Running low on cash during unexpected emergencies can be stressful, especially when your bank is closed and you need funds immediately. Fortunately, if you have a Chase credit card, you can withdraw cash from an ATM just like a debit card. This process is known as a cash advance, and it can be a lifesaver for when you’re traveling and need some cash to shop around. In this article, we’ll explore how you can use your Chase credit card at an ATM and what you should know before doing so.
Can You Use a Credit Card at an ATM?
Yes, you can use your Chase credit card at an ATM. This process is known as a cash advance and with it, you can withdraw cash from your Chase credit card at an ATM.
Pro Tip: Unlike regular credit card purchases for goods and services, cash advances provide you with actual money, which is added to your credit card balance. However, it’s important to be aware of the specific terms, conditions, and costs associated with cash advances. Understanding these details is important when considering a cash advance on your Chase credit card to manage your finances effectively.
How to Use Your Chase Credit Card at an ATM
Using your Chase credit card at an ATM is pretty straightforward, much like using a debit card. To get a Chase cash advance with your Chase credit card, you’ll need your physical card and your personal identification number (PIN). Since you don’t typically use a PIN with your credit card, you might not have one yet or may have forgotten it. If that’s the case, just call the number on the back of your card to set up or reset your PIN.
Here’s how to get cash from your Chase credit card:
- Look for an ATM, preferably one associated with Chase, to avoid additional fees.
- Insert your Chase credit card into the ATM.
- Type in your PIN.
- Select Cash Withdrawal or Cash Advance from the menu.
- Enter the amount of cash you want to withdraw. Ensure it does not exceed your card’s cash advance limit.
- Confirm that you accept any fees associated with the cash advance.
- Once you’ve confirmed the transaction, the ATM will dispense the cash.
Note: While you can withdraw cash with your credit card, be cautious with your credit usage. Reports indicate that 36% of U.S. adults have more credit card debt than emergency savings. Cash advances come with fees and higher interest rates that start accruing immediately, so use this option only when you really need to.
Chase Credit Card ATM Withdrawal Limit
Although cash advances may be useful, there is a limit as to how much you can withdraw from the ATM via a Chase credit card. This limit is typically a percentage of your credit card’s total credit limit. For example, if your credit limit is $20,000 and the card caps your cash advance limit to 30%, then your cash advance limit might be around $6,000.
It’s crucial to know your specific cash advance limit to avoid any unexpected issues. If needed, you can request an increase in your credit limit by calling the number on the back of your Chase credit card.
Cash Advance Associated Fees
Using your Chase credit card for a cash advance involves several fees, making it a costly option for accessing cash. These include:
| Associated Fees | Amount |
| Cash advance fees | $10 or 5% of the amount withdrawn, whichever is greater |
| ATM fees | Can vary, but typically amount to a few dollars per transaction |
| Cash advance Annual Percentage Rate (APR) | 29.99%, though it may fluctuate with market conditions |
Furthermore, unlike regular purchases that often come with a grace period, cash advances start accruing interest immediately. Interest is charged daily from the moment you withdraw the cash until it’s fully repaid.
Tips When Using Cash Advances
While cash advances can be expensive and have several drawbacks, there are times when they might be necessary. For instance, if you’re traveling and encounter a situation where only cash is accepted, a cash advance can be invaluable. Whether it’s covering a taxi fare or handling an unexpected expense, having access to quick cash from your credit card can be a lifesaver. Here are some tips for using cash advances wisely:
- Make it your last resort: First, try to explore other alternatives, such as personal loans, borrowing from friends or family, or using a line of credit with lower interest rates and fees. Make using a cash advance your last option.
- Use only for emergencies: Cash advances should only be used for true emergencies and when no other options are available. Make sure the expense is genuinely urgent before opting for a cash advance.
- Monitor your usage: Be mindful of how often you rely on cash advances. Frequent use can lead to higher debt and a credit score drop, so use them sparingly.
- Pay it off as soon as possible: Treat cash advances as a short-term financial solution. Plan to repay the advance within a month to avoid high interest charges and accumulating debt. The longer you carry the balance, the more interest you’ll accumulate. Prompt repayment can help minimize the overall cost.
For a smarter way to pay off your credit card bills, consider using Cushion. This app sends you automated bill reminders and helps you build your credit history with the payments you’re already making on subscriptions, bills, and Buy Now, Pay Later (BNPL) plans. With Cushion, all your payments are reported to credit bureaus, helping you improve your credit over time. Learn more and get started for just $4.99 a month at Cushion.
Summary
Using your Chase credit card at an ATM to get cash can be a helpful tool in emergencies or when you need quick access to cash. However, be aware of the costs and implications associated with cash advances. Always check your withdrawal limit and be prepared for the fees and higher interest rates. By using cash advances wisely and planning for quick repayment, you can minimize its financial impact and maximize this feature when truly needed.
