Capital One Cash Advance Limit (The Withdrawal and Deposit Limit)

Capital One Cash Advance Limit

Capital One bank allows its credit cardholders to take cash advances using their Capital One credit card. However, you won’t be able to withdraw any amount you want because Capital One puts a cash advance limit. Usually, the Capital One cash advance limit is 30% to 50% of the total credit limit of a credit card. Therefore, the Capital One cash advance limit will vary from one credit card holder to another!

What is Capital One Cash Advance?

What is Capital One Cash Advance

The cash advance feature from Capital One is a process that allows a Capital One credit card holder to withdraw advance funds using a credit card either through an ATM or over the counter at a bank. Depending on your creditworthiness you will be able to withdraw 30 to 50 percent of your credit card limit. However, you should keep in mind that if you take cash advance using your Capital One credit card then you have to pay a fee of either $10 or 3% of the amount of each cash advance, whichever is greater. A cash advance can be handy in situations where you won’t be able to use your credit card. However, you should keep in mind that a cash advance will; cost you extra money because you have to pay a fixed fee as well as there would be an additional interest charge.

List of Capital One Cards with Cash Advance Limit

Credit Card NameCash Advance offered?Cash Advance FeeCash Advance APR (variable)
Capital One Platinum Credit CardYes$10 or 3 percent26.99 percent
Capital One Venture Rewards Credit CardYes$10 or 3 percent23.99 percent
Capital One Venture One Rewards Credit CardYes$10 or 3 percent24.99 percent
Capital One Quicksilver Cash Rewards Credit CardYes$10 or 3 percent24.99 percent
Capital One Quicksilver One Cash Rewards Credit CardYes$10 or 3 percent26.99 percent
Capital One Savor Cash Rewards Credit CardYes$10 or 3 percent24.99 percent
Capital One SavorOne Cash Rewards Credit CardYes$10 or 3 percent24.99 percent
Journey Student Rewards from Capital OneYes$10 or 3 percent26.99 percent
Capital One Platinum Secured Credit CardYes$10 or 3 percent26.99 percent
Capital One Spark Cash for BusinessYes$10 or 3 percent26.99 percent
Capital One Spark Cash Select – $500 Cash BonusYes$10 or 3 percent26.99 percent
Capital One Spark Miles for BusinessYes$10 or 3 percent26.99 percent
Capital One Spark Miles Select for BusinessYes$10 or 3 percent26.99 percent
Capital One Spark Classic for BusinessYes$10 or 3 percent26.99 percent

How do Capital One Cash Advance Works?

A credit card cash advance allows you to use your credit line to get some cash when you need it. If you only carry a credit card to your day-to-day shopping then in some cases you might need cash. For example, if you want to buy some food from street shops then you will need cash. In this type of situation cash, an advance feature can be a great help for you. You can take cash advance directly from the ATM using your credit card or you can also visit the nearest bank branch to withdraw cash advance. Your cash advance limit will depend on your credit card limit. At Capital One Bank you are allowed to take 30% to 50% of your credit limit as a cash advance. For example, if your credit card limit is $10,000 and if your cash advance limit is 30% then you can withdraw $3,000 as cash advance using your Capital One credit card.

How to Get a Cash Advance with Capital One?

How to Get a Cash Advance with Capital One

If you have a Capital One credit card then there are some easy ways you will be able to get a cash advance. The simplest way is to get a cash advance from a Capital One ATM. So, find a Capital One ATM first. You should keep in mind that you can use a Capital One ATM or any other ATM that uses AllPoint networks to get a cash advance. However, if you use a 3rd party ATM, then you might have to pay an additional fee. If you find a Capital One ATM then follow the below steps – 

  • First, insert your Capital One credit card into the ATM
  • Next, enter your credit card’s PIN
  • Now from the available options select “Cash Advance”
  • Then follow the onscreen instructions to request a cash advance

However, if you forget your Capital One credit card PIN or if you don’t have the PIN then the only way you will be able to get a cash advance is to visit the nearest Capital One branch to request a cash advance. When you are in the bank, try to locate the bank lobby that displays the Visa or MasterCard logo because you will be able to take out a cash advance from that bank teller. Now go to the cash counter and show your capital one credit card as well as a government-issued photo ID like your driving license. The cashier will verify your identity and then give you the cash advance. After taking the cash advance you should try to pay back your cash advance as quickly as possible. This is because cash advance has a higher interest rate than the usual credit card rates.

Can Cash Advances on Credit Card Affect Your Credit Score?

Usually, a cash advance doesn’t affect the credit score and a cash advance won’t be shown on your credit report. So, it is quite clear that taking a cash advance using a credit card won’t affect your credit score. However, you should keep in mind that a cash advance does count towards your credit utilization and it will increase your credit card debt. So, it might affect your credit score if your credit utilization ratio rises too high due to a cash advance. If your credit utilization ratio claims above 30% then it will definitely affect your credit score. Moreover, a cash advance can lower your credit score if you fail to make the payments in time. So, think carefully before taking a cash advance using your Capital One credit card.

FAQs about Capital One Cash Advance Limit

When you should take a cash advance using your credit card?

If you are not able to use your credit card but you need emergency cash then you can take a cash advance using your credit card. However, Cash Advance comes with some cost therefore, you should not take a cash advance for situations that you can handle in other ways. You should only take a cash advance when there is no option left for you.

How can I get a Capital One Quicksilver cash advance?

In order to get a Capital One Quicksilver cash advance, you will need a Capital One Quicksilver credit card and the PIN of the card. If you have the Capital One Quicksilver credit card and the PIN then you can easily get the cash advance from ATM.

What’s the Capital One Platinum credit limit?

The answer to this question depends on your creditworthiness. So, your Capital One platinum credit limit could be at least $300 or more. So, if you have a Platinum credit card then you’re guaranteed at least a $300 spending limit. If you have a good credit score and income then your Capital One platinum card’s credit limit will be much higher.

What is the ATM withdrawal limit of Capital One Bank?

The answer to this question depends on what type of Capital One account you have. Below is the standard limits for some Capital One account:

  • 360 Checking: $1,000 per day
  • Money accounts (account owner is less than 18 years old): $500 per day
  • Non-360 products: $600 per day

What is the alternative to Cash Advance?

If you are not sure whether you should get a cash advance or not then below are some alternatives to a cash advance:

  • Borrow money from your friends or family members
  • Apply for a bank loan (if you need large funds)
  • Take money from the emergency fund

References:

https://www.capitalone.com/support-center/credit-cards/cash-advance/
https://wallethub.com/answers/cc/capital-one-cash-advance-limit-2140684073/

Last Updated on August 7, 2022 by Ana S. Sutterfield

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