Can You Withdraw Money from a Capital One Credit Card?

Image Credit: Billy Hathorn

A:

Yes, you can withdraw money from a Capital One credit card. This is called a cash advance and it is permitted on the Capital One credit cards listed in the table below.

While a cash advance might seem like a perk, it is typically not a good idea to withdraw cash from your credit card due to the high interest rate and fees you will pay. Capital One credit cards are no exception to these high interest rates and fees.

For example, if you have excellent credit, your APR may be 13.99% for purchase transactions using your Capital One Venture card. However, the cash advance APR is 23.99% for this card. As you can probably do the math, this is 10% higher rate than the normal purchase APR. This is not a rate you want to be paying over a long period.

The below table reflects the costs of taking a cash advance from each of the listed Capital One credit cards. If this does not deter you from taking a cash advance, continue reading below the table.

Capital One Credit CardCash Advances APRCash Advance Transaction Fee
Venture Rewards23.99%Greater of $10 or 3% of the amount of each cash advance
Quicksilver23.99%Greater of $10 or 3% of the amount of each cash advance
VentureOne Rewards23.99%Greater of $10 or 3% of the amount of each cash advance
Premier Dining Rewards24.49%Greater of $10 or 3% of the amount of each cash advance
QuickSilverOne Rewards24.99%Greater of $10 or 3% of the amount of each cash advance
Platinum24.99%Greater of $10 or 3% of the amount of each cash advance
Journey Student Rewards24.99%Greater of $10 or 3% of the amount of each cash advance
Secured MasterCard24.99%Greater of $10 or 3% of the amount of each cash advance
Spark Cash23.99%Greater of $10 or 3% of the amount of each cash advance
Spark Cash Select23.99%Greater of $10 or 3% of the amount of each cash advance
Spark Miles for Business23.99%Greater of $10 or 3% of the amount of each cash advance
Spark Miles Select for Business23.99%Greater of $10 or 3% of the amount of each cash advance
Spark Classic for Business23.99%Greater of $10 or 3% of the amount of each cash advance

No Grace Period

One of the downsides of taking a cash advance is that there is no grace period. The typically credit card allows over 21 days to pay your purchase transaction balance in full before interest is charged. This is not the case for cash advances.

Interest will begin to be charged as of the date of the cash advance transaction. If you have to take a cash advance, it is a smart idea to work to pay off the balance as quickly as possible.

ATM/Bank Fees

When you take a cash advance, you may need to visit a bank to obtain your cash. The bank that completes the cash advance transaction may issue a fee of a couple of dollars for completing this transaction. This fee is in addition to the fees/interest listed above.

Cash Advances Paid Last

When you make a minimum payment on your credit card, the payment is issued to the lowest interest balance first, which is commonly the purchase transaction balance. However, according to ValuePenquin.com, the payments in excess of the minimum are applied to the highest APR balance.

How to obtain a cash advance?

If you wish to obtain a cash advance, the easiest way is typically by obtaining a PIN from Capital One. You can request a PIN when you log into your online account or by calling 1-800-CAPITAL. Once you have a PIN, you can visit an ATM to complete your cash advance transaction using your credit card.

You can also go inside a bank and request that the teller complete a cash advance from your credit card. You will likely be required to show a valid ID before the transaction is completed.

An alternative to visiting a bank is to obtain convenience checks. These checks are supplied by the credit card company and can be used just like normal checks. You should review the terms of using these checks so you are clear on the interest and fees that you will be charged.