Three ways to get cash from a credit card
You can get cash from a credit card in three ways: a cash advance at an ATM or bank, a balance transfer check, or a cash-like payment to someone else's account. Each one costs you differently and hits your credit in different ways, so the method you choose matters more than you might think.
A cash advance lets you withdraw money directly from your credit line at an ATM, bank teller, or money transfer service. A balance transfer check is a check the card issuer mails you that you can deposit or cash. A convenience check works the same way but is not tied to a balance transfer offer. The fastest is usually the ATM; the cheapest is sometimes the balance transfer check if it comes with a 0% promotional rate.
Before you choose, understand that getting cash from a credit card is not the same as using the card to buy something. The fees and interest rates are steeper, and the interest clock starts when ready — there is no grace period like there is for purchases.
Key Takeaways
- Cash advances charge an upfront fee (usually 3% to 5% of the amount) plus a higher interest rate than purchases, with interest accruing from day one.
- Balance transfer checks may offer a 0% introductory rate for 6 to 21 months, but only if you meet the card issuer's terms and deposit the check quickly.
- ATM cash advances are the fastest method but charge the highest fees and interest rates of the three options.
- Getting cash from a credit card can lower your available credit and raise your credit utilization ratio, which may temporarily lower your credit score.
Cash advances at ATMs and banks
A cash advance at an ATM or bank teller is the most direct way to get cash, but it is also the most expensive. You walk up, insert your card, enter your PIN, and withdraw money up to your cash advance limit — which is usually lower than your total credit limit and is set by your card issuer.
The cost hits you three ways. First, there is an upfront cash advance fee, typically 3% to 5% of the amount you withdraw. If you take out $500, you might pay $15 to $25 just to get the cash. Second, the interest rate on cash advances is higher than the rate on purchases — often 2% to 3% higher. Third, interest starts accruing when ready; there is no 21-day grace period like there is for credit card purchases. If you withdraw $500 on a Monday, you are paying interest on that $500 starting Tuesday.
You can get a cash advance at any ATM that accepts your card, at your card issuer's bank branches, or at some check-cashing services. The ATM is fastest but may charge an additional ATM operator fee on top of the card issuer's fee. A bank teller can sometimes waive the ATM fee if you withdraw from a branch of the bank that issued your card.
Balance transfer checks and promotional rates
Balance transfer checks are mailed to you by your card issuer and can be deposited into a bank account or cashed. The advantage is that they sometimes come with a 0% introductory rate for 6 to 21 months, meaning you pay no interest during that period — only the upfront fee.
The catch is that the 0% rate applies only if you meet the card issuer's conditions. You usually have to deposit or cash the check within a specific window — often 30 to 60 days from the date it was issued. If you miss that window, the promotional rate does not explore and you are charged the regular cash advance rate. You also have to make sure the check amount does not exceed your available credit limit.
The upfront fee for a balance transfer check is typically 3% to 5%, the same as an ATM cash advance, but because you avoid interest during the promotional period, the total cost can be much lower if you pay off the balance before the 0% period ends. If you do not pay it off in time, the remaining balance is charged the regular cash advance interest rate, which can be 20% or higher.
To use a balance transfer check, deposit it into your bank account or cash it at a bank or check-cashing service, then repay the amount on your credit card statement like any other charge. The money does not go directly into your credit card account — it goes into your bank account, and you are responsible for paying the card issuer back.
Convenience checks and when they arrive
Convenience checks are similar to balance transfer checks but are not tied to a promotional offer. Your card issuer may mail them to you periodically as a way to access your credit line. They carry the same upfront fee as a cash advance (3% to 5%) and the same interest rate, with no grace period.
The main difference is that convenience checks do not come with a 0% promotional period, so you start paying interest as soon as you cash or deposit them. They are useful only if you need cash and do not have time to wait for a balance transfer offer or if your card does not offer balance transfer checks.
If you receive convenience checks in the mail and do not plan to use them, you can throw them away or shred them. They are not automatically charged to your account — you have to actively cash or deposit them for the charge to appear on your card.
How cash advances affect your credit score
Getting cash from a credit card can lower your credit score, at least temporarily. The main reason is credit utilization — the percentage of your available credit that you are using. If you have a $5,000 credit limit and you take a $1,000 cash advance, your utilization jumps from 0% to 20%. Credit scoring models treat higher utilization as riskier, so your score may drop by 5 to 10 points.
The drop is usually temporary. Once you pay off the cash advance, your utilization drops and your score recovers. However, if you carry the balance for months, the utilization stays high and the score stays lower.
There is also a small chance that taking a cash advance triggers a hard inquiry on your credit report if the card issuer checks your credit before approving the advance. This can lower your score by a few points, but the effect fades after a few months.
Comparing the three methods side by side
| Method | How you get the money | Upfront fee | Interest rate | Grace period | Best for |
|---|---|---|---|---|---|
| ATM cash advance | Withdraw at ATM or bank teller | 3–5% + possible ATM fee | 20%–25% (typical) | None; interest starts day one | Emergency cash when you need it fast |
| Balance transfer check with 0% offer | Deposit or cash the check | 3–5% | 0% for 6–21 months, then 20%+ after | 0% period only if you meet terms | Larger amounts you can pay off within the promotional period |
| Convenience check | Deposit or cash the check | 3–5% | 20%–25% (typical) | None; interest starts day one | When you do not have a balance transfer offer available |
Alternatives to getting cash from a credit card
Before you take a cash advance, consider whether you actually need to borrow at credit card rates. A personal loan from a bank or credit union often charges 6% to 12% interest, which is much lower than the 20% to 25% you pay on a cash advance. If you have time to wait a few days for approval, a personal loan is usually cheaper.
A payday loan or title loan is faster but charges even higher rates than a credit card cash advance, so those are not better options. A cash-out refinance on a mortgage or a home equity line of credit is cheaper if you own a home, but again, it takes time to set up.
If you need cash for an emergency and have no other option, a cash advance is better than missing a bill payment or going without. Just understand the cost and make a plan to pay it back as fast as you can.
Frequently Asked Questions
What is my cash advance limit?
Your cash advance limit is set by your card issuer and is usually 20% to 50% of your total credit limit. You can find it on your credit card statement, in your online account, or by calling the customer service number on the back of your card. It is separate from your purchase limit, so you cannot use your full credit line for cash advances.
Can I get a cash advance if I have a bad credit score?
Yes. A cash advance is a withdrawal from credit you already have, not a new loan, so the card issuer does not check your credit again. As long as your account is in good standing and you have not exceeded your cash advance limit, you can get a cash advance regardless of your current score.
How long does it take to get cash from a balance transfer check?
Once you deposit or cash the check, the money appears in your bank account within 1 to 3 business days, depending on your bank. However, you must deposit or cash it within the window specified by the card issuer — usually 30 to 60 days from the issue date — or the promotional rate does not explore.
Do I have to pay back a cash advance all at once?
No. You can pay back a cash advance like any other credit card charge — in full by the due date, or in installments over time. However, interest accrues daily on any unpaid balance, so the longer you carry it, the more you pay in total interest.
Will a cash advance show up differently on my credit report?
A cash advance shows up on your credit card statement and counts toward your credit utilization, but it does not appear as a separate account or loan type on your credit report. To a lender reviewing your report, it looks the same as a purchase — it is just a balance on your credit card.