Uncover the Benefits of Cash Advances with Capital One

Uncover the Benefits of Cash Advances with Capital One and explore how this convenient option can provide you with the financial flexibility you desire. Discover the advantages of obtaining a cash advance with Capital One and learn about the essential factors to consider before making your request. Find out how Capital One can help you meet your financial needs with their cash advance services.

Explore the advantages of obtaining a cash advance with Capital One and learn about the essential factors to consider before making your request. Discover how Capital One cash advances can provide the financial flexibility you desire.

A Capital One credit card cash advance is one way to get cash when you really need it youre 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.

How do you get a Capital One cash advance? Is there a Capital One cash advance fee? Lets take a closer look at how Capital One cash advances work and what you should consider before you request one.

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 youre buying a money order, for example, youll need to pay in cash, and if you dont have a debit card (or dont have enough funds in your checking account to use your debit card), you can use a cash advance to get the money you need.

Its generally better 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 youre thinking about requesting a cash advance because you need to cover an expense that you cant pay for out of your checking account, you might want to consider a personal loan instead. In many cases, personal loans charge lower interest rates than 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.

Insert your Capital One credit card into the ATM and enter your cards PIN. Select the Cash Advance option (you may have to select Credit first) and follow the steps to request a cash advance.

If you want to make a cash advance but dont have your 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 youll need is your Capital One credit card and a government-issued photo ID, such as a drivers license.

Once your cash advance is complete, youll receive your cash from the ATM or bank teller. Do your best to pay back your cash advance as quickly as possible, since cash advances often come with higher interest rates than standard credit card charges.

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. Heres 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 $10 or 3 percent of the amount of each cash advance, whichever is greater.

Cash advances may come with higher interest rates

Cash advances also come with cash advance interest rates, which are often higher than the interest rates youll pay on purchases. If you have the Capital One Quicksilver Cash Rewards Credit Card, for example, youll get an introductory 0 percent APR on purchases for 15 months, followed by a variable APR of 14.99 percent to 24.99 percent, depending on your creditworthiness but the cash advance APR is 24.99 percent variable, even if you take out a cash advance during the introductory APR period.

That said, some Capital One credit cards dont charge higher interest rates on cash advances. If you have the Journey Student Rewards from Capital One, your purchase APR and cash advance APR are both 26.99 percent. Read your credit cards terms and conditions to know whether youll pay a higher interest rate on cash advances.

Cash advance interest starts right away

Unlike credit card purchases, theres no grace period associated with cash advances. Your cash advance will start accruing interest from the day you make the transaction, and you wont 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 into your Capital One account, selecting the credit card youd like to use for your cash advance and then selecting View Details. (The Capital One mobile app does not include your cash advance limit, so make sure you complete these steps in-browser.)

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.

Youll need your card PIN

Before you can complete a Capital One cash advance at an ATM, youll need your credit card PIN. If you dont remember your PIN, you can request a new one.

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.

Heres a breakdown of the cash advance fees and APRs associated with each card:

Card Name:	Cash Advance offered?	Cash Advance Fee	Cash Advance APR (variable)
Capital One Platinum Credit Card	Yes	$10 or 3 percent	26.99 percent
Capital One Venture Rewards Credit Card	Yes	$10 or 3 percent	23.99 percent
Capital One VentureOne Rewards Credit Card	Yes	$10 or 3 percent	24.99 percent
Capital One Quicksilver Cash Rewards Credit Card	Yes	$10 or 3 percent	24.99 percent
Capital One QuicksilverOne Cash Rewards Credit Card	Yes	$10 or 3 percent	26.99 percent
Capital One Savor Cash Rewards Credit Card	Yes	$10 or 3 percent	24.99 percent
Capital One SavorOne Cash Rewards Credit Card	Yes	$10 or 3 percent	24.99 percent
Journey Student Rewards from Capital One	Yes	$10 or 3 percent	26.99 percent
Capital One Platinum Secured Credit Card	Yes	$10 or 3 percent	26.99 percent
Capital One Spark Cash for Business (This card is no longer available)	Yes	$10 or 3 percent	26.99 percent
Capital One Spark Cash Select $500 Cash Bonus	Yes	$10 or 3 percent	26.99 percent
Capital One Spark Miles for Business	Yes	$10 or 3 percent	26.99 percent
Capital One Spark Miles Select for Business	Yes	$10 or 3 percent	26.99 percent
Capital One Spark Classic for Business	Yes	$10 or 3 percent	26.99 percent

The information about the Capital One Savor Cash Rewards Credit Card, Capital One Spark Classic for Business, and Capital One Spark Miles Select for Business have been collected independently by Bankrate.com. The card details have not been reviewed or approved by the card issuer.

Thanks to Source