How to get a cash advance with Capital One

A Capital One credit card cash advance is one way to get cash when you really need it — you’re essentially borrowing cash from your line of credit and promising to pay it back later.

Although cash advances are rarely your best option due to their high fees and even higher interest rates, taking out a cash advance can help you in a situation where you might not have enough money in your bank account to cover a cash-only expense.

Let’s take a closer look at how Capital One cash advances work and what you should consider before you request one — including a breakdown of fees you face with cash advances.

What is a cash advance?

A cash advance allows you to get cash from a credit card. Instead of using your credit card to make purchases, you request an advance on your credit limit in cash. Most people use ATMs to get cash advances, although you can also request a cash advance inside a bank branch.

A cash advance lets you use cash in situations where credit cards are not accepted. If you’re buying a money order, for example, you’ll need to pay in cash, and if you don’t have a debit card (or don’t have enough funds in your checking account to use your debit card), you can use a cash advance to get the money you need.

It’s generally better, however, to get cash from a debit card or checking account than to request a cash advance on a credit card. Cash advances come with fees and high interest rates, and cash advance interest begins to accrue as soon as the transaction is completed.

If you’re thinking about requesting a cash advance because you need to cover an expense that you can’t pay for out of your checking account, you might want to consider a personal loan instead. In many cases, rates for personal loans are lower than those for cash advances, which means the right personal loan could save you a lot of money over time.

How to get a cash advance with Capital One

To get a Capital One credit card cash advance, start by finding an ATM. You do not need to use a Capital One ATM to get a cash advance, although ATMs that are not in the Capital One or AllPoint networks may charge you an additional fee for using a Capital One credit card.

You’ll follow three basic steps:

1. Insert your Capital One credit card into the ATM and enter your card’s PIN.
2. Select the “Cash Advance” option (you may have to select “Credit” first).
3. Follow the steps to request a cash advance.

If you want to make a cash advance but don’t have your PIN, you can request one online by following these steps:

1. Log into your Capital One account and select the credit card you wish to use for a cash advance.
2. Select the “I want to…” menu button with the gear icon next to it.
   

3. Scroll to the “Control Your Card” section and choose “Get a Cash Advance PIN.”
   
   

   

   
   

4. Choose to either get your PIN in the mail or get it immediately by using a security code and your phone
   

   

5. Select “Get a PIN” and follow the rest of the instructions.

If you don’t want to deal with a PIN, try going inside the bank branch. If the bank lobby displays the Visa or Mastercard logo, you should be able to take out a cash advance with a bank teller. All you’ll need is your Capital One credit card and a government-issued photo ID, such as a driver’s license. After your cash advance is complete, you’ll receive your cash from the ATM or bank teller. 

What you need to know before getting a cash advance

Cash advances can help you out in a pinch, but they can also cost you a lot of money. Here’s what you need to know before you get a cash advance:

Be prepared to pay a fee

Cash advances come with cash advance fees, so be prepared to pay a little extra for the privilege of withdrawing cash from the ATM. The Capital One cash advance fee is either $5 or 5 percent of the amount of each cash advance, whichever is greater.

Cash advances come with higher interest rates

Cash advances also come with cash advance interest rates, which are often higher than the interest rates you’ll pay on purchases. 

If you have the Capital One Quicksilver Cash Rewards Credit Card, for example, you’ll get an introductory 0 percent APR on purchases and balance transfers for 15 months, followed by a 19.99 percent to 29.99 percent variable ongoing APR that depends on your creditworthiness — but the cash advance APR is 29.99 percent variable, even if you take out a cash advance during the introductory APR period.

Cash advance interest starts right away

Unlike purchases with most credit cards, there’s no grace period associated with cash advances. Your cash advance begins accruing interest from the day you make the transaction, so you won’t have the opportunity to pay off your cash advance interest-free.

There is a limit to how much you can take out daily

Capital One credit cards come with a cash advance limit, which is often lower than your credit limit or available credit. You can find your cash advance limit by logging in to your Capital One account, selecting the credit card you’d like to use for your cash advance and then selecting “View Details.” (The Capital One mobile app does not include your cash advance limit, unfortunately.)

ATMs may also have additional limits on the amount of cash you can withdraw in a cash advance. These tend to be daily limits, so you should be able to take out multiple cash advances over a few days as long as you stay within your limit.

Which Capital One cards offer cash advances?

All Capital One credit cards currently offer cash advances, including several popular cash back credit cards, travel credit cards and business credit cards.

Here’s a breakdown of the cash advance fees and APRs associated with each card:

The bottom line

Getting a cash advance from your Capital One card is a straightforward process, especially since all Capital One credit cards allow cash advances and charge the same cash advance fee. You should be able to get your cash advance at an ATM, provided you have a PIN ready. If you need to request a PIN, the process gets a little more complicated, but is nevertheless easy to do online through your account. You can also go to a bank and work with a teller if you can’t get a PIN.

Just be careful — any cash advance you get from your card will come with a cash advance fee and a hefty APR that kicks in right away. This means that your balance will start accruing interest with no grace period, so you should only get a cash advance if you know you’ll be able to pay it off quickly.