The short answer, is yes, with most credit cards, you can withdraw money. You should first check your card features to determine if it offers a cash advance option. If you aren’t sure, you can call your credit card issuer for details.
You will also want to find out if you can use your card at an ATM or if you have to use checks from the issuer. If you can withdraw from an ATM, you will need your PIN and can get cash from any ATM that accepts your type of credit card. In most cases, you simply have to enter your PIN and agree to the fees. Then, you can request the cash you need, according to what you have available on your credit line.
If you need to use checks, you will probably need to request them from your card issuer unless they have already sent you some. Often, credit card issuers will send you blank checks to hold onto in case you need to use them. Although they are checks, they are still considered a cash advance or cash withdrawal.
Some things you should check before you withdraw any money include the following:
1. What fees are involved? Cash advance fees and withdrawals can be expensive. Make sure you are aware of the costs
2. What is the APR? The cash advance APR is typically much higher than the regular APR.
3. Can you afford the payments? A cash advance will usually deduct from the amount you have available on your credit limit, which will also result in higher monthly payments. Make sure you calculate your payments with the higher APR, and consider whether the cash withdrawal is worth it.
4. Yuu should know that there is no grace period on ATM cash withdrawal transactions - you will start paying interest right away.
If you are ready for a cash advance, these are the best cards to consider.