6 Steps to Get a Cash Advance on Your Credit Card

Sometimes you need money now. Not next week. Not after a long wait or a credit check. Maybe your bank account is low, and your savings account isn’t enough to cover a repair, a bill, or something you didn’t see coming.

Your credit card may offer a quick option as a cash advance. In a real pinch, it can give you fast access to your available credit.

In this guide, you’ll learn how to take a cash advance, what steps to follow, and how to avoid costly mistakes with your credit card.

What Is a Credit Card Cash Advance?

A credit card cash advance lets you take out money from your available credit, like a loan pulled straight from your card. It’s different from regular purchases. You’re getting cash, often through an ATM, bank branch, or convenience check.

But it comes at a cost.

Unlike credit card purchases, there’s no grace period. Interest charges start right away. The cash advance APR is usually a higher interest rate than what you pay on your credit card balance. Add transaction fees, possible ATM fees, and a cash advance fee from your card issuer, and it gets expensive fast.

Still, some cardholders use cash advances for short-term needs when they lack access to a bank account, a savings account, or in-person help. They often cover emergency fund gaps or urgent bills when other options (like a line of credit or personal loan) aren’t available.

Cash advances are often used for transactions such as wire transfers, foreign currency, casino chips, lottery tickets, money orders, or traveller's checks.

Step-by-Step: How to Get Cash From a Credit Card

Here’s a simple breakdown of each step to get a cash advance from your credit card.

1. Check Your Cash Advance Limit

Before anything, know how much you can withdraw. Your credit card issuer sets a cash advance limit that’s often lower than your total credit limit. You’ll find it in your credit card account, checking account, or monthly statement. Don’t assume you can pull your full balance.

2. Understand the Fees and Interest

Cash advance fees, ATM fees, and a higher interest rate come standard. There’s no grace period; interest charges start when the money leaves the machine. Read your credit card statement. Know what it will cost before you proceed.

3. Request or Set Up a PIN

If you plan to use an ATM, you’ll need a PIN. Some cardholders already have one. Others need to request it from the card issuer. This may take a few days. No PIN, no cash withdrawal.

4. Choose Your Withdrawal Method

You have a few options:

• Use an ATM (watch for transaction fees)
• Visit a bank branch (you may need ID)
• Use convenience checks from your credit card company

Each has its own cost and process. Be clear on what works best for you.

5. Take Out the Cash

Once you’re ready, complete the cash withdrawal. Don’t forget to take the receipt. It helps track what was pulled and when. This is where cash advances work fast, but also cost more.

6. Plan Your Repayment

The sooner you pay it back, the less you’ll owe. A cash advance adds to your credit card balance, increases your credit utilization, and affects your credit score if left for too long. Even a minimum payment can help, but full repayment is better. Avoid late fees to keep off a growing balance.

Specific Card Examples

• How do I get a cash advance on my First Premier credit card?

Log in to your account, check your available credit, then use an ATM or request a check from the issuer. PIN setup may be needed.

• How do I get a cash advance on my Credit One card?

Call the number on your card to confirm your cash advance APR and limits. Then, choose your preferred method: ATM or in-person.

Does a Cash Advance Hurt Your Credit Score?

Most cash advances don’t require a credit check. Your card issuer isn’t pulling your report when you withdraw. That’s the good news. But it doesn’t mean your credit score is safe.

The Real Risk: Credit Utilization

When you take a cash advance, the balance on your credit card increases. That raises your credit utilization, which is how much you owe compared to your available credit. High utilization is one of the fastest ways to drop your score.

Let’s say your credit limit is $3,000. You borrow $900. You’re using 30%. Go higher than that, and credit card companies may see you as a bigger risk.

A Growing Balance Adds Up

Add cash advance fees, transaction fees, and a higher interest rate with no grace period, and your credit card balance can grow fast. If you only make the minimum payment, it will last even longer, and so will the damage.

You’ll see it on your next credit card statement. But by then, it’s already counted against you.

Tips to Protect Your Score

• Keep your credit utilization under 30%. That includes regular purchases and any cash advances.
• Repay fast. The longer the balance sits, the more interest charges you rack up and the worse it looks to lenders.
• Avoid repeated advances. Using your card like a debit card or line of credit too often can signal financial stress.

If you’re trying to figure out how to get off a credit card that’s draining your finances, start by cutting back on cash advances. Build an emergency fund. Use a savings account when you can. And if you need help, some financial institutions or lenders offer better short-term options, like a personal loan or balance transfer.

Need Fast Cash Without the Credit Card Stress? Apply at My Canada Payday Today

A credit card cash advance can help in the short term, but it comes with fees, a higher interest rate, and no grace period. If you’re already stretched or trying to protect your credit score, it may not be your best move.

My Canada Payday offers a faster and simpler option. There are no surprise fees or long waits. You get quick approval, easy repayment terms, and cash sent straight to your bank account, often the same day.

If you’re facing an emergency or need a better way to handle your cash flow, apply today.