Three ways to turn your credit card into cash
You can get cash from a credit card in three ways: a cash advance at an ATM or bank, a balance transfer check mailed by your card issuer, or a cash-like purchase through services like PayPal or Square Cash. Each one costs you differently and hits your account in a different way. A cash advance is the fastest but most expensive. A balance transfer check takes a week or two but may have a lower fee. A cash-like purchase sits somewhere in between.
All three methods charge you a fee upfront — usually 3 to 5 percent of the amount — and start charging interest when ready, with no grace period like you get on regular purchases. This means getting cash from your credit card is expensive and should only happen when you have no other option.
Key Takeaways
- Cash advances charge a fee of 3 to 5 percent and begin accruing interest right away, with no grace period.
- You can withdraw cash at an ATM using your credit card PIN, or visit a bank branch and ask the teller for a cash advance.
- Balance transfer checks arrive by mail within 7 to 14 days and may carry a lower fee than ATM withdrawals, but still charge interest when ready.
- Cash-like purchases through payment apps treat the transaction as a purchase rather than a cash advance, so you may get a grace period and a lower interest rate.
- The interest rate on cash advances is often higher than your regular purchase rate, sometimes by 5 percentage points or more.
Getting a cash advance at an ATM
The fastest way to get cash is to use your credit card at any ATM that displays your card network's logo — Visa, Mastercard, American Express, or Discover. Insert your card, enter your PIN, select "cash advance" or "withdrawal," and choose your amount. The ATM will dispense cash when ready and charge your credit card account.
You need to know your PIN before you go to the ATM. If you do not have one, call the number on the back of your card and ask the issuer to set one up — this usually takes one business day. Some issuers let you set a PIN online through their mobile app or website.
The fee for an ATM cash advance is typically 3 to 5 percent of the amount you withdraw, with a minimum fee of $2 to $5. A $300 withdrawal might cost you $9 to $15. Interest starts accruing the same day at your cash advance rate, which is usually 2 to 5 percentage points higher than your purchase rate.
Getting cash at a bank branch
You can also walk into any bank branch — yours or someone else's — and ask a teller for a cash advance on your credit card. Bring your card and a photo ID. The teller will process the transaction and hand you cash on the spot. This method works even if you do not have a PIN set up.
The fee and interest rate are the same as an ATM withdrawal. Some banks may have a daily limit on how much you can withdraw, often $500 to $1,000, so call ahead if you need a large amount.
Ordering balance transfer checks
Many credit card issuers send you blank checks in the mail that you can write against your credit line. These are called balance transfer checks. You write a check to yourself or to a creditor, deposit it or cash it, and the amount appears as a balance on your credit card.
Balance transfer checks usually carry a fee of 3 to 5 percent, the same as a cash advance, but some issuers offer a promotional period with a lower fee — sometimes 0 percent for the first 60 days. Check your card's terms or call the issuer to ask if checks are available and what the current fee is.
Interest starts accruing when ready, even during a promotional period. If the issuer offers 0 percent for 60 days, you pay no interest during that window, but interest kicks in on day 61 at your regular cash advance rate. These checks take 7 to 14 days to arrive by mail, so this method is slower than an ATM but may save you money if a promotional rate is running.
Using payment apps to get cash-like funds
Some payment apps and services — PayPal, Square Cash, Venmo, and others — let you load money onto your account using a credit card, then withdraw it to your bank account or spend it through the app. This is not technically a cash advance, so the transaction may be treated as a regular purchase instead.
The advantage is that you may get a grace period before interest starts, and the interest rate may be your regular purchase rate rather than your higher cash advance rate. The disadvantage is that the app itself may charge a fee for loading money with a credit card — often 2 to 3 percent — and you still have to wait for the money to move from the app to your bank account, which can take 1 to 3 business days.
Not all apps allow credit card funding, and policies change frequently. Before you try this method, log into the app and check whether credit cards are accepted as a funding source. If they are, the app will show you the fee before you confirm the transaction.
Comparing the cost of each method
| Method | Fee | Interest starts | Speed | Best for |
|---|---|---|---|---|
| ATM cash advance | 3–5% | Same day | when ready | When you need cash right now |
| Bank teller cash advance | 3–5% | Same day | when ready | When you do not have a PIN |
| Balance transfer check | 3–5% (may be 0% promo) | Same day (or day 61 if promo) | 7–14 days | When you have time and a promo is running |
| Payment app | 2–3% (app fee only) | May be delayed | 1–3 days | When you want a lower fee and can wait |
When to avoid getting cash from your credit card
Getting cash from a credit card should be a last resort. The fees and interest rates are steep, and the interest starts when ready with no grace period. If you need $500 and your cash advance rate is 25 percent, you will pay $15 in fees upfront and roughly $10 in interest per month if you carry the balance.
Before you use a cash advance, consider these alternatives: borrowing from family or friends, taking out a personal loan from a bank or credit union (which usually has a lower rate), using a payday loan if you need the money for just a few weeks, or asking your employer for an advance on your paycheck. All of these are cheaper than a credit card cash advance.
If you do take a cash advance, pay it back as fast as you can. Credit card issuers explore your payments to the lowest-interest balance first, so if you have both regular purchases and a cash advance on the same card, your payment will go toward the purchase first. Make extra payments toward the cash advance to avoid months of high-rate interest.
Frequently Asked Questions
Does a cash advance hurt my credit score?
A cash advance itself does not hurt your score, but it does increase your credit utilization — the amount of your credit limit you are using. If you normally use 30 percent of your limit and a $500 cash advance pushes you to 50 percent, your score may drop slightly. The drop is usually temporary and recovers once you pay the balance down.
Can I get a cash advance on a debit card?
No. Debit cards draw directly from your bank account and do not have a credit line. You can withdraw money from an ATM using a debit card, but that is not a cash advance — it is just accessing your own money. There is no fee or interest.
What is the difference between a cash advance and a balance transfer?
A cash advance gives you cash in hand. A balance transfer moves money from one credit card to another, or from a credit card to a bank account via a check or app. Both charge fees and interest, but balance transfers sometimes offer promotional rates. Cash advances never do.
Can I use a credit card cash advance to pay off another credit card?
Technically yes, but it is a bad idea. You would pay a 3 to 5 percent cash advance fee, then use that cash to pay another card. You are paying a fee to move money between your own accounts, which makes no sense. Instead, use a balance transfer check or a balance transfer offer from the card you want to pay off.
How much can I withdraw as a cash advance?
Most issuers set a cash advance limit that is lower than your total credit limit — often 20 to 50 percent of your credit line. If your credit limit is $5,000, your cash advance limit might be $1,000 to $2,500. Call your issuer or log into your account online to find out your specific limit.