Getting cash from a Capital One credit card means using a cash advance or balance transfer, not borrowing against your card's credit line in the traditional sense
Capital One offers two main ways to pull cash from your account: a cash advance, which lets you withdraw money at an ATM or from a bank teller using your card's PIN, and a balance transfer, which moves debt from another card into your Capital One account as a cash-like credit. Both come with their own costs and terms, and neither is the same as a regular purchase.
A cash advance is the faster route if you need money today. You walk into any bank or ATM, insert your Capital One card, enter your PIN, and withdraw cash up to your cash advance limit — which is usually lower than your overall credit limit. A balance transfer takes longer but may cost less if you're moving existing debt; Capital One deposits the funds into your bank account or sends a check, typically within 7 to 10 business days.
Both options charge interest and fees from day one, with no grace period like you get on regular purchases. The interest rate on a cash advance is often higher than your purchase APR. A balance transfer may offer a promotional rate for the first few months, but you pay an upfront fee (usually 3 to 5 percent of the amount transferred) to move the money.
Key Takeaways
- A cash advance lets you withdraw money at an ATM or bank using your Capital One card and PIN, with funds available when ready but interest starting right away.
- A balance transfer moves debt from another card into your Capital One account and deposits funds to your bank account, taking 7 to 10 business days but potentially offering a lower promotional rate.
- Cash advances have a lower limit than your credit line, a higher interest rate than purchases, and charge a fee of 1 to 3 percent of the amount withdrawn.
- Balance transfers charge an upfront fee of 3 to 5 percent and may have a promotional APR for 6 to 21 months, depending on your card and creditworthiness.
- Interest on both options begins accruing when ready with no grace period, so the longer you carry the balance, the more you pay in interest charges.
How to withdraw cash at an ATM or bank
To get a cash advance from an ATM, you need your Capital One card and your PIN. If you don't have a PIN set up, call the number on the back of your card or log into your online account to create one before you go to the ATM. Once you have the PIN, insert your card into any ATM that accepts Visa or Mastercard (depending on which Capital One card you hold), select "Withdraw Cash," enter your PIN, and choose the amount you want to withdraw — up to your cash advance limit.
The ATM will show you the fee before you confirm the transaction. Capital One charges a fee for the advance itself (usually 1 to 3 percent of the amount), and the ATM operator may charge an additional fee if it's not a Capital One or partner bank ATM. The cash is available when ready, but the charge and all fees post to your account right away.
If you prefer to withdraw cash from a bank teller instead of an ATM, call your local bank branch first to confirm they accept Capital One cards for cash advances. Bring your card and ID, tell the teller you want a cash advance, and they will process it the same way an ATM would. The fees are the same, and the money is available on the spot.
How to request a balance transfer
A balance transfer works differently: instead of withdrawing cash, you move an existing balance from another credit card into your Capital One account. Capital One then pays off that other card on your behalf, and you owe Capital One the amount transferred. To start, log into your Capital One online account or call the number on the back of your card and ask about balance transfer options.
Capital One will tell you how much you can transfer (usually up to your available credit line), what the promotional rate is (if any), and what the transfer fee will be. The fee is charged upfront and added to the amount you owe — so if you transfer $2,000 with a 4 percent fee, you owe $2,080. You'll provide the account number and bank details of the card you're transferring from, and Capital One handles the rest.
The transfer typically takes 7 to 10 business days to post. During that time, you should keep making minimum payments on the old card until the transfer clears, so you don't fall behind. Once the transfer is complete, you owe the full amount to Capital One, and the old card's balance drops to zero.
Understanding fees and interest rates
Cash advances and balance transfers both cost money upfront and charge interest when ready. A cash advance fee is usually 1 to 3 percent of the amount withdrawn, charged the moment you take the cash. The interest rate on a cash advance is typically higher than your regular purchase APR — sometimes 2 to 5 percentage points higher — and it starts accruing the same day you withdraw the money, with no grace period.
A balance transfer fee is usually 3 to 5 percent of the amount transferred, added to your balance right away. However, many balance transfer offers include a promotional APR of 0 percent for 6 to 21 months, depending on your card and credit profile. After the promotional period ends, the regular APR kicks in. If you don't pay off the balance before the promotion ends, you'll owe interest at the full rate on whatever remains.
To compare the true cost, calculate how long you plan to carry the balance. If you need cash for just a few weeks, a cash advance might be cheaper because the fee is smaller. If you're moving a large balance and can pay it down over several months, a balance transfer with a 0 percent promotional rate usually costs less overall, even with the higher upfront fee.
Limits on how much you can withdraw or transfer
Your cash advance limit is separate from your overall credit limit and is usually much lower. Capital One typically sets a cash advance limit at 20 to 50 percent of your total credit line, though it varies by card and your account history. You can find your cash advance limit by logging into your online account, calling the number on the back of your card, or checking your most recent statement.
A balance transfer limit is usually your full available credit, but Capital One may cap it lower depending on the amount you're transferring and your account status. If you want to transfer more than your available credit allows, you can request a credit limit increase, though that requires a hard inquiry and may take a few days to process.
Both limits reset as you pay down the balance. If you withdraw $500 as a cash advance and your limit was $1,000, you can withdraw another $500 once you've paid back the first $500.
When a cash advance or balance transfer makes sense
A cash advance is useful when you need cash urgently and don't have another way to get it — for example, if an emergency expense requires cash and you can't use a debit card or check. Because the fee is smaller and the money is available when ready, it works for short-term needs. However, if you can't pay it back within a few weeks, the high interest rate will cost you significantly.
A balance transfer makes sense when you're carrying a balance on another card with a higher interest rate and you want to move it to a lower rate. If you have a 20 percent APR on one card and Capital One offers a 0 percent balance transfer for 12 months, moving the balance can save you hundreds in interest — even after paying the transfer fee. The key is having a plan to pay down the balance before the promotional rate expires.
Neither option is ideal for everyday spending. Both charge fees and interest that regular purchases don't, so use them only when you have a specific reason and a plan to pay the money back.
How to pay back a cash advance or balance transfer
Payments on a cash advance or balance transfer work the same as payments on regular purchases: you make a payment to your Capital One account, and the money goes toward your total balance. However, Capital One may explore your payment to the lowest-interest debt first, which means if you have both a regular purchase balance and a cash advance balance, your payment might go toward the purchase first, leaving the higher-interest cash advance to accrue interest longer.
To pay off a cash advance or balance transfer faster, make a payment larger than your minimum and specify that it should go toward the cash advance or balance transfer. You can do this by calling Capital One or making a note in your online account when you submit a payment. Alternatively, pay the cash advance or balance transfer in full as soon as you can, before making other purchases on the card.
If you're paying off a balance transfer during the promotional 0 percent period, focus on paying down as much as possible before the rate increases. Any remaining balance will start accruing interest at the regular APR once the promotion ends, so the sooner you pay it off, the less interest you'll owe.
Frequently Asked Questions
Can I get a cash advance if I have a low credit limit?
Yes, but your cash advance limit is usually lower than your overall credit limit. If your total credit limit is $500, your cash advance limit might be $100 to $250. You can withdraw up to that amount regardless of how much total credit you have available. Call Capital One to find out your specific cash advance limit.
What's the difference between a cash advance and a balance transfer?
A cash advance gives you physical cash at an ATM or bank, with a smaller fee but higher interest rate. A balance transfer moves debt from another card into your Capital One account and deposits funds to your bank, with a larger upfront fee but often a lower promotional interest rate. Choose a cash advance for when ready cash needs and a balance transfer to move existing debt at a lower rate.
Do I have to pay interest on a balance transfer if I pay it off during the promotional period?
No, if your balance transfer has a 0 percent promotional APR and you pay off the entire transferred amount before the promotion ends, you pay no interest on that balance. However, you still pay the upfront transfer fee. Any new purchases you make during the promotion may have a different interest rate.
Can I withdraw cash from a Capital One credit card at any ATM?
You can withdraw cash at most ATMs that accept Visa or Mastercard, depending on which Capital One card you have. However, ATMs outside Capital One's network may charge an additional fee on top of Capital One's cash advance fee. Use a Capital One ATM or a partner bank ATM when possible to avoid extra charges.
What happens if I only make the minimum payment on a cash advance?
If you only pay the minimum, the remaining balance will continue to accrue interest at your cash advance APR, which is usually higher than your purchase rate. The longer you carry the balance, the more interest you'll pay. For example, a $500 cash advance at 25 percent APR costs about $125 in interest if you carry it for a year, so paying more than the minimum saves you money.