How to get a cash advance on Capital One
A cash advance on your Capital One credit card lets you withdraw cash using your credit line instead of your debit account. You can do this at an ATM, at a bank teller window, or through a cash advance check if your card comes with one. Capital One processes the cash advance when ready, but it starts charging interest right away — there is no grace period like there is for regular purchases.
The cash advance fee is a percentage of the amount you withdraw, usually between 3% and 5% depending on your card type and account terms. You can find your exact fee in your cardholder agreement or by calling the number on the back of your card. The interest rate for cash advances is often higher than the rate for regular purchases, and it compounds daily until you pay the balance off.
Key Takeaways
- You can withdraw a cash advance at any ATM that displays the Visa or Mastercard logo, up to your cash advance limit, which is usually lower than your credit limit.
- Capital One charges a fee (typically 3% to 5% of the amount) plus a higher interest rate than regular purchases, with interest starting when ready.
- You can also get a cash advance by visiting a bank teller, requesting a cash advance check, or using a convenience check if your card includes them.
- Your cash advance limit is set separately from your credit limit and appears on your statement or in the Capital One mobile app.
- Paying off a cash advance quickly reduces the total interest you pay, since the interest rate is higher and compounds daily.
Getting cash at an ATM
The fastest way to get a cash advance is to use any ATM that accepts your card's network — Visa or Mastercard, depending on which Capital One card you have. Insert your card, select "Withdraw Cash" or "Cash Advance," enter your PIN, and choose the amount. The ATM will dispense the cash and charge your Capital One account when ready.
Your cash advance limit is separate from your regular credit limit and is usually lower. You can see your available cash advance amount in the Capital One mobile app, on your online account dashboard, or by calling the customer service number on the back of your card. If you try to withdraw more than your limit, the ATM will decline the transaction.
Getting cash from a bank teller
You can also walk into any bank branch and ask the teller for a cash advance on your Capital One card. Bring your card and a form of ID. The teller will process the transaction the same way an ATM does — they will charge the fee and the cash advance amount to your account right away. This method works if you prefer speaking to a person or if you need to withdraw an amount larger than your ATM daily limit.
Some banks may charge an additional fee for processing a cash advance at their teller window, so ask before you proceed. The fee will appear on your Capital One statement separately from Capital One's own cash advance fee.
Using cash advance checks
If your Capital One card comes with convenience checks or cash advance checks, you can write one to yourself and deposit it into your bank account. These checks work like a regular check but draw from your credit line instead of a bank account. You will still pay the cash advance fee and the higher interest rate, and interest starts accruing as soon as you cash or deposit the check.
Not all Capital One cards include convenience checks. Check your recent statements or log into your online account to see if checks were mailed to you. If you have them but cannot find them, you can request new ones by calling Capital One customer service.
Understanding the costs
Capital One charges three costs for a cash advance: the upfront fee, the interest rate, and any fees charged by the ATM operator. The upfront fee is a percentage of the amount withdrawn — for example, a $300 cash advance with a 4% fee costs $12 right away. This fee is added to your balance and also accrues interest.
The interest rate for cash advances is usually 2% to 5% higher than the rate for regular purchases on the same card. Interest begins accruing the day you withdraw the cash, with no grace period. If you carry a balance on both regular purchases and cash advances, Capital One will explore your payments to the purchase balance first, leaving the cash advance balance to grow with interest longer.
ATM operators may also charge a fee if you use an out-of-network machine — typically $2 to $3. Using an ATM in the Visa or Mastercard network (depending on your card) usually avoids this extra charge.
How to repay a cash advance
You repay a cash advance the same way you repay any credit card balance — through your regular monthly payment. Log into your Capital One online account or mobile app, set up automatic payments, or mail a check to the address on your statement. Your minimum payment will include a portion of the cash advance balance plus interest and fees.
To minimize interest charges, pay more than the minimum and focus on clearing the cash advance balance first. Because the interest rate is higher than for regular purchases, paying off the cash advance quickly saves you money. If you have both a purchase balance and a cash advance balance, check your statement to see how your payment is being split between them.
Alternatives to a cash advance
Before taking a cash advance, consider whether another option might cost less. A personal loan from a bank or credit union often has a lower interest rate and no upfront fee. A balance transfer to a 0% promotional card (if you may have access to) costs less upfront, though you will pay a balance transfer fee instead of a cash advance fee.
If you need cash for an emergency, asking family or friends, negotiating a payment plan with a creditor, or visiting a local nonprofit credit counselor may be better choices than paying the cash advance fee and high interest rate. Capital One's customer service team can also discuss your situation and may offer other options available on your account.
Frequently Asked Questions
What is the difference between my cash advance limit and my credit limit?
Your cash advance limit is the maximum amount you can withdraw as cash, and it is usually 20% to 50% of your total credit limit. Your credit limit is the total amount you can charge on the card for any purpose. You can see both limits in your online account or by calling Capital One.
Does a cash advance hurt my credit score?
A cash advance itself does not hurt your score, but carrying a high cash advance balance does. High balances increase your credit utilization ratio, which can lower your score. Paying off the cash advance quickly keeps your utilization low and protects your score.
Can I get a cash advance if I am close to my credit limit?
Your cash advance limit is separate from your credit limit, so you may be able to get a cash advance even if your credit limit is nearly full. However, the cash advance will count toward your overall credit limit once you withdraw it, so your available credit will decrease.
What happens if I cannot pay back the cash advance?
If you miss a payment, Capital One will charge late fees and report the missed payment to credit bureaus, which will damage your credit score. If you are struggling to pay, contact Capital One to discuss a payment plan or hardship options before you miss a payment.
Can I take a cash advance on a Capital One secured card?
Yes, most Capital One secured cards allow cash advances, though the cash advance limit may be lower than on unsecured cards. Check your cardholder agreement or call Capital One to confirm your card's cash advance terms.