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A Capital One credit card cash advance is one way to get cash when you really need it – you’re essentially borrowing cash from your line of credit and promising to pay it back later.
Although cash advances are rarely your best option due to their high fees and even higher interest rates, taking out a cash advance can help you in a situation where you might not have enough money in your bank account to cover a cash-only expense.
Is there a Capital One cash advance fee? Let’s take a closer look at how Capital One cash advances work and what you should consider before you request one.
What is a cash advance?
A cash advance allows you to get cash from a credit card. Instead of using your credit card to make purchases, you request an advance on your credit limit in cash. Most people use ATMs to get cash advances, although you can also request a cash advance inside a bank branch.
A cash advance lets you use cash in situations where credit cards are not accepted. If you’re buying a money order, for example, you’ll need to pay in cash, and if you don’t have a debit card (or don’t have enough funds in your checking account to use your debit card), you can use a cash advance to get the money you need.
It’s generally better to get cash from a debit card or checking account than to request a cash advance on a credit card. Cash advances come with fees and high interest rates, and cash advance interest begins to accrue as soon as the transaction is completed.
If you’re thinking about requesting a cash advance because you need to cover an expense that you can’t pay for out of your checking account, you might want to consider a personal loan instead. In many cases, personal loans charge lower interest rates than cash advances, which means the right personal loan could save you a lot of money over time.