If you have a Capital One credit card then you can use the card to get a cash advance. A cash advance will allow you to get a small loan using your credit card from a bank or ATM. So what you have to do is, find an ATM to get a cash advance with Capital One.
Key Takeaways
- If you have a Capital One credit card then you can request an advance on your credit limit and it can be very handy in situations where you won’t be able to use your credit card
- Capital One cash advances come with fees and high-interest rates
- You can get a cash advance with your Capital One credit card from any ATM that uses AllPoint networks
- The Capital One cash advance fee is $10 or 3 percent which is greater
What is a Cash Advance?
A cash advance is a process of getting advance funds using your credit card either through an ATM or over the counter at a bank. Nowadays, most banks and financial institutes offer cash advances for their credit card users. If you have a Capital One credit card then you can request an advance on your credit limit in cash. Here, you don’t have to use your credit card to make any purchase. A cash advance can be very handy in situations where you won’t be able to use your credit card. For example, if you want to buy a money order then you won’t be able to use a credit card, here you have to make the payment in cash. So, in this type of situation, you will be able to use the cash advance. However, you should understand that cash advances come with fees and high-interest rates. When y7ou make a transaction using the cash advance, the interest begins to accrue.
How to Get a Cash Advance with Capital One
If you want to get a cash advance with your Capital One credit card then you have to find an ATM first. You can either use a Capital One ATM or any other ATM that uses AllPoint networks. But you should keep in mind that 3rd party ATMs can charge you an additional fee for using a Capital One credit card. If you have located an 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
On the other hand, if you don’t have your credit card PIN then you have to visit the nearest Capital One branch to request a cash advance. Now look for 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. Go to the cash counter and show your Capital One credit card and a government-issued photo ID like your driving license. Once the process is completed you will receive the cash advance from the bank teller. If you take any cash advance then make sure you pay back your cash advance as quickly as possible because cash advance comes with higher interest rates than the usual credit card rates.
List of Capital One Cards that Offer Cash Advance
| Credit 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 Venture One 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 Quicksilver One 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 | 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 |
What to Consider before Getting a Cash Advance
A cash advance can help you overcome your short-term financial problems but it will also cost you some extra money. Therefore, you should know the below things before you get a cash advance.
1. Prepare for Additional Fees
If you are planning to get a cash advance using your Capital One credit card then be ready to pay the cash advance fees and interest rates. You have to pay a minimum fee of $10 or 3 percent of the total amount of your cash advance, which one is greater!
2. Prepare to Pay Higher Interest Rate
If you want to get a cash advance then you should know that you have to pay a higher interest rate than the usual credit card interest rate. For example, if you have Capital One Quicksilver Cash Rewards Credit Card and if you want to get cash advance with this card then you’ll get an introductory 0 percent APR on purchases for at least 15 months. There will be a variable APR of 14.99 percent to 24.99 percent and it totally depends on your variable APR of 14.99 percent to 24.99 percent. However, the cash advance APR will remain 24.99 percent even if you take out a cash advance during the introductory APR period. Therefore, make sure you read the terms and conditions of your credit card before applying for a cash advance.
3. The Interest Starts Right Away
Another important factor about cash advance is, that when you use your cash advance, the interest starts immediately. In fact, there is no grace period associated with cash advances. So, there is no way you can pay off your cash advance interest-free.
4. Limit on Cash Advance
There is a limit on how much you can get a cash advance. So, it means you won’t get a cash advance at any amount you want. Usually, the cash advance limit is lower than the credit card limit. You can easily find the cash advance limit of your credit card by logging into your Capital One account. Moreover, if you want to take cash advance using ATM then there are also some additional limits on how much you can withdraw as a cash advance. Usually, the daily limits are the cash withdrawal limits so you will be able to take out multiple cash advances for a few days!
FAQs about How to Get A Cash Advance with Capital One
Does a cash advance hurt your credit?
Usually, a cash advance doesn’t directly affect your credit score. Moreover, your credit history doesn’t show you have taken any cash advance. But, you should know that the cash advance balance will be added to your credit card debt and it can hart your credit score by pushing your credit utilization ratio.
Does Capital One allow cash advances?
Yes, Capital One bank allows cash advances. If you have a capital one credit card then you can easily get the cash advance from the ATM or any Capital One bank branches. You have to provide your credit card, and valid photo ID to get a cash advance from the Capital One branch. On the other hand, you will need your credit card and PIN to get cash advances from ATMs.
Can I get a Capital One cash advance at any ATM?
You will be able to get Capital One cash advance from any capital One ATM as well as from other ATMs that use AllPoint networks. You should keep in mind that using 3rd party ATMs might cost you a little extra money as you have to pay the ATM fees.
Can I do a Capital One cash advance online?
Yes, you can do a Capital One cash advance online. But you will need your Capital One online banking account, credit card number, and PIN to get the cash advance online.
Why is it a bad idea to get a cash advance on your credit card?
There are a few reasons, it’s a bad idea to get a cash advance using a credit card. This is because it can hurt your credit score. Moreover, a cash advance will cost you more money because you have to pay additional fees as well as a high-interest rate. Therefore, it’s not ideal to get a cash advance with your credit card.
Why do I have a cash advance fee?
When you request a cash advance using your credit card you have to pay an extra fee. Basically, this is a service charge that you have to pay to the card-issuing company. Depending on the card-issuing company the cash advance fee can be a percentage of the cash advance amount or a flat fee.
References:
https://wallethub.com/answers/cc/capital-one-platinum-cash-advance-2140665947/
https://www.bankrate.com/finance/credit-cards/how-to-get-a-cash-advance-with-capital-one/
Last Updated on November 7, 2022 by Magalie D.
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.
