2024 Cash Advance Limits by Issuer (April 2024)

It’s a good idea to know the cash advance limits on your credit cards before asking an ATM to start spitting out money. As it turns out, each card and card issuer has set limits on the maximum cash advance you can get, further tempered by factors such as your current balance and daily ATM withdrawal limit.

Read on for a rundown on how several popular credit card companies control how much cash you can borrow from their cards.

Amex | BoA | Capital One | Chase | Citi

American Express

offers a sizable number of both credit cards and charge cards. The former lets you stretch payments over multiple months whereas the latter requires full payment by the next due date (unless you sign up for an Amex program that allows you to stretch your repayments).

We found a maximum cash advance limit of $10,000 on the American Express Centurion® Card (which can only be applied for by invitation), followed by $8,000 on the The Platinum Card®, $6,000 on the American Express® Gold Card, and $3,000 on the American Express® Green Card. There may also be a limit on the number of times and the cash amounts you can withdraw money from ATMs in a given time period.

American Express offers you two ways to withdraw cash from an ATM (or from a teller). The first method, which Amex calls Cash Advance, is a true cash advance feature that lets you borrow against the card’s credit line (minus your existing balance). Alternatively, you can use the card’s Express Cash feature to access cash from a linked financial institution account (such as a checking account), similar to how a debit card works.

A 5% transaction fee applies for an ATM cash advance, plus any fee charged by the ATM operator, with a minimum charge of $10. You’ll need to obtain a four-digit PIN from Amex to use your credit card as an ATM card. Interest charges accrue starting on the transaction date — there is no grace period.

Bank of America

uses the term “Bank Cash Advances” to refer to advances via an ATM, over the counter, same-day online, and an overdraft protection cash advance feature. The total amount of cash available for cash advances is equal to the cash limit currently assigned to you on your credit card. The cash credit limit is 30% of your total credit limit.

We’ve identified the Bank of America® Customized Cash Rewards credit card as having a credit limit as high as $95,000, although the average credit limit is certainly much lower. Presumably, the cash credit limit for this lucky cardholder would be 30% of $95,000, or $28,500.

The cash advance transaction fee is $10 or 3% to 5% of the amount of each transaction, whichever is greater and depending on the type of advance. For overdraft protection cash advances, the fee is $12 per transaction.

Any outstanding or pending cash advances reduce the amount available for new advances. You need to create a PIN, using the bank’s website or mobile app, before your first cash advance.

Capital One

credit cards set cash advance limits at 30% to 50% of the total credit limit, depending on your creditworthiness. The cash advance fee is either $10 or 3% of the amount of each cash advance, whichever is greater. A daily ATM withdrawal limit of $600 on ATM cash withdrawal transactions applies to ATM cash advances.

In terms of the highest available credit line from a Capital One card, we came across one reviewer who reported an initial $50,000 credit limit from the Capital One Venture Rewards Credit Card, implying a cash advance limit up to $25,000. However, the average credit limit for this card is in the range of $5,000 to $10,000.

You need a PIN to get an ATM withdrawal for a cash advance, but no PIN is needed for an in-branch advance as long as you have suitable identification.

The Chase Sapphire Preferred® Card has an average credit limit of $10,000, although remarks on Quora speak of a $500,000 credit limit. That’s the highest limit we’ve seen for any Chase credit card.

With a cash advance limit of 5% of the overall credit limit, that high-flying card would permit cash advances of up to $25,000.

Chase charges either $10 or 5% of the amount of each cash advance transaction, whichever is greater. You will need a PIN for an ATM cash advance, but not for an in-branch one.

As is true for many credit cards, the cash advance APR on Chase cards is usually higher than the purchase APR.

Citi caps cash advances at no more than 50% of your overall credit limit. One reviewer reported a $50,000 credit limit on the Citi Double Cash® Card, which would translate into a $25,000 cash advance limit.

A cash advance fee will apply, and Citi cards charge a higher APR for cash advances than it does for credit card purchases. You can get a cash advance at a Citibank or UnionPay ATM, but you must first obtain a 4-digit passcode, (unnecessary for in-branch cash advances).

A credit card cash advance is a loan from the issuer of your credit card. Like any loan, it has an interest rate (the card’s cash advance APR) and other terms such as daily interest accrual and monthly minimum payment due.

Usually, cash advance APRs exceed 20%, making this an expensive way to borrow money. Nonetheless, it’s also just about the fastest way to get an emergency loan since the maximum loan amount is already pre-authorized.

That maximum amount is usually a percentage of a credit card’s overall credit limit. Charge cards, which include many cards offered by American Express, have no stated credit limits, so these cards establish fixed maximum cash advance limits.

When you apply for a credit card, the credit card company assesses your creditworthiness. If your application is approved, you’ll receive the card along with a credit limit and, if cash advances are permitted, a limit on these as well.

You can get a cash advance by using your credit card account as an ATM card for an ATM withdrawal. However, you first must obtain a PIN to allow you to use the ATM.

Other ways to get a cash advance include interacting with a teller at a financial institution, requesting a direct deposit online or through a mobile app, or automatically covering an overdraft on a linked checking account or another financial account.

The amount you can borrow is capped by your cash advance limit (or your credit limit if there is no separate cash advance limit), your current cash advance balance, and any particular daily limits (such as those often imposed on ATM cash withdrawal transactions).

Fees, including an ATM fee, are tacked onto the advance amount and interest begins accruing on a daily basis starting on the day you received the cash advance.

You can repay your cash advance at any time but you must make at least the minimum payment monthly. Failure to do so will result in late fees and possibly a penalty APR. Because the APRs on cash advances are high, you normally only take an advance for emergencies and repay them as quickly as possible.

Your monthly credit card statement can tell you your cash advance limit. Find the standardized account summary section for the end-of-cycle figures, including:

• Cash advances made during the cycle
• Credit line
• Available credit
• Cash access line
• Available for cash

Your cash access line is the limit for cash advances. It usually represents a percentage of your overall credit limit, or simply a fixed amount if your card has no preset spending limits.

The amount available for cash advances is correct as of the last day of the billing cycle. Obviously, any repayments or additional advances since that date will change this figure.

Two more important figures in the account summary section are the fees and finance charges incurred during the billing cycle. These figures will include any of the cycle’s fees for new advances and the finance charge you incurred during the cycle on your cash advances. Interest on cash advances accrues daily, starting with the card transaction date.

The maximum cash advance you can withdraw is called the cash access line in your credit card statement. That number remains unchanged unless you are granted a higher cash advance limit. The item “available for cash” on your statement refers to how much was available for cash advances as of the last day of the billing cycle.

“Available for cash” is equal to the cash access line minus cash advances. For example, if you have an $800 cash access line and have taken $300 in cash advances, you still have $500 available for cash.

Any activity involving cash advances occurring after the cycle end date will appear on the next statement, but you can get up-to-the-minute figures online and/or via a mobile app.

To identify the credit card account with the highest cash advance amount, look at the percentage of the overall credit limit available for cash advances. In truth, the amount you will have available for cash advances depends on your credit rating and your overall credit limit.

Naturally, cards that market to consumers with excellent credit should have the highest cash advance limits. Many cards set the maximum cash advance amount at 30% to 50% of the overall credit limit. Our top-rated cards for excellent credit are as follows:

While Amex lists a $10,000 cash advance limit on its ultra-ritzy American Express Centurion® Card, we have the sneaking suspicion that cardholders can negotiate a higher limit — much higher.

Card issuers set their own policies when it comes to advancing cash in excess of your approved limit. Some issuers may simply decline the transaction. However, other issuers may approve the transaction but charge you penalty fees and perhaps a penalty APR.

If you are allowed to withdraw more than your cash advance limit, you will be expected to repay the overage and fees by the next due date. The overage will be added to the minimum payment due.

If you find yourself repeatedly needing over-limit cash advances, consider asking the card issuer for a higher cash advance limit or look for a new card that will be willing to grant you a higher cash access line. You can improve your chances of qualifying for a higher credit limit by taking steps to boost your credit score, decreasing your debt-to-income and/or credit utilization ratio, reducing overall credit card debt, and paying your bills on time.

Typically, your credit limit does triple duty. It governs the amount available for your credit card purchases, cash advances, and each balance transfer. This is true even if all three types of transactions incur a different interest rate, as is often the case for a balance transfer or cash advance.

Taking a cash advance doesn’t affect your credit limit per se, but it does reduce your credit available. For example, if your overall credit limit is $5,000 and you take a $500 cash advance, your remaining credit available is $4,500. Typically, the amount available for a cash advance is some percentage of your overall credit limit.

If you find yourself constantly hitting your card’s cash withdrawal limit, consider asking the issuer for a credit line increase. You can help the process by taking steps to improve your credit score, such as making all your payments on time and not carrying a large cash advance balance on your cards.

Alternatively, you may want to get a credit card with a more generous credit limit, either as a replacement for your current one or simply as an additional source of credit.

Credit cards provide revolving credit, meaning you are given an approved credit line you can use as you wish. So, when you want a cash advance, you can get one up to the card’s cash withdrawal limit without having to fill out a new credit application.

The revolving nature of credit cards is very attractive because you can use your credit immediately and you only pay interest on the credit you use. Thus, if you need money in a hurry, a credit card cash advance up to the cash advance limits can really save your bacon. But beware, with APRs up to 30% or higher, the cost can mount up quickly and, in the worst case, throw you into a credit card debt spiral that can lead to bankruptcy.

Consider some other ways to handle a sudden need for cash. Start with an emergency savings fund where you stash up to six months of expenses. If you own a home, an excellent source of low-cost cash is a home equity line of credit. It’s also a revolving credit facility, but the interest rate is much lower than for credit card APRs.

Another preferable alternative is an online personal loan. If you qualify, you can get funding in a day or two, and the interest rate should be below that for credit card advances.

In all cases, do not get a payday loan. It’s hard to find a higher interest rate than the one you’ll be charged on a payday loan.