Skip to main content

Can I withdraw money from my credit card at an ATM?

Yes, you can withdraw cash using a credit card, though it is expensive to do so. However, there may be situations where you’re unable to withdraw cash from an ATM using your credit card because you’ve reached the credit limit for a cash advance on your card. Check your credit card’s terms or contact the company to find out what happened.

If you’re having trouble getting cash from a credit card, it’s possible that the transaction put you above your credit card’s limit for cash withdraws, which is known as a cash advance. Many credit cards have an overall credit limit and a separate lower limit for cash advances and checks written from your credit card account.

What is a credit card cash advance

Most credit card companies offer you the ability to use your credit card to take out money through what’s known as a cash advance. Unlike a debit card, however, getting cash with your credit card at an ATM is considered a short-term loan and can be expensive.

Fees for a credit card cash advance

Unlike withdrawing money from a bank account, a cash advance pulls money from your line of credit through your credit card. In addition to repaying the money you withdraw, you’ll need to pay additional fees and interest as well.

The fees for a cash advance can be substantial. Depending on your credit card terms, the company may charge a flat fee for withdrawing money, or they’ll charge you a percentage of the cash advance. Keep in mind, you may incur additional ATM fees as well.

Interest for a credit card cash advance

In most cases, you’ll also commonly pay a higher interest rate for a cash advance than you would for a typical credit card purchase. Unlike other purchases that have a grace period before they start to accrue interest, interest on a cash advance starts as soon as you withdraw your money.

Before considering a cash advance, check your credit card’s terms and policies to find out the credit limit and fees associated with it. Your latest credit card statement will also list the current interest rate for cash advances. You can also contact the company directly by using the number on the back of your credit card.

Learn more about managing your credit cards