You can quickly get cash securely with just a credit card number first through your bank teller. Secondly, you can get money by issuing access checks and cashing them through your bank teller. The third option is using a secure app and processing the transactions via your mobile device and an ATM.
Credit cards are meant for making purchases. But, many credit card companies allow the withdrawal of money from the card through a cash advance in an emergency. Unfortunately, a cash advance may have higher APRs as compared to balance transfers or purchases. Plus, interest starts accruing on them right away, and they often have fees. So, you might want to think it through before going for cashing a credit card.
But, whichever of the three ways you use above, it will surely get you money. Sometimes credits card does come handy, and it’s a good thing you can get cash advance.
Read on to stay informed!
Jump To A Section
- 1 How To Get Cash With Just Your Credit Card Number?
- 2 Things You Need To Consider Before Taking A Cash Advance
- 3 How Can I Repay The Cash Withdrawn From My Credit Card?
- 4 What Does ‘Card-Not-Present In Fraud’ Means?
- 5 Different Ways Credit Card Number Can Be Stolen
- 6 What Do You Need To Do If Your Credit Card Number Is Stolen?
- 7 Final Thought!
How To Get Cash With Just Your Credit Card Number?
Sometimes, you might need emergency cash, and since you have a credit card, it may seem a good option at the moment. But, then again you don’t remember your PIN. It sounds so confusing because you know your PIN by heart at a certain point, and boom, the next minute, you can’t even recall a single digit.
It can be so devastating, especially when you need money urgently through a credit card. It’s pretty normal actually to have memory lapses; there’s nothing to worry about. There are various ways to get cash with just your credit card number.
Check them below:
Through Your Bank Teller
We are all familiar with the old-school practice of going to the bank for transactions and coordinating with a bank teller. Even though the advanced technology minimizes face-to-face transactions, you need human intervention to process some transactions or services. Having only the credit card number is one such circumstance. Here is the process:
Please Fill Out The Form: To begin such transactions, the bank teller will present a form and ask you to fill it out. Some of the details you’ll require include; the account number, your credit card number, and the amount of cash advance you would like to get.
Present Legal ID: The bank teller will ask you to present your legal/valid identification card. Be sure to bring them along whenever you go to the bank. Always bring with you two government-issued IDs.
Wait For Your Cash Advance Request Processing: After handing in the filled form and presenting your ID to the teller, you need to wait. The bank teller will proceed to process your cash advance request after confirming the necessary details. Waiting time will depend on various circumstances based on individual card details, the number of people in need of such service at that particular time, among other things. But, in most cases, it should take you a minute or two when everything is okay.
Once your bank teller validates your request, he will hand you over the cash and allow you to acknowledge it by signing the form.
By Cashing Convenience Or Access Checks
Access check is also known as convenience checks. They are blanks checks that draw on the customer’s credit line rather than the checking account.
Many issuers send access checks to their banks without confirming if they are qualifying for the cash advance or not. You should contact your credit card company’s customer service and ask for confirmation regarding your eligibility. After you’ve confirmed your eligibility, you can visit your bank to cash your check. The transactions are not supposed to take a long time. It should be a minute or two, although it depends on circumstances also.
However, it would help to keep in mind that getting cash via access checks might incur high fees. These fees include APRs (annual percentage rates) plus others. Access checks also don’t have grace periods, so failing to pay your balances immediately costs you more on interest charges.
Using A Secure App On Your Mobile Device And The ATM
Secure app on your mobile device is the latest way of withdrawing cash from an ATM; this also includes getting the cash advance from the ATM.
BMO financial technology is one of the financial services companies have launched. You need to go to an ATM with your mobile device. In this technology, all your transactions with the ATM are controlled by encrypted data on your smartphone. You’ll input the data on your smartphone. For credit cards, you’ll put the credit card number.
To verify the legitimacy of your transactions, they’ll use a QR code that appears on the ATM’s screen. ATM will dispense your cash once the validation is complete and all other details regarding the transaction are deleted. Since there are no traces, it makes this type of transaction very secure.
Things You Need To Consider Before Taking A Cash Advance
As a cardholder, you should pay off your credit card balances each month to avoid paying more interest. Cash advances also need to be paid off as quickly as possible to avoid more interest and falling into debt. Here are the considerations to make before taking credit card cash advance;
Usually, interest rates for cash advances are higher than those for regular purchases. Many credit card companies don’t offer a grace period for any cash advances taken. It means you’ll not get time to pay off the balances before the interest starts accruing. So, the interest will accrue on the day the cash withdrawal is made. You’ll face a considerable risk for exponential debt growth if you don’t pay off quickly your cash advances balances.
One-Time Advance Fees
Credit card companies charge typically a one-time fee of 3%- 5% or $8 to $10-every time you withdraw money from an ATM. Your card terms and conditions describe the exact fees being charged. Please read them carefully before applying for the card or making a cash advance withdrawal.
An ATM fee and cash advance fee can quickly add to your debt, making it difficult to pay off on time. If it’s not necessary, it’s better to avoid getting a cash advance through your credit card.
Negative Outcome On Credit Scores
If you take cash advance even once and do not pay it off quickly, your credit scores will decrease. Similar to regular purchases, a cash advance will lower your available credit. If you don’t pay up your cash advance on time, your interest will continue accruing daily. It can skyrocket if you ignore and in the process, it will decrease your credit scores.
Lenders view cardholders as a credit risk whenever they apply for a new card, loan, or mortgage. Some landlords may take into account credit when deciding to rent a house, apartment, or room.
How Can I Repay The Cash Withdrawn From My Credit Card?
If you withdraw cash advance on your credit card, you have an option to repay offline or online.
For Offline Repayment –Visit the nearest branch of your credit card issuer and repay via check or cash.
For Online Repayment– Visit the website of your card issuer or bank and repay your debt via mobile wallet, UPI, payment card, or net banking, among others.
What Does ‘Card-Not-Present In Fraud’ Means?
Card details often referred to as ‘card-not-present, is a type of credit card fraud whereby the card number, address, cardholder name, and date of birth are stolen. Mostly, this is where the fraudulent transaction takes place online, and therefore the card was not presented to the merchant during purchase. The thief can use an online database or emails scams to get your card information and transact over the phone or the internet.
Different Ways Credit Card Number Can Be Stolen
Your physical credit card is no longer the target for thieves or hackers. Nowadays, they are more concerned with your credit card details. There are plenty of methods they can get these details through;
1. Phishing Emails– they usually look official, but these fraudulent messages are crafted with the wrong motive.
2. Spyware- Downloading or opening the wrong email can add spyware whose goal is to export your card details.
3. Public Wi-Fi Network- some of these networks are monitored by hackers to get your details.
4. Your Trash- thieves still use even this old method to get your details.
5. Data breaches by various financial institutions or retail businesses
What Do You Need To Do If Your Credit Card Number Is Stolen?
As per the Federal Trade Commission (FTC), you should:
Report the loss of your card to your credit card issuer immediately. You can do so using their 24 hours’ emergency phone number. Do the follow-up via email or letter, including your details. Plus, the time you realize the card or card number has been stolen, and so on.
Most credit card issuers offer 20% to 40% of your total credit limit as a cash limit. This information plus charges are provided on your card’s terms and conditions. Getting cash with just an account number is possible through the three ways discussed in our articles. But, it will cost you more. Make credit cash advance your last option for emergency cases, but if not necessary, it’s a wise financial decision to leave it.
Magalie D. is a Diploma holder in Public Administration & Management from McGill University of Canada. She shares management tips here in MGTBlog when she has nothing to do and gets some free time after working in a multinational company at Toronto.