Capital One credit card cash advances offer customers a way to access funds when they may not have enough money in their bank accounts for a cash-only expense. While these advances can be a lifesaver in emergencies, they often come with high fees and interest rates, which should be taken into consideration before using this service.
Obtaining a cash advance from Capital One is a straightforward process, but it’s essential to be aware of the potential fees and the impact it may have on your credit score. Customer service is available at 1-800-227-4825 to help with any questions and assess the creditworthiness of customers seeking a cash advance.
Table of Content
- 1 What is a Cash Advance?
- 2 How to Get a Cash Advance from Capital One Credit Card
- 3 What You Need to Know Before Getting a Cash Advance
- 4 List of Popular Capital One Cards Offering Cash Advances
What is a Cash Advance?
A cash advance is a service that enables you to access cash using your credit card. Rather than making purchases directly with your credit card, you can request cash based on your available credit. Though ATMs are the most common method to obtain a cash advance, you can also request one in a bank branch.
This option becomes helpful when using cash is the only option, such as when purchasing a money order. If you don’t possess a debit card or sufficient funds in your checking account, a cash advance becomes a viable alternative to acquire the necessary cash.
However, obtaining cash through a debit card or checking account is generally a more favorable choice compared to requesting a cash advance from a credit card. The reasons are that cash advances often involve fees and high interest rates, with interest starting to accrue once the transaction is completed.
If you need to cover an expense and cannot afford it from your checking account, consider opting for a personal loan instead of a cash advance. Personal loans tend to have lower interest rates in comparison to cash advances, thus potentially saving you a considerable sum in the long run.
But what happens if you don’t have a Capital One credit card? Don’t worry, you just need to apply for any suitable Capital One credit card that offers cash advances. We have a dedicated article on “Capital One Credit Card Application” (those who already have pre-approval for a credit card, then follow the further process via getmyoffer.capitalone.com).
How to Get a Cash Advance from Capital One Credit Card
To acquire a cash advance using your Capital One credit card, locate an ATM, whether in-network or out-of-network. Keep in mind that non-Capital One and non-AllPoint® network ATMs might impose extra fees for Capital One card usage.
Insert your Capital One card into the ATM and input your PIN. Choose the cash advance option, which may involve selecting “Credit” first, then proceed with the required steps for your transaction.
If you lack a PIN, consider visiting a bank branch with either a Visa or Mastercard logo displayed. In this case, a teller can process your cash advance. Bring along your Capital One card and a government-issued photo ID, like a driver’s license.
After completing the cash advance, you’ll receive your funds from the ATM or the bank teller. It’s essential to repay this cash advance promptly, as cash advances usually carry higher interest rates compared to regular credit card charges.
What You Need to Know Before Getting a Cash Advance
Be Ready for Additional Fees
Cash advances often include fees, so expect to pay extra when withdrawing cash at an ATM. Capital One, for instance, charges a cash advance fee of either $10 or 3% of the cash advance amount, whichever is greater.
Higher Interest Rates for Cash Advances
Cash advances may have higher interest rates compared to regular purchases. However, some Capital One cards have the same interest rate for both purchases and cash advances. It’s essential to read the terms and conditions of your card to understand the interest rates.
Interest on Cash Advances Starts Immediately
Unlike purchases on credit cards, there is no grace period for cash advances. Interest starts accumulating from the day of the transaction, and you won’t be able to pay off the advance without accruing interest.
Daily Limits on Cash Advance Amounts
There is a cash advance limit on Capital One cards, which is typically lower than your credit limit or available credit. Additionally, ATMs may have their own daily limits on cash advances. To stay within your limit, you may need to spread cash advances over several days.
Card PIN Required for Cash Advances
You’ll need your credit card PIN to complete a cash advance at an ATM. If you don’t remember your PIN, you can request a new one.
List of Popular Capital One Cards Offering Cash Advances
Every current Capital One credit card offers cash advances, covering popular cash back, travel, and business credit cards. Below is a summary of the cash advance fees and variable 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%||26.99%|
|Capital One Venture Rewards Credit Card||Yes||$10 or 3%||23.99%|
|Capital One VentureOne Rewards Credit Card||Yes||$10 or 3%||24.99%|
|Capital One Quicksilver Cash Rewards Credit Card||Yes||$10 or 3%||24.99%|
|Capital One QuicksilverOne Cash Rewards Credit Card||Yes||$10 or 3%||26.99%|
|Capital One Savor Cash Rewards Credit Card||Yes||$10 or 3%||24.99%|
|Capital One SavorOne Cash Rewards Credit Card||Yes||$10 or 3%||24.99%|
|Journey Student Rewards from Capital One||Yes||$10 or 3%||26.99%|
|Capital One Platinum Secured Credit Card||Yes||$10 or 3%||26.99%|
|Capital One Spark Cash for Business* (No longer available)||Yes||$10 or 3%||26.99%|
|Capital One Spark Cash Select – $500 Cash Bonus||Yes||$10 or 3%||26.99%|
|Capital One Spark Miles for Business||Yes||$10 or 3%||26.99%|
|Capital One Spark Miles Select for Business*||Yes||$10 or 3%||26.99%|
|Capital One Spark Classic for Business*||Yes||$10 or 3%||26.99%|
*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.
Remember, cash advances can be an expensive way to borrow money; however, they allow individuals to access funds quickly in emergency situations. It’s essential to understand the fees and interest rates of each card before opting for a cash advance.