A credit card sure does come in handy, but not all the time. There are circumstances where you find yourself caught up in cash transactions. Good thing you can get a cash advance using your credit card. How to get cash with just a credit card number?
The first way to get cash with just a credit card number is through a bank teller. Another way is by issuing access checks and cashing them through a bank teller. The third way is using a secure app and processing the transaction using your mobile device and an ATM.
Whichever of these three methods you choose, you will be able to get cash securely.
Read on to learn more about how to get cash with just a credit card number.
How to Get Cash with Just a Credit Card Number
There are several methods to get cash using only your credit card number:
- Through a bank teller or over-the-counter;
- By issuing access or convenience checks and cashing it at the bank; and
- By using a secure mobile app and processing the transaction using your mobile device and an ATM.
Whichever of the three methods you utilize, you will get cash securely.
Have you ever experienced memory lapses wherein, one minute, you know your PIN by heart, and then, the next minute, you can’t remember even a single digit? It is pretty normal, so there is really nothing to worry about.
But what if you need to get a cash advance using your credit card now, but you can’t remember your PIN?
As earlier mentioned, you can still get your cash advance by coordinating with a bank teller or using a mobile app. Let’s discuss these three processes in more details:
- Over-the-Counter Bank Transaction
- Cashing of Access or Convenience Checks
- Using Your Mobile Device and the ATM
1. Over-the-Counter Bank Transaction
Everyone is familiar with the “old school” practice of going to the bank and coordinating with a bank teller. Despite the evolution of technology that minimizes face-to-face coordination, we still need human intervention from time to time. Evidently, this is one of those circumstances.
Fill Out Form
To begin the transaction, you will be asked to fill out a form to present to the bank teller. Among the details that you need to indicate are your account name, credit card number, and amount of cash advance.
Present Valid ID
You will also be asked to present valid identification cards, so make sure you bring them with you when you go to the bank. Bring with you two government-issued IDs all the time.
Wait for the Processing of Cash Advance Request
Wait for the bank teller to process your cash advance request. Waiting time depends on the circumstances, but, in most cases, it should only take a minute or two. Once the bank teller has validated your request, he will then hand you over the cash and let you acknowledge it by signing in the form.
2. Cashing of Access or Convenience Checks
Access checks are also called convenience checks. They are blank checks that draw on the client’s credit line instead of the checking account.
Some issuers send access checks to the bank without even confirming if they are eligible for a cash advance or not. If you want a confirmation, contact your credit card company’s customer service and ask about your eligibility.
Once you have confirmed your eligibility, you may visit your bank to cash the check. This transaction is not supposed to take long. It will typically last for a minute or two, but then again, it all depends on the circumstances.
You must, however, keep in mind that using access checks may incur high charges. These include annual percentage rates (APRs) and other fees. Also, access checks do not have grace periods, so if you fail to immediately pay your balance, expect interest charges to incur.
3. Using Your Mobile Device and the ATM
This is the latest method of withdrawing from an ATM, and that, of course, includes getting your cash advance from the ATM.
BMO Financial is one of the financial services companies that have launched this technology. All you need is your mobile device and to go to an ATM nearest you.
With this technology, your transaction with the ATM is controlled by your smartphone with encrypted data. You input all the data on your smartphone. In the case of credit cards, you input your credit card number.
The verification of the transaction’s legitimacy is done using a QR code that will appear on the ATM’s screen. Once this is validated, the ATM will dispense your cash, and all details about your transaction will be deleted. There will be no traces, which makes everything a secure transaction.
How to Get Cash from Credit Card Without PIN Number
Getting cash from a credit card without a PIN is basically the same as how to get cash with just a credit card number, which I already discussed earlier.
To reiterate, here’s how to withdraw money from a credit card without a PIN number:
- Through a bank teller or over-the-counter;
- By issuing an access or convenience check and cashing it at the bank; and
- Using a secure mobile app and processing the transaction using your mobile device and an ATM.
When you do an over-the-counter bank transaction, you will be asked to fill out a form to process your cash advance request. The form will require you to indicate several personal information, which includes your credit card number.
You’re not be required to divulge your PIN because you are the only one who is supposed to know about it.
2. Issuing Access or Convenience Check to Yourself
Issuing access or convenience check to yourself and cashing it is another way to do it if you can’t remember your PIN. Access checks are not considered bank checks. Credit card companies offer these as an added service to their customers.
When you do over-the-counter transactions in banks, make sure that you always bring with you two government-issued identification cards. Presenting your IDs to the bank teller is part of their validation process.
3. Mobile App
Again, the latest method to withdraw money from a credit card without a PIN is using a mobile app that’ll allow you to do so. With this process, you don’t have to go to the bank. Instead, you have to go to an ATM nearest you.
All details are inputted using your smartphone. Once you are done, you have to pair your phone with the ATM using the QR code that will appear on the ATM’s screen. A successful pairing will now allow the ATM to dispense your cash.
To reiterate, how to get cash with just a credit card number? You can try the traditional way, go to your bank, request a cash advance, or issue an access or convenience check and cash it at the bank.
Or you could try the most convenient way by using a mobile app that allows you to withdraw money from the ATM securely.
Credit Card Cash Advances in the United States
The charges for your cash advances vary by the credit card company. One credit card company may charge higher than the other.
To give you an idea, here’s a list of banks and their corresponding cash advance charges:
- American Express charges 25% annual percentage rates (APR) for an average cash advance,
- Bank of American charges 21%,
- Barclaycard charges 25%,
- Capital One charges 24%,
- Chase 21%,
- Citi 24%, and
- US Bank 24%.
But that’s not all. Your cash advance may incur different fees, depending on the option you choose.
For instance, if you choose to get your cash advance using an access or convenience check, then it will more or less cost you 3% of the amount of your cash advance. It may also translate to US$5 at a minimum.
It is also possible to purchase a cash equivalent such as, believe it or not, casino chips. In which case, the fees are higher at 4 percent of the cash advance amount. This may also translate to US$20, whichever is higher.
Please note that the rates vary per credit card company.
To provide you with a clearer picture, here are the associated fees if you plan to get a credit card cash advance with the US Bank:
Access or Convenience Check Cash Advance
Either three percent of each cash advance amount or a minimum of US$5, whichever is higher.
Cash Advance Via ATM
Either 4%of each cash advance amount or a minimum of US$10, whichever is higher.
Either 4% of each cash advance amount or a minimum of US$10, whichever is higher.
Cash Equivalent Advance
Either 4% of each cash advance amount or a minimum of US$20, whichever is higher.
Cash advances with other credit card companies are simpler, while companies have a complicated process. It is better to contact their Customer Support team so you can inquire extensively.
Cash Advance Credit Lines Vs. Cash Advance from a Credit Card
In case you are confused between cash advance credit lines and cash advance from a credit card, let us briefly discuss here both their similarities and differences:
- Both have a credit limit or the maximum amount you may borrow;
- They are both considered revolving accounts. This means that when you pay your balance, you have the option to reuse that portion of your credit line; and
- There is an upfront fee that you have to pay. It is a small percentage based on the amount of your cash advance. Typically, this is deducted from the cash that you will receive.
- The credit line’s credit limit may be higher than the credit limit of a credit card;
- Credit cards have lower requirements in terms of monthly payments;
- The upfront fees for a cash advance credit line may be higher than that of a cash advance from a credit card; and
- Getting a cash advance from a credit card may be more convenient. However, there may be additional fees, such as bank charges or ATM charges.
Is It a Good Idea to Get Credit Card Cash Advances?
So, is it a good idea to get credit card cash advances? The answer is no… and yes.
No, because if it is something you can do away with, then you better not apply for a cash advance with your credit card. If you badly need money, perhaps, you should first exhaust all other options that will not charge you high-interest rates.
Yes, it is a good idea if you have exhausted all other options, and the only solution left is getting a cash advance. This definitely comes in handy during an emergency.
Here are several tips in terms of handling your cash advance:
- Read and understand everything written in your credit card agreement;
- Use cash advances only for real emergencies;
- Be aware of your cash advance limit;
- Get only the exact amount that you need; and
- If you have a credit card with a zero balance, use it to get a cash advance.
Conclusion – How to Get Cash with a Credit Card Number
To get cash with just a credit card number, you can make an over-the-counter bank transaction. The second is by the issuance of access or convenience checks and cashing it at the bank.
Or you can use a secure mobile app and process the transaction using your mobile device and an ATM.
Evidently, credit card companies have made it convenient for clients to apply for a cash advance. The main reason being, cash advances should be easily received since it should only be used during emergencies.
Therefore, if you have been planning to do some house remodeling but do not have funds to do so, you might want to put off that plan for a while. Do not ever use credit card cash advances for that. Instead, save your cash advances for life-threatening emergencies.