Credit One offers two ways to get cash: a cash advance at an ATM or bank, and a balance transfer to your checking account
A cash advance lets you withdraw money directly using your Credit One card at any ATM that accepts Visa. A balance transfer moves money from your Credit One account to a bank account you own. Both cost money upfront — Credit One charges a cash advance fee (a percentage of the amount you withdraw, with a minimum fee) plus interest that starts accruing when ready, with no grace period like you get on purchases.
The balance transfer option is usually cheaper if you need the money in your checking account. The cash advance is faster if you need physical cash right now. Neither option is free, and both add to your total debt when ready.
Key Takeaways
- Cash advances from Credit One start charging interest the moment you withdraw, with no grace period, making them expensive compared to regular purchases.
- You can withdraw cash at any ATM displaying the Visa logo, but Credit One charges a percentage fee plus interest on the full amount.
- Balance transfers to your bank account may have a lower fee structure than ATM cash advances, depending on your account terms.
- Both methods add debt to your Credit One balance and should only be used when you have a plan to pay back the borrowed amount quickly.
How to withdraw cash at an ATM with your Credit One card
Insert your Credit One card into any ATM that accepts Visa cards. Enter your PIN (the same four-digit code you use for purchases), select "Withdrawal" or "Cash Advance," and choose your amount. The ATM will dispense the cash and print a receipt showing the transaction and any fees charged.
Credit One charges a cash advance fee on the amount you withdraw — this is a percentage of the withdrawal, with a minimum dollar amount. The exact percentage and minimum depend on your specific account terms, which you can find in your Credit One cardholder agreement or by calling the number on the back of your card. Interest on the cash advance begins accruing when ready at your cash advance rate, which is typically higher than your purchase rate.
There is no daily limit listed in Credit One's standard terms, but your available credit line sets the ceiling. Some ATMs may have their own withdrawal limits, usually $500 to $1,000 per transaction.
Understanding cash advance fees and interest rates
Credit One charges two costs for a cash advance: an upfront fee and ongoing interest. The upfront fee is calculated as a percentage of the amount withdrawn (for example, 3% to 5%, though this varies by account) with a minimum fee that applies even to small withdrawals. If you withdraw $100 and the fee is 3% with a $5 minimum, you pay $5. If you withdraw $500 at 3%, you pay $15.
The interest rate on cash advances is separate from your purchase rate and is usually significantly higher — often 5 to 10 percentage points above your standard APR. Interest accrues daily from the moment you withdraw the cash, with no grace period. This means a $500 cash advance at a 25% APR costs roughly $3.42 per day in interest alone, before you make any payment.
To see your exact cash advance fee and rate, check your Credit One cardholder agreement or log into your online account. You can also call the customer service number on the back of your card and ask for both figures.
Using a balance transfer to move money to your bank account
A balance transfer with Credit One moves funds from your card to a checking or savings account you own. You initiate this through your online account or by calling Credit One's customer service line. You will need your bank account number and routing number to complete the transfer.
Balance transfers typically take one to three business days to appear in your bank account. Credit One charges a balance transfer fee (usually a percentage of the amount transferred) and interest begins accruing on the transferred amount, though the interest rate may differ from a cash advance rate depending on your account terms.
The main advantage of a balance transfer over an ATM cash advance is that the money lands in your bank account, so you do not pay ATM operator fees and you can use the funds however you need. The disadvantage is the wait time — if you need cash today, an ATM withdrawal is faster.
Comparing the cost of cash advances versus balance transfers
Both methods cost money, but the total cost depends on the fee structure Credit One applies to your account and how quickly you repay. A cash advance might charge 3% to 5% upfront plus a higher interest rate. A balance transfer might charge 2% to 4% upfront with a different interest rate. The difference is usually small enough that speed and convenience matter more than the fee itself.
The real cost driver is how long you carry the balance. If you repay within a week, the fee is the main expense. If you carry the balance for months, interest compounds and becomes the larger cost. For example, a $500 cash advance with a 4% fee ($20) and 25% APR costs $20 upfront plus roughly $104 in interest over six months if you make no payments — a total of $124 on a $500 withdrawal.
Before you withdraw or transfer, calculate the total cost using your card's fee and rate, then decide whether the expense is worth the cash you need.
Alternatives to consider before using a cash advance
A cash advance should be a last resort because the cost is high and the debt grows fast. Before you use one, consider whether you can borrow from a friend or family member, use a personal loan from a bank (which usually has a lower rate), or delay the purchase until you have the cash from your paycheck.
If you need cash for an emergency and have no other option, a cash advance is available when ready. But if you have a few days, a personal loan from a credit union or online lender often costs less. If you have a savings account with money in it, using that is always cheaper than borrowing at any rate.
If you are considering a cash advance because you are short on money regularly, that is a sign to review your budget and spending. Repeated cash advances add up quickly and can trap you in a cycle of debt that becomes hard to escape.
How to repay a cash advance or balance transfer
Payments on cash advances and balance transfers work the same as payments on regular purchases: you make a payment to your Credit One account by the due date shown on your statement. Credit One accepts payments online, by phone, or by mail. The payment applies to your total balance, and Credit One applies it to the highest-interest debt first (usually the cash advance or balance transfer before regular purchases).
To pay off the cash advance fastest and pay the least interest, make a payment as soon as possible after the withdrawal. Even a payment a few days after the withdrawal saves money because interest accrues daily. If you can pay the full amount within the first week or two, do so — the longer you wait, the more interest you owe.
If you cannot pay the full amount when ready, pay as much as you can afford. Any payment reduces the balance and the daily interest charge. Paying only the minimum will take months or years to clear a cash advance and will cost you far more in interest than the original fee.
Frequently Asked Questions
Can I use my Credit One card at any ATM?
You can use your Credit One card at any ATM that displays the Visa logo. Most ATMs in the United States accept Visa, including those at banks, grocery stores, and convenience stores. Some ATMs charge an operator fee in addition to Credit One's cash advance fee, so look for ATMs at your own bank or a bank that does not charge non-customer fees.
What is the difference between my cash advance rate and my purchase rate?
Your purchase rate is the interest you pay on regular credit card purchases. Your cash advance rate is higher and applies only to cash advances and balance transfers. Credit One discloses both rates in your cardholder agreement. The cash advance rate is typically 5 to 10 percentage points higher, which is why a cash advance costs significantly more than a purchase over time.
How long does a balance transfer take to show up in my bank account?
Balance transfers typically take one to three business days to appear in your bank account after you initiate the transfer. Weekends and holidays may add time. You can check the status of your transfer by logging into your Credit One account online or calling customer service.
What happens if I cannot pay back a cash advance?
If you do not pay, the balance stays on your Credit One account and interest continues to accrue daily. Missed payments damage your credit score and may result in late fees. If the account goes unpaid for several months, Credit One may close the account and refer it to a collection agency. The debt will remain on your credit report for up to seven years.
Is there a limit to how much I can withdraw as a cash advance?
Your available credit line is the maximum you can withdraw. Some ATMs have their own daily or per-transaction limits, usually $500 to $1,000. If you need more than your ATM's limit, you can make multiple withdrawals or use a balance transfer to your bank account instead.