Withdraw Money From a Credit Card? Here’s How (Sep. 2023)

Can you withdraw money from a credit card? Here’s how this less common use case for credit cards works. And the short answer is, yes, you can use your credit card to take out a little cash in an emergency. But let’s take a look at this scenario in more detail.

Most credit cards have a cash advance option for holders in good standing that allows them to withdraw money from a credit card.

There are, however, a few things to consider when it comes to using your credit card at an ATM, not the least of which is the high price you’ll pay.

There are a number of costs associated with a credit card cash advance, starting with the fee. Most credit cards charge a cash advance fee, which typically range from 3% to 5% of the transaction amount.

Next is the interest. Many credit cards charge a higher APR for cash advances than other types of transaction, with rates pushing 30% not uncommon. Worse, that interest will start accruing as soon as your purchase hits your statement. That’s because, unlike new purchases, there’s no grace period for cash advances.

Earning Cash Back on Purchases Is a Better Idea

Instead of paying exorbitant interest rates and fees on a cash advance, have you considered using a credit card with cash back rewards?

Many issuers today offer credit cards that will give you up to 5% cash back on your purchases, not to mention 0% interest rate introductory period on purchases those purchases. Some even give a cash bonus of $100 or more in the first few months of owning the card.

Here are the top cash back credit cards you could get approved for today:

Bank of America® Customized Cash Rewards credit card

at Bank Of America'ssecure website

CASH BACK RATING

★★★★★

4.9

OVERALL RATING

4.9/5.0

Our Review »

• $200 online cash rewards bonus after you make at least $1,000 in purchases in the first 90 days of account opening.
• Earn 3% cash back in the category of your choice - now with expanded categories, automatic 2% at grocery stores and wholesale clubs (up to $2,500 in combined choice category/grocery store/wholesale club quarterly purchases) and unlimited 1% on all other purchases.
• Newly expanded categories based on Bank of America customer feedback! 3% cash back on Gas (to now include Electric Vehicle Charging (EVC) Stations) and Online Shopping (to now include Cable, Streaming, Internet and Phone Services).
• If you're a Preferred Rewards member, you can earn 25%-75% more cash back on every purchase. That means you could earn 3.75%-5.25% cash back on purchases in your choice category.
• No annual fee and no expiration on rewards.
• 0% Introductory APR for 15 billing cycles for purchases, and for any balance transfers made in the first 60 days. After the intro APR offer ends, 18.24% - 28.24% Variable APR will apply. A 3% fee applies to all balance transfers.
• Contactless Cards - The security of a chip card, with the convenience of a tap.
• This online only offer may not be available if you leave this page or if you visit a Bank of America financial center. You can take advantage of this offer when you apply now.

• See application, terms and details.

Intro (Purchases)	Intro (Transfers)	Regular APR	Annual Fee	Credit Needed
0% Intro APR for 15 billing cycles for purchases	0% Intro APR for 15 billing cycles for any balance transfers made in the first 60 days	18.24% - 28.24% Variable APR on purchases and balance transfers	$0	Excellent/Good

Additional Disclosure: Bank of America is a CardRates advertiser.

Discover it® Cash Back

at Discover Card'ssecure website

CASH BACK RATING

★★★★★

4.9

OVERALL RATING

4.9/5.0

Our Review »

• INTRO OFFER: Unlimited Cashback Match – only from Discover. Discover will automatically match all the cash back you’ve earned at the end of your first year! There’s no minimum spending or maximum rewards. You could turn $150 cash back into $300.
• Earn 5% cash back on everyday purchases at different places each quarter like Amazon.com, grocery stores, restaurants, and gas stations, up to the quarterly maximum when you activate. Plus, earn unlimited 1% cash back on all other purchases - automatically.
• Discover could help you reduce exposure of your personal information online by helping you remove it from select people-search sites that could sell your data. It’s free, activate with the mobile app.
• Every $1 you earn in cash back is $1 you can redeem.
• Get a 0% intro APR for 15 months on purchases. Then 17.24% to 28.24% Standard Variable Purchase APR applies, based on credit worthiness.
• No annual fee.

• See application, terms and details.

See Rates & Fees

Intro (Purchases)	Intro (Transfers)	Regular APR	Annual Fee	Credit Needed
0% Intro APR for 15 months	0% Intro APR for 15 months	17.24% - 28.24% Variable APR	$0	Excellent/Good

Chase Freedom Unlimited®

at Chase'ssecure website

CASH BACK RATING

★★★★★

4.8

OVERALL RATING

4.9/5.0

Our Review »

• INTRO OFFER: Earn an additional 1.5% cash back on everything you buy (on up to $20,000 spent in the first year) - worth up to $300 cash back!
• Enjoy 6.5% cash back on travel purchased through Chase Ultimate Rewards®, our premier rewards program that lets you redeem rewards for cash back, travel, gift cards and more; 4.5% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and 3% on all other purchases (on up to $20,000 spent in the first year).
• After your first year or $20,000 spent, enjoy 5% cash back on Chase travel purchased through Ultimate Rewards®, 3% cash back on drugstore purchases and dining at restaurants, including takeout and eligible delivery service, and unlimited 1.5% cash back on all other purchases.
• No minimum to redeem for cash back. You can choose to receive a statement credit or direct deposit into most U.S. checking and savings accounts. Cash Back rewards do not expire as long as your account is open!
• Enjoy 0% Intro APR for 15 months from account opening on purchases and balance transfers, then a variable APR of 20.49% - 29.24%.
• No annual fee - You won't have to pay an annual fee for all the great features that come with your Freedom Unlimited® card

• See application, terms and details.

Intro (Purchases)	Intro (Transfers)	Regular APR	Annual Fee	Credit Needed
0% Intro APR on Purchases 15 months	0% Intro APR on Balance Transfers 15 months	20.49% - 29.24% Variable	$0	Good/Excellent

Capital One Quicksilver Cash Rewards Credit Card

CASH BACK RATING

★★★★★

4.8

OVERALL RATING

4.9/5.0

• Earn a one-time $200 cash bonus after you spend $500 on purchases within 3 months from account opening
• Earn unlimited 1.5% cash back on every purchase, every day
• $0 annual fee and no foreign transaction fees
• Enjoy up to 6 months of complimentary Uber One membership statement credits through 11/14/2024
• Earn unlimited 5% cash back on hotels and rental cars booked through Capital One Travel, where you'll get Capital One's best prices on thousands of trip options. Terms apply
• No rotating categories or sign-ups needed to earn cash rewards; plus, cash back won't expire for the life of the account and there's no limit to how much you can earn

• See application, terms and details.

See Rates & Fees

Intro (Purchases)	Intro (Transfers)	Regular APR	Annual Fee	Credit Needed
0% for 15 months	0% for 15 months	19.99% - 29.99% (Variable)	$0	Excellent, Good

Citi Custom Cash® Card

at the issuer'ssecure website

CASH BACK RATING

★★★★★

4.8

OVERALL RATING

4.7/5.0

Our Review »

• Earn $200 cash back after you spend $1,500 on purchases in the first 6 months of account opening. This bonus offer will be fulfilled as 20,000 ThankYou® Points, which can be redeemed for $200 cash back.
• 0% Intro APR on balance transfers and purchases for 15 months. After that, the variable APR will be 19.24% - 29.24%, based on your creditworthiness.
• Earn 5% cash back on purchases in your top eligible spend category each billing cycle, up to the first $500 spent, 1% cash back thereafter. Also, earn unlimited 1% cash back on all other purchases.
• No rotating bonus categories to sign up for – as your spending changes each billing cycle, your earn adjusts automatically when you spend in any of the eligible categories.
• No Annual Fee
• Citi will only issue one Citi Custom Cash® Card account per person.

• See application, terms and details.

See Rates & Fees

Intro (Purchases)	Intro (Transfers)	Regular APR	Annual Fee	Credit Needed
0% 15 months Purchases and Balance Transfers	0% 15 months Purchases and Balance Transfers	19.24% - 29.24% (Variable)	$0	Excellent, Good, Fair

Additional Disclosure: Citi is a CardRates advertiser.

So how do you go about withdrawing money using a credit card? Here are four things you should know about cash advances:

1. You’ll Need a PIN

If you’ve never withdrawn money from an ATM using your credit card, you first need to contact your card issuer to ensure that your account is set up to allow cash withdrawals. They will then issue you a PIN number that you can use at an ATM.

2. You Can Get Cash Immediately at a Bank Branch

If you need cash immediately and have access to a bank branch, you can usually take out a cash withdrawal on the spot. However, you still need to have a PIN assigned if you later want to use your card at an ATM.

3. Using Your Credit Card for Cash is Different Than Using It for Purchases

In addition to the higher interest rate for cash advances, there are fees that can equal as much as 3 to 5 percent of the amount withdrawn. Also, some cards begin accruing interest on the cash withdrawal as soon as it’s made — in other words, no grace period.

4. Cash Advances Have Limits

Lastly, credit card cash withdrawals are almost always limited to a set amount, called the cash credit limit — usually around $300 to $500. That’s because this type of loan should be considered only in a true emergency.

As you can see, it is fairly easy to withdraw money from a credit card. As long as you have the right type of account, are in good standing with your payments, and contact your bank to make sure your account is set up properly, it should be no problem. Just remember this type of loan can be quite expensive and should be considered only as a last resort.

In a non-emergency situation, consider borrowing from someone you know. An alternative to a cash advance from a credit card is to have a friend or family member wire money to you, which can usually be done in a fairly short amount of time. As long as you have the ability to pay them back, this can be a much lower cost option to withdrawing money from a credit card.

We hope this guide “Withdraw Money From a Credit Card? Here’s How (Sep. 2023)” has been a helpful resource for you in learning more about your financial options. In this guide, we’ve covered:

• Yes, You Can Withdraw Money From a Credit Card — But It’s Expensive
• 4 Things to Know About Cash Advances
• Consider a Cash Advance Only as a Last Resort

To learn more about options not mentioned here, be sure to check out other popular reviews from our team of experts:

• Air miles credit cards
• Balance transfer credit cards
• Cash back credit cards
• Prepaid debit cards
• Secured credit cards

We also encourage you to check back at this URL regularly, as we update the offers listed in “Withdraw Money From a Credit Card? Here’s How (Sep. 2023)” and other guides on a daily basis.