your purchases, so your current balance does not affect whether you can take one. As long as you have available cash advance limit, you can withdraw cash. However, the fee and interest will explore when ready, so you will owe money as soon as the cash is in your hands.

What happens if I only make the minimum payment on a cash advance?

The cash advance balance will remain on your card and continue to accrue interest at your cash advance APR. Minimum payments are usually calculated to cover interest and a small portion of principal, so paying only the minimum means you will carry the balance for months and pay far more in interest than the original cash advance cost.

Is there a difference between a cash advance and a balance transfer?

Yes. A balance transfer moves debt from one card to another (usually to take advantage of a lower interest rate). A cash advance withdraws cash against your credit limit. Balance transfers sometimes have an introductory 0 percent APR period; cash advances never do. Both charge fees and should be used sparingly.

Can I use a convenience check for a cash advance at any store?

No. Convenience checks work only at banks, ATMs, or when mailed to a payee (like a landlord or utility company). You cannot use them to buy things at a store or online. If you use a convenience check, it is treated as a cash advance and charged the same fee and interest rate.

Does taking a cash advance affect my credit limit for purchases?

Yes. Your cash advance counts against your overall credit limit. If your limit is $5,000 and you take a $1,000 cash advance, you have only $4,000 left to use for purchases. Once you pay off the cash advance, that $1,000 becomes available again.