How To Get Cash From a Credit Card - By: Brooks Carver

The first way to get cash from a credit card is the most obvious. You can go to the ATM. Most credit card companies will not issue a PIN number with the credit card when you open it because its not very common for people to pull cash off their card. More than likely you will need to call the phone number on the back of your card and request a PIN number. They will send you a random typically 4 digit number that you can change to whatever you want once you receive it. You can now make your way to the ATM and pull cash out just like you would with a debit card. A lot of banks have something called multiple account access. If your checking account is with the same bank as your credit card, you may be able to pull cash from your credit card by accessing the ATM with your debit card. This actually happens by mistake pretty often and people tend to request the multiple account access be removed.

The next way is to request to get cash from a credit card over the phone. Some financial institutions may be able to put cash in your checking account regardless of what bank the checking account is from. Most banks however will require that your checking account be with their bank before they do it over the phone. Typically when you do it over the phone the funds are available to you instantly.

You can also request cash over the internet. This works similar to the phone advances. Typically you will have to have a checking account with the same bank as your credit card before you can do an advance online.

A lot of banks will send you promo checks. These are the best way and the only way I will do an advance. A lot of times it will be at a much lower rate for a certain duration of time. Some of these checks are even for life of balance. Simply write the check out to yourself and go down to the bank and pull the money out. It is kind of a round about way to pull cash off the card at a promo rate. Remember to read the details these checks almost always have a fee, which is usually 3-5%.

You can go to any bank branch and get a cash advance off your credit card. You will probably be required to provide a photo ID. Remember that the credit card company will charge you a fee and usually the branch you pull from will also charge you a fee. If you can go to a branch of the bank the credit card is issued from this would be the best way.

Cash advances can be very convenient but please do not do this without speaking with your financial institution first. They will be able to tell you about the fees involved and how high the interest rate will be. Typically anytime you do a cash advance the APR is going to be in the low to high 20's. Cash is a high risk to the bank and they will keep it at a very high rate. That is why I will only do advances with checks at promo rates.

Cash advances always accrue interest daily. Keep in mind that even if you plan on paying off the cash advance in full by the due date you will get charged interest from the day you take it out until the day you pay it off.

Their are types of accounts that are made specifically for cash advances. I have seen different names for these accounts. Typically a reserve line will be specially for over draft protection. Which is when you over draft in your checking account the bank will advance money from a line of credit to cover it. These advances are usually a 23-200 dollar minimum. So you go over by 5 bucks and you end up advancing $200 in some cases. Their are also premier lines and credit lines. These types of accounts are geared for cash and the cash rate and purchase rate will be the same. The cash rate on these are always much lower than a typical credit card. Ask your financial institution about how you can get into one of these cards if you regularly take out cash.

One last thing to consider about cash is that it will never earn you any rewards points. Banks quit allowing this because people would pull cash and use that cash to pay it back off and earn the points. They could do this over and over earning unlimited amounts of points with very little consequence.

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