How does Cash Advance work?

[Anonymous]

Hi all! I recently got approved for a Capital One Spark Business card with a cl of $5000. And it  says it has a cash limit of $2500.

The card also came with a pin number. Does that mean I can go to an ATM and withdraw cash from the card? and if so, how much?

I'm not actually going to do this, I was just wondering how that works.

[visorboy1974]

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@Anonymous wrote:

Hi all! I recently got approved for a Capital One Spark Business card with a cl of $5000. And it  says it has a cash limit of $2500.

The card also came with a pin number. Does that mean I can go to an ATM and withdraw cash from the card? and if so, how much?

I'm not actually going to do this, I was just wondering how that works.

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ATM limits are usually $300, but you can withdraw just like it's an ATM card or you can go to a financial institution and have them swipe the card to advance you more than the $300 at a time.  

Fees should be included in the literature you received with the card...usually at least $10, up to 3%, whichever is greater.  

[Anonymous]

Yeah a cash advance is basically withdrawing money from an ATM like with a debit card. One huge difference though there is a cash advance fee, and you start paying interest from the day you make the advance, no grace period.

I still can't find a reason why anyone would ever want a cash advance.

[jamesdwi]

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@Anonymous wrote:

Yeah a cash advance is basically withdrawing money from an ATM like with a debit card. One huge difference though there is a cash advance fee, and you start paying interest from the day you make the advance, no grace period.

I still can't find a reason why anyone would ever want a cash advance.

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+100000 + 3% fee 

if where you are at doesn't take credit, find a place that does, or buy gift cards or what ever, its not worth the price of taking a cash advance fees and interest. or just pay cash. 

[ChesterPDexter]

Some cards don't charge any fee at all, like USAA.  I've taken them in large amounts, like $2,500, and replaced the money a week later.  It works for (and I believe this is the intended purpose) times when you need funds immediately and can't wait for things like a check clearing.   Why would you be unable to wait?  Think about uses like deposits on a rental property, brokerage transactions, a loan payoff by a certain date - make up your own example.

By the way, I've never done this via ATM.  It was a transfer, fee-free, into my USAA checking.  I then used the proceeds as needed and (I believe I was waiting for a deposited check to clear) when money was available in my checking (most likely another account, not USAA since I don't use their checking a lot and I primarlly bank elsewhere ), I put the money into my USAA checking and paid the cash advance back with one click.

It's a good feature.

[learnin113]

Cash advances only exist to see how well u can ignore it. Do not touch it. Don't even look at it.

[dalebb]

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@learnin113 wrote:
Cash advances only exist to see how well u can ignore it. Do not touch it. Don't even look at it.

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[Smug]

I would never use one....ever

[ArisGreek]

Cash Advances are for emergencies I think. I had to use it once. I was in Cairo and got pick pocketed. Fortunately, I had my credit cards in my front pocket. The stupid thing was all my money and ID was in my wallet in my BACK pocket. I had about $1,000 in US currency converted to foreign currency. DOH! Stupid stupid stupid! I was 23 at the time so about 8 years ago. I had no choice but to do a cash advance. It saved me since hardly any places but hotels took credit cards in Egypt.  

[Anonymous]

Discover More card is absolutely the best card for cash advances. You can visit grocery chains such as Food Outlet, Ralphs, Safeway and even Walmart do what Discover calls a "cash over" your purchase. It is treated as a standard purchase with no ATM, Bank or other hidden fess. It is awesome!