I got approved for a Capital one Card… Can I just go to an ATM to get money out!?!?!?
Question by Michele: I got approved for a Capital one Card… Can I just go to an ATM to get money out!?!?!?
Im waiting for my card to arrive. And now I have to pay some friends back and obviousuly they dont accept Credit Cards. lol. When I applied for it, I checked
“No” for the “Blank Check Cash Advance” thingy… Can I still go to like an ATM to get cash out?? I know I will get charged alot in intrest probably… But Im just wondering how I would go about getting cash out of a credit card… Please let me know!! Thanks!!
Best answer:
Answer by nursebob
They will send you a pin number. It usually arrives after the card. So you will not be able to use an atm until your pin arrives. The only way to get cash is by cash advance, in which the fees are usually pretty high.
Many card companies also look unfavorably when you use your card for cash withdrawals, even though they allow it.
So be careful.
Know better? Leave your own answer in the comments!
Why do you want to use credit card for cash withdrawls ? They charge 30% interest rate plus fees. If you need money then get a personal loan from your bank or credit union and they will give you lower interest rate. Don’t mess up your credit since it take 7 years to clear derogatory info from your credit report.
You will shortly find yourself deep in debt. Do NOT use credit cards for cash advances!
When you activate your card you will be able to enter in a 4-digit pin number…then you can get cash advances at any ATM…..
FYI: the interest rates charged on cash advances are exorbitant….in the 25-30% range….+ a 3% cash advance fee + a $ 3.00 ATM fee…
Yes, you can get cash off of the credit card. Check your cash advance limit though. It is usually lower than the regular purchasing limit. You do not need a pin either unless you are using an ATM machine. You can go into any bank and ask the teller for a cash advance, with ID of course.
Now, even though you CAN get a cash advance, it is not advisible unless there is no other way. You will probably pay a 3% fee plus about 30% interest daily until it is paid back. If you have done a balance transfer on the account at the time of application, then the cash advance will sit there accruing interest until the whole account is paid down to 0. Whatever you do as well, do NOT use the card for anything else until you pay back the cash advance. This will minimize the high cost effect of the cash advance.
If you absolutely have to, then do it and pay it back as quickly as possible. If you can avoid it, by all means please do. Good luck.