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How to get a cash advance with Chase

Chase offers an option to get a cash advance – but make sure to know the terms and costs before you use it

Summary

You can visit your nearest Chase branch or use an ATM to get a cash advance from your Chase credit card, but this kind of cash loan can be extremely expensive. When you need cash urgently and have exhausted all other options, a cash advance can be a financial lifeline, albeit an expensive one.

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If you have a Chase credit card, you can get access to a cash advance. However, make sure you’re familiar with the issuer’s terms and fees on cash advances before you borrow cash against your credit line.

Here’s everything you need to know about getting a cash advance from a Chase credit card.

What is a cash advance?

A cash advance is a short-term loan that makes it possible to withdraw cash from your credit card. In a way, it’s similar to getting cash from your debit card, but instead of getting money from your checking account, you’re borrowing it against your credit line.

The main difference is that since a cash advance is a loan, you’ll owe fees and interest ­– and at a rather high rate compared to your regular purchase APR.

For that reason, it’s generally recommended to avoid using your credit card to obtain cash. If you need funds for a transaction where credit cards aren’t accepted, consider all other possible options before you turn to a cash advance. There are ways to borrow cash cheaper – for example, personal loans may offer better terms and a lower interest rate.

See related: Cash advances are a pricey way to get cash fast: survey

How to get a cash advance with Chase

If you’ve decided that obtaining a cash advance from your Chase credit card is the best way to go in your situation, there are a couple of ways you can do it.

Go to a Chase branch

The first option is to visit your nearest Chase branch and request a cash advance. Make sure to have your credit card and a government-issued photo ID on you for the bank to verify your identity and complete your request.

Use an ATM

If you have a PIN, you can also get a cash advance from an ATM. Note, however, that you might have to pay an ATM fee.

If you don’t currently have a PIN on your credit card, call Chase at 1-800-297-4970 and follow the instructions to create one.

What to consider before getting a cash advance

Before you borrow cash against your credit line, it’s important to be aware how it will impact your budget.

Cash advance fee

Getting cash from your credit card isn’t free, and not only because of interest. When you’re getting a cash advance from Chase, it will be subject to a fee of $10 or 5% of the amount, whichever is greater.

Higher interest rate

The main reason cash advances are so costly is their high APRs. At the time of writing, the cash advance APR on Chase credit cards is 24.99%, but it may vary based on the prime rate.

You also don’t get a grace period when you’re taking out a cash advance. The interest kicks in as soon as you complete a cash advance transaction. If you don’t pay off the balance right away, it can snowball quickly. This can turn your cash advance into a dangerous kind of debt.

If you don’t have any other options and a cash advance is your last resort, it may be wise to consider a credit card that comes with a lower APR on cash advances. For example, the PenFed Power Cash Rewards Visa Signature® Card only charges a 17.99% APR on cash advances. It’s still rather high, but it’s much lower than what other credit cards offer.

Plus, the PenFed Power Cash has no cash advance fee. You’ll earn 1.5% cash back on all purchases – or 2% if you’re a PenFed Honors Advantage member. This is a decent flat cash back rate, and the card comes with no annual fee.

Bottom line

While Chase allows cardmembers to borrow cash against their credit line, it’s an extremely expensive type of loan. We recommend only using it as a last resort and working on your emergency fund to avoid such difficult financial circumstances in the future.

Editorial Disclaimer

The editorial content on this page is based solely on the objective assessment of our writers and is not driven by advertising dollars. It has not been provided or commissioned by the credit card issuers. However, we may receive compensation when you click on links to products from our partners.

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