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How does Cash Advance work?

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dalebb
Valued Contributor

Re: How does Cash Advance work?


@Anonymous wrote:

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!


it is,,, and welcome to the forums

Message 11 of 32
CS800
Super Contributor

Re: How does Cash Advance work?

Nice I didnt know that.

 

So it's like using debit for your payment and you ask the cashier like $20 cashback?




Message 12 of 32
dalebb
Valued Contributor

Re: How does Cash Advance work?


@CS800 wrote:

Nice I didnt know that.

 

So it's like using debit for your payment and you ask the cashier like $20 cashback?


60 at walmart


 

Message 13 of 32
CS800
Super Contributor

Re: How does Cash Advance work?


@dalebb wrote:

@CS800 wrote:

Nice I didnt know that.

 

So it's like using debit for your payment and you ask the cashier like $20 cashback?


60 at walmart


 


$60 is the min at WM or the min for a discover 'cashback'?




Message 14 of 32
dalebb
Valued Contributor

Re: How does Cash Advance work?


@CS800 wrote:

@dalebb wrote:

@CS800 wrote:

Nice I didnt know that.

 

So it's like using debit for your payment and you ask the cashier like $20 cashback?


60 at walmart


 


$60 is the min at WM or the min for a discover 'cashback'?



max cash back at walmart

Message 15 of 32
Anonymous
Not applicable

Re: How does Cash Advance work?

Thanks for the welcome from Dalebb and the forum. Actually, it is treated like a debit purchase and I did a cash over of $40 at Walmart last month and much more convenient than trying to find an ATM machine as already Christmas shopping. No hidden fees!

Message 16 of 32
jasimae
Frequent Contributor

Re: How does Cash Advance work?

I did read about the "cash over" feature with the Discover card on their website, but totally forgot about it moments after reading it...I just happened to be perusing through all of the tabs on their site that day and came across it.  IMO, cash advances are there for a reason...because sometimes you have an emergency and need cash.  There is no shame in utilizing that feature on your card and I'm pretty certain credit card companies don't give a darn if you do.  They're happy to charge you the fee and keep your business just the same.  If I had a momentary cash flow issue and needed a cash advance to help myself out, then I would.   It would be foolish of me not to.  What's the point of having a credit card and not taking advantage of all of the benefits that it offers?

Message 17 of 32
Gollum
Established Contributor

Re: How does Cash Advance work?


@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.


You would be able to use your credit card with your PIN at an ATM to obtain cash.  Refer to your documents, call Capital One, or use the Capital One website to find out what your limits for cash are.

 

You should not use your credit card for cash, though.

 

For most credit cards, the interest rate for a cash advance is 25% - 30%.

 

A cash advance from a credit card is apparently a warning signal (to the credit card company) that can result in credit limit decreases that "chase you down:"

as you pay down your balance, your credit limit is decreased along with the amount of the balance that is paid off.

Credit Scores: (FICO 8) 850 Experian March 2025, 846 TransUnion February 2025
Credit Cards (newest to oldest): NFCU Visa Platinum $25,000 | BECU Cash Back Visa $10,000 | American Express BCE $9000 | Simmons Bank Visa $7500 | Capital One Quicksilver Visa Platinum (PC/upgrade from No Hassle Miles Rewards Visa Platinum) $1800
Message 18 of 32
dalebb
Valued Contributor

Re: How does Cash Advance work?


@Gollum wrote:

@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.


You would be able to use your credit card with your PIN at an ATM to obtain cash.  Refer to your documents, call Capital One, or use the Capital One website to find out what your limits for cash are.

 

You should not use your credit card for cash, though.

 

For most credit cards, the interest rate for a cash advance is 25% - 30%.

 

A cash advance from a credit card is apparently a warning signal (to the credit card company) that can result in credit limit decreases that "chase you down:"

as you pay down your balance, your credit limit is decreased along with the amount of the balance that is paid off.



+1

Message 19 of 32
frogfan12
Established Contributor

Re: How does Cash Advance work?

Except in extreme, dire situations, I would NEVER use a cash advance. I unknowingly used one back when I was in college and that interest was terrible because that's on top of other interest you're paying if you carry a balance. :/


Starting Score: 760
Current Score: 716 Equifax 754 TU 736 Experian
Goal Score: 760
Message 20 of 32
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