Example: If you take $500 from an ATM, you’ll pay a $15 cash advance fee right away. Some ATMs may charge an additional $3 fee. If you pay it off in 30 days, you’ll accrue around $11 in interest. This makes your $500 cash withdrawal cost $529. Here’s a quick breakdown below.
Capital One makes it easy for cardholders to withdraw cash at an ATM or at a bank teller. But unlike most other card providers, Capital One makes cash advances slightly cheaper with a lower fee and lower APR.
Despite that, cash advances are still an expensive option and should be used only in emergencies when there are no better options.
How to get a Capital One cash advance
To perform a cash advance, you’ll need your Capital One credit card. Once you have it, here’s how to take cash from an ATM:
- Call 800-227-4825 or log in to your online account and request a PIN if you don’t have one.
- Go to participating ATMs.
- Enter the amount you wish to withdraw.
Note: If you want to make a cash withdrawal without a PIN, visit a bank branch and carry your card and a photo ID. Request a cash advance from the bank teller.
What purchases does Capital One consider cash advance?
Aside from cash withdrawals from an ATM or a bank, Capital Onee considers the following transactions to be cash advances:
- Wire transfers
- Travelers’ checks
- Money orders
- Foreign currency
- Lottery tickets
- Gaming chips
Capital One cash advance fee
Cash advances from Capital One are slightly cheaper compared to other card providers. But that still doesn’t mean it’s a good option.
Making cash advance transactions with your Capital One card will cost you:
- A 3% fee of the amount with a $10 minimum.
- The average cash advance APR is 23.74% but it could vary between cards.
|Cash advance fee||$15|
|30-day cash advance APR||$3 to $11, depending on creditworthiness and credit card|
|Total||$521 to $529|
Cash advances are a last resort.
The fees, high interest and limit on cash advances makes them poor choices for your financial health. You should turn to cash advances only when you have no other options. If you need to use a cash advance, use our cash advance calculator to see how much it will cost you in the long run.
Cash advance alternatives
Before you turn to a cash advance, consider 0% APR credit cards or balance transfer cards. These options can help you avoid interest on new purchases or existing debt, saving you cash if you use them correctly.
Capital One cash advances are less expensive than other card providers’, but the money you’ll save on fees is negligible if you’re making small cash withdrawals. This still makes a cash advance an expensive option and you should only consider it if you can’t get a cheaper loan.
There are some credit cards that come with minimal or no fees when it comes to cash advances. If that’s what you need, compare credit cards with $0 cash advance fees and low cash advance APR.
Frequently asked questions
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