Most people know that debit cards can be used to make purchases, but you can do the same with a credit card. Many credit card issuers let you withdraw cash from the card using the cash advance facility in emergencies. What if you need instant money for a medical emergency? Using your credit card in such instances will be the best idea.
The only drawback of cash advance is its high Annual Percentage Rate (APR). Bank transfers have a lower APR than cash advances. Hence, most users only use credit cards for making purchases if they have sufficient balance.
Your bank might charge an internet fee for withdrawing cash with a credit card. Thus, in emergencies, you might think twice before using the credit card. Consider using the credit card only if you don’t use a debit card or payment app.
Let’s learn the easy ways to withdraw cash using only the credit card number:
Fast & Secure Ways to Get Cash using the Credit Card Number:
Sometimes, you run out of cash, and using a credit card is a good option in such cases. But, what if you don’t remember the security PIN of your credit card? Don’t worry; you can still get money if you know the credit card number.
Here are the easy ways to withdraw cash using only the credit card number:
1. With the Bank Teller’s Assistance
A bank teller handles daily financial transactions, including transfers, deposits and withdrawals. He can help you to get instant cash using your credit card number. So, go to your nearest bank branch and request the bank teller for the money withdrawal.
Follow these steps to get cash using your credit card number through the bank teller:
Fill Out the Application
Your bank teller will ask you to fill out a form to get instant cash using the credit card. Which details must you include in the money transaction form? You might have to provide your account number, the cash amount you want to withdraw, and the credit card number.
Bring a Government-Issued Identification Proof
You can’t make such transactions without presenting a legal/valid identification card. The bank teller will ask you to attach one copy of your identification proof to get cash using the credit card number. Always bring two government-issued IDs when coming to the bank. Some banks require two identification proofs to get cash with a credit card.
Get the Required Amount of Cash
Your bank will process the cash advance if the bank teller approves your identification proofs. You might have to wait 2-3 minutes to get the cash from the bank. This time might vary depending on the number of people in the bank to withdraw instant cash.
It might also take an hour to get cash using a credit card number if you have filled out the form with incorrect details. The bank teller will give you a form to sign and hand over the cash you want to withdraw with the credit card.
2. Using Convenience Checks
Did you recently open a checking or savings account at a bank? You must know what a convenience check is or what its purpose is. Convenience or access checks are blank checks which lenders provide to the borrowers. They can use these checks for cash advances using the credit card number.
However, not everyone can access convenience checks to get cash. Thus, you must contact your credit card company’s customer service representative to know whether you qualify for these blank checks.
Additionally, you can visit your nearest bank branch to confirm your eligibility. It takes 3-5 minutes to withdraw cash with convenience checks. You should pay an additional fee when getting cash with access checks. Besides, borrowers can’t extend the repayment period. So, you must pay the monthly instalment fees on time to avoid costly interest charges.
3. From an ATM
You can withdraw cash from an ATM if you know the security PIN and the credit card number. Where can you find the credit card’s PIN? It will be printed on the paperwork you received from the credit card company. Moreover, you can generate a new security PIN for the credit card online.
Enter your credit card in the correct machine slot to any ATM. Enter your credit card PIN using the ATM keys when prompted. Choose the “Cash Advance” option and select “Credit” if the ATM shows. Some ATMs might display “cash withdrawal” instead of “Cash Advance”.
Enter the amount of cash you want to withdraw using the credit card. Check the fee amount the ATM will charge for the cash advance. Take the cash from the ATM and collect the printed receipt.
Factors You Must Consider When Withdrawing Cash with Your Credit Card Number
Most people use their credit cards to get instant cash without knowing the consequences. Failing to pay the monthly credit card balances can increase the interest fee. Moreover, you might have to borrow more money from the lender to repay the remaining debt.
Here are the factors you must consider before taking cash advance with a credit card:
One-Time Advance Fee
Credit card issuers charge a one-time fee when you get cash using the card number. It might vary from one credit card company to another. Credit card issuers might charge a one-time fee for withdrawing cash from ATMs.
The amount of the one-time fee will be mentioned on your credit card’s backside. Additionally, you must read the terms and conditions for cash advances before the withdrawal.
Most credit card users confuse the ATM fee with a cash advance fee. However, they are different, but you must pay them on time; otherwise, they will be added to your debt. Don’t use a credit card for cash advances if it isn’t necessary.
Effects on the Credit Score
The inability to pay the cash advance can decrease your credit score. A cash advance works like regular debts and lowers your chances of borrowing money. If you don’t repay the credit balance timely manner, the interest fee will also increase. So, consider paying the cash advance quickly to maintain a good credit score.
The interest rate for cash advances is higher than for personal or other types of loans. Most credit card issuers request borrowers to pay the money within a limited time. The interest in cash advance will accrue from the day you withdraw money with a credit card. There is a risk of exponential debt growth associated with cash advances.
How Can You Repay the Money Withdrawn with Your Credit Card?
There are two ways to repay the cash you have withdrawn using a credit card. You can either pay the cash advance amount offline or online. Visit your nearest credit card company for offline repayment. Most credit card issuers let you repay with cash or check.
How to repay the money withdrawn with your credit card online? Open a secure web browser from your mobile or computer and access the credit card issuer’s site. You will get different options to repay the cash advance like UPI, mobile wallet and net banking. Choose your preferred payment option and clear off the debt quickly.