How To Get Cash From A Capital One Credit Card: All You Need To Know

A credit card is a payment card issued by a financial institution (usually a bank) that allows you to borrow money to make purchases or withdraw cash, up to a pre-approved credit limit.

It is essentially a short-term loan that you are expected to repay later, typically with interest if you don't pay the full balance by the due date.

Capital One, like many other financial institutions, offers a variety of credit cards that come with numerous advantages. These benefits are designed to attract different types of customers and cater to various spending habits and financial goals.

Some of these benefits include CashBack rewards, Travel Rewards (Miles), and Bonus Offers. Capital One also offers a range of credit cards with no annual fee (e.g., Quicksilver, SavorOne, VentureOne), making it cost-effective to hold the card and enjoy its benefits.

You can use your Capital One credit card to make different financial transactions, including online purchases, but this guide will show you how to get cash from a Capital One credit card:

How To Get Cash From Capital One Credit Card:

Capital One offers a wide variety of credit cards to suit different needs, credit scores, and spending habits. These cards can be used for purchases, and, in some cases, to obtain cash advances (though that comes with fees).

Note: Capital One credit cards use either the Visa or Mastercard payment network. This determines where the card is accepted worldwide. Most Capital One cards are Visa, but some are Mastercard.

Let's get into the specifics of getting cash from a Capital One credit card but remember that these methods generally involve fees and higher interest rates.

a. Cash Advance at an ATM or Bank (The Standard, but Expensive, Route):

A cash advance is a service that allows you to withdraw cash from your credit card, either at an ATM, a bank, or through a convenience check. It's essentially a short-term loan from your credit card issuer.

Although very expensive, here is how to get money from Capital One through cash advance:

1. Know Your PIN: You will need your cash advance PIN. If you don't have one or have forgotten it, you can request one from Capital One online or by calling the customer service number on the back of your card. Expect it to arrive in the mail.

2. Find an ATM (or Visit a Bank Branch): You can use any ATM that accepts Visa or Mastercard (depending on your Capital One card). You can also visit a Capital One bank branch (if available in your area) and request a cash advance from a teller.

3. Insert Your Card: Insert your Capital One credit card into the ATM.

4. Enter Your PIN: Enter your cash advance PIN (a 4-digit code that allows you to access cash from your credit card at an ATM).

5. Select "Cash Advance" or "Withdrawal": The ATM menu options will vary, but look for "Cash Advance," "Withdrawal," or a similar option.

6. Choose Account: The ATM will ask you to choose which account to withdraw from. Select "Credit Card" or a similar option.

7. Enter Amount: Enter the amount of cash you want to withdraw. Be aware of your cash advance limit (discussed below) and any ATM withdrawal limits.

8. Confirm and Collect: Confirm the transaction and collect your cash and receipt.

Costs to Consider:

• Cash Advance Fee: Capital One charges a cash advance fee, which is typically a percentage of the amount withdrawn (e.g., 3% or 5%) or a flat fee (e.g., $10), whichever is greater. Check your card's terms and conditions for the specific fee.
• High APR: Cash advances have a much higher Annual Percentage Rate (APR) than purchases. This interest starts accruing immediately from the moment you withdraw the cash.
• No Grace Period: There is no grace period on cash advances, so interest accrues daily.
• ATM Fees (Potentially): If you use an out-of-network ATM, you will be charged an additional fee by the ATM operator.

b. Using a Convenience Check:

A convenience check is a check that is issued by your credit card company and allows you to access your credit line for purchases or cash advances. These checks look and function like regular checks but are drawn against your credit card account instead of a bank account.

Here is a how a convenience check work with Capital One Credit Card:

1. Receive a Convenience Check (if offered): Capital One sends you a booklet of convenience checks in the mail. This is often done as part of a marketing campaign to encourage you to use your credit line.

2. Write the Check: Write the check to yourself or someone else (Including the Date, Payee, Amount, Memo, Signature and important, in the space provided.)

3. Cash or Deposit the Check: Cash the check at a bank or deposit it into a bank account.

Costs to Consider:

• Cash Advance Fee: Convenience checks are treated as cash advances, so you'll be charged the same cash advance fee as withdrawing cash at an ATM.
• High APR: The same high cash advance APR applies.
• No Grace Period: Interest starts accruing immediately.

This option is almost always more expensive than other options.

c. Overpayment Refund (Limited):

Tap here to learn about overpayment refunds.

1. Make an Overpayment: Log in to your Capital One account online and make a payment that is greater than your current balance.

2. Request a Refund: Contact Capital One customer service (online or by phone) and request a refund of the overpayment. Specify that you want the refund sent to you as a check or direct deposit.

Capital One generally doesn't charge a fee for refunding overpayments.

Limitations:

This only works if you have the funds available to overpay in the first place.

You can only get back the amount of the overpayment.

d. Redeeming Cashback Rewards for Direct Deposit or Statement Credit (Recommended, if you have Rewards):

As seen above, Capital One offer rewards in form from of Cash Backs, which can be redeem for cash and transfer to your bank account.

1. Log in to your Capital One account online or via the mobile app.

2. Navigate to the "Rewards" or "Cash Back" section.

3. Choose your redemption option:

• Direct Deposit: Select the option to have your cashback sent to your bank account. You may need to link your bank account first.
• Statement Credit: Select the option to apply your cashback as a credit to your statement.

4. Confirm the transaction.

Note: Capital One doesn't charge a fee for redeeming cashback rewards for direct deposit or statement credit. However, this only works if you have accumulated cashback rewards.

e. Balance Transfer (Highly Specific and Rarely Recommended for Cash):

A balance transfer is the process of moving debt from one credit card to another. It's a strategic way to manage your credit card debt, often used to save money on interest charges or consolidate multiple debts into a single payment.

Here is how it works with Capital One credit cards:

1. Receive a Targeted Offer: Capital One might send you a promotional offer allowing you to transfer a portion of your credit limit to a checking account.

2. Accept the Offer (Online): Follow the instructions to accept the offer and provide your bank account information.

Why It's Usually a Bad Idea:

• Balance Transfer Fee: These offers almost always come with a balance transfer fee (typically 3-5% of the amount transferred).
• Limited Timeframe: Any 0% APR is promotional and temporary.

Note: Avoid using credit cards with Third-Party Payment Services like PayPal, Cash App or Venmo due to the high charges you will incur. These services charge fees, often making this more expensive than a cash advance.

What are the Benefits of using a Capital One Credit Card?

Here are some common advantages you might find with Capital One credit cards:

Rewards Programs:

• Cash Back: Many Capital One cards offer cash back rewards on every purchase, with some cards offering higher percentages in specific categories like dining, entertainment, or groceries (e.g., Capital One Savor and SavorOne cards). Some cards offer a flat rate on all purchases (e.g., Capital One Quicksilver).
• Travel Rewards (Miles): Capital One's travel cards, such as the Venture and Venture X cards, allow you to earn miles on every purchase. These miles can often be redeemed for travel statement credits, booked through Capital One Travel, or transferred to various airline and hotel partners for potentially higher value.
• Bonus Offers: Many Capital One cards come with sign-up bonuses after you meet a certain spending requirement within the first few months of opening the account.

No or Low Annual Fees:

Capital One offers a range of credit cards with no annual fee (e.g., Quicksilver, SavorOne, VentureOne), making it cost-effective to hold the card and enjoy its benefits. Some premium cards with more extensive rewards and perks may have annual fees (e.g., Venture X, Venture).

Travel Perks (on select cards):

• No Foreign Transaction Fees: This is a significant advantage for international travelers, as Capital One generally doesn't charge extra fees for purchases made outside the United States.
• TSA PreCheck or Global Entry Credit: Some premium travel cards like the Venture X offer a statement credit to cover the application fee for these expedited security programs.
• Airport Lounge Access: The Venture X card provides access to Capital One Lounges and Priority Pass lounges.
• Travel Accident Insurance and Assistance: Certain cards may offer coverage for travel-related issues like trip cancellation or lost luggage.
• Auto Rental Collision Damage Waiver: Using your card to pay for a rental car may provide coverage against damage or theft.

Purchase and Security Benefits:

• Extended Warranty: Some cards extend the manufacturer's warranty on eligible purchases.
• Purchase Protection: Offers coverage for items that are damaged or stolen within a certain timeframe after purchase.
• $0 Fraud Liability: You are typically not responsible for unauthorized charges made on your card.
• Security Alerts: Capital One provides alerts for potentially suspicious account activity.
• Card Lock: You can temporarily lock your card through the mobile app or website if it's lost or misplaced.
• Virtual Card Numbers (via Eno): This feature allows you to generate temporary card numbers for online shopping, adding an extra layer of security.

Account Management Features:

• Mobile App and Online Access: Capital One provides user-friendly platforms to manage your account, track spending, make payments, and redeem rewards.
• Eno (Capital One Assistant): An AI-powered assistant that can provide account information, send alerts, and answer questions.
• Automatic Credit Line Reviews: Capital One may automatically consider you for a credit line increase after a period of responsible use.
• Flexible Payment Options: You can often choose your payment due date and payment method.
• Balance Transfer Options: Allows you to transfer high-interest balances from other credit cards, potentially saving on interest (fees may apply).

It's important to note that the specific benefits and features vary depending on the particular Capital One credit card you choose. Therefore, it's always recommended to carefully review the terms and conditions of each card to determine which one best suits your individual needs and spending habits.

Capital One cash advance fee:

The Capital One cash advance fee is a charge you incur when you withdraw cash from your credit card. This is different from using your debit card to withdraw cash from your bank account.

A cash advance allows you to borrow money against your credit limit. You can typically do this at an ATM using your credit card and PIN, or at a bank. Some credit card companies also offer convenience checks that you can cash or deposit.

How Much is the Capital One Cash Advance Fee?

For most Capital One credit cards, the cash advance fee is either $5 or 5% of the amount of each cash advance, whichever is greater.

• Example 1: If you withdraw $100, the fee would be 5% of $100 = $5.
• Example 2: If you withdraw $300, the fee would be 5% of $300 = $15.
• Example 3: If you withdraw $50, the fee would be $5 (as 5% of $50 is $2.50, and the minimum fee is $5).

Important Things to Know About Cash Advances:

1. Higher Interest Rates: Cash advances usually come with a higher Annual Percentage Rate (APR) compared to regular purchases.
2. No Grace Period: Unlike purchases where you have a grace period to pay your balance before interest accrues, interest on cash advances typically starts accruing immediately from the day you take out the advance.
3. ATM Fees: If you use an ATM that is not part of the Capital One or Allpoint network, the ATM operator may charge you an additional fee.
4. Cash Advance Limit: There's a limit to how much you can withdraw as a cash advance, which is a portion of your overall credit limit. You can usually find this on your credit card statement or by logging into your online account.
5. Impact on Credit Utilization: A cash advance increases your credit card balance, which can affect your credit utilization ratio (the amount of credit you're using compared to your total available credit). A high credit utilization1 can negatively impact your credit score.   

How to Find Your Specific Cash Advance Fee:

While the standard fee is $5 or 5%, it's always best to check the specific terms and conditions of your Capital One credit card. You can usually find this information in your cardholder agreement or by logging into your online account and looking at the "Fees" or "Pricing & Terms" section. You can also call the customer service number on the back of your card.

Capital One Cash Advance Limit Per Day:

The Capital One cash advance limit per day refers to the maximum amount of cash you can withdraw from your Capital One credit card as a cash advance in a single day. While Capital One will have an overall cash advance limit on your account, there might be a further restriction on how much of that limit you can use per day.

Capital One doesn't specify a fixed daily cash advance limit that applies to all cardholders, here's what you need to understand about how much cash you can withdraw per day:

Key Points:

• Not Publicly Disclosed: Capital One doesn't publicly disclose a standard daily cash advance limit that applies to all cardholders. This limit can vary based on several factors.
• Lower Than Overall Limit: The daily cash advance limit is typically significantly lower than your overall credit limit and may even be lower than your overall cash advance limit.
• ATM Limits: Even if your Capital One daily cash advance limit is higher, the ATM itself might have its own withdrawal limits. These ATM limits are set by the ATM operator and can be quite low (e.g., $300 or $500 per day).
• Contact Capital One for Specifics: The best way to determine your specific Capital One daily cash advance limit is to contact Capital One directly through the customer service number on the back of your card or by logging into your online account.

Factors That Might Influence the Daily Cash Advance Limit:

• Overall Credit Limit: A higher overall credit limit may lead to a higher daily cash advance limit.
• Creditworthiness: A strong credit history and good payment behavior may be rewarded with a higher daily limit.
• Account History: A long and positive account history with Capital One can increase your daily cash advance limit.
• Specific Card Type: Some Capital One cards might have different daily limits than others.
• ATM Limits: The ATM's own withdrawal limits can further restrict how much you can take out.

How to Find Your Capital One Daily Cash Advance Limit:

1. Log In to Your Online Account: Check your online Capital One account for details about your cash advance limit and any potential daily restrictions.

2. Call Customer Service: The most reliable way is to call the customer service number on the back of your Capital One card. Ask them specifically about your daily cash advance limit, not just your overall cash advance limit.

Note: If you need a larger sum of cash, knowing your daily limit will help you plan how many days you will need to make withdrawals.

You will avoid the frustration of a declined transaction at the ATM if you know your daily limit.

In Summary:

Accessing cash from a Capital One credit card is generally expensive and should be avoided if possible. Carefully consider the fees, interest rates, and potential impact on your credit score before taking a cash advance.

Explore alternative options first, and if you must take a cash advance, know your cash advance limit and repay the balance as quickly as possible.