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Jun 23, 2023

How to get money from credit card with out charges. You do have options if you need money urgently but your bank account balance isn’t adequate to cover it. Getting a cash advance with your credit card is one such option. It’s easy; just use your card at an ATM, just like you would a debit card. Cash advances from credit cards should only be used as a last resort owing to fees, interest rates, and other difficulties. But there are ways to withdraw money from a credit card without paying anything.

We’ll discuss those strategies in a second, but first, let’s look at how cash advances may harm your financial stand

problems encountered using credit card money advances

It may appear easy to get a cash advance; just walk to an ATM, enter your credit card PIN, and withdraw. But there are good arguments for why looking for alternatives can be a better course of action. The costs come first.


First and foremost, most credit cards charge a fee for cash advances that ranges from 3% to 5%.So even if it’s just for a day, a $1,000 advance would cost you $30 to $50. Additionally, there can be a cost for the ATM withdrawal transaction, which in certain places can range from a few dollars to nearly $10.

interest charges

The issue of increased interest rates is another. The interest rates charged by credit card companies often come in two flavors: a low rate for everyday purchases and a high one for cash advances. In some cases, the difference between these annual percentage rates (APRs) may be 10 percentage points or more.

No rewards

Meanwhile, because cash advances are viewed as cash loans rather than regular transactions, they do not qualify for rewards. When using your credit card to make significant cash withdrawals from an ATM, this is a crucial element to take into account.

Grace period

In addition to having high interest rates, cash advances frequently lack a grace period. The majority of credit cards only add interest charges to your account after your payment due date, so if you pay off the entire debt before to the due date, there are no interest fees. However, interest normally begins to accumulate for cash advances on the day of withdrawal.

Credit limit

Finally, compared to the total limit of your card, the credit limit for cash advances is frequently substantially lower.² For illustration, a card might have a $4,000 overall credit limit but just a $750 cash advance limit.

how to get money from credit card with out charges

Although getting a cash advance might seem like the easier option, it has significant financial costs. There are methods to use your credit card limit as cash without incurring fees, but doing so needs careful consideration and preparation. Take into account these strategies to obtain free cash from credit cards:

buy on behalf of your friends

Is your friend thinking about making a significant monetary purchase? If so, you can suggest using your credit card to pay and asking for cash in exchange. You can obtain the necessary cash in this manner without paying ATM or advance fees.

Additionally, you can repay that $1,000 gradually without paying interest if you have a credit card with a 0% APR introductory rate.

Additional benefits of this approach include:

  • Credit card mileage bonuses

You will accrue points for these transactions if your credit card gives rewards. You can exchange these reward points for gifts that are free, heavily reduced, or statement credits.

  • Additional discounts

You can be eligible for a discount if you have a shop credit card from the merchant your friend intends to use. You can give your friend these savings or keep the extra money for yourself.

  • extended warranty

On expensive items, several credit cards provide complimentary extended warranties that are typically one year longer than the original manufacturer’s warranty.

This strategy has some disadvantages. The risk of using up all of your available credit for the transaction is the most obvious. Additionally, using this strategy might drastically raise your credit ratio, which is the proportion of your card balance to your credit limit. This ratio has the potential to lower your credit score.

  • cash though advanced cards

Prepaid cards enable free cash withdrawals from credit cards. The easiest way is to use your credit card to buy a Mastercard gift card, add the required amount to it, and then use an ATM to get cash.

To access funds, these cards typically don’t have a PIN, so you’ll need to contact the company that issued the gift card. The PIN could be given to you over the phone or via mail.

Once you have the PIN, you can go to an ATM to withdraw the money you need. Make careful to account for any applicable fees, such as ATM, activation, and transaction fees, to make sure they’re lower than the cash advance fee on your credit card.

Verify the terms prior to purchasing because not all gift cards with the Mastercard name allow for ATM cash withdrawal.

Another choice is to use your credit card to buy a store gift card from a well-known company, such as Walmart or Target, and then resale the card online. Platforms for this are available on websites like CardCash and Raise.

But be warned that many sites offer you a lesser price in exchange for your gift cards. For the transaction to be profitable, you must make sure that the discounted amount is lower than any potential cash advance fees.

  • consider other types of payment services

Services like Plastiq may be useful if you need to survive till your next payday. For a 2.9% service charge, they allow you to use a credit card for costs that are generally not payed with a credit card, such rent and utilities. The convenience fee can be worthwhile if you are able to pay the bill in full without using your card’s high interest rate. A rewards credit card could be used to reduce the upfront cost.

  • Sign up for retail arbitrage

Another strategy for turning your credit limit into cash is retail arbitrage. The idea is to purchase a product at a discount from a retailer and resale it for profit on online marketplaces like eBay, Amazon, or Facebook Marketplace. Your credit limit, along with any additional credit card benefits like points, cashback, or bill credits, could be converted into cash if done using a credit card.

  • Credit cards with low rates or 0% introductory APR

A few credit cards allow you to finance necessary expenditures without paying interest right away. These cards often offer 0% intro APR periods on transactions. Although you still owe the money, you have a sizable grace period to pay it off completely before interest is added. This time often ranges from 6 months to almost 2 years.

For instance, the Wells Fargo Reflect Card has a nearly two-year introductory APR of 17.99%-29.99% on purchases and qualified balance transfers.³

  • Utilize credit card lending programs

Existing clients of some credit card companies can borrow money to pay off specific purchases over time in exchange for a charge. Examples include Citi’s Citi Flex Loan, AmEx’s Pay It® and Plan It® services, and Chase’s My Chase Plan and My Chase Loan. With the help of these services, users can borrow money at cheaper interest rates than cash advances and make payments over time.

  • Balance transfer checks with assistance

You can transfer balances from other credit cards using credit card firms that offer low or no interest rates. These bargains occasionally come with personal checks that you can use to pay anyone, including yourself.

You can create one of these checks payable to yourself and deposit it into your bank account to benefit from the discounted APR.

However, 3% to 5% of these are frequently charged. Make sure that this is less than the cost of a cash advance. For instance, the Citi® Diamond Preferred® Card comes with a 5% balance transfer fee in addition to a 0% introductory APR for 21 months. Because there is no annual fee or rewards program with this card, you may concentrate on paying down your debt rather than accruing more of it.

Keep in mind that it may take two to 21 days for balance transfers to appear in your account.⁴

Request a friend or family member to pay you back

If a close friend or member of your family is about to make a sizable purchase, you can offer to pay with your card and ask them to pay you back in cash. The likelihood that this will coincide with your need for immediate cash may be low, but if it does, your acquaintance could be able to help. You are able to prevent cash advance fees and quick interest accrual with this method. Make sure you can pay off your balance before it becomes due.

In the interim, you can take money out of your PayPal Credit account using this technique.


Although they can offer instant relief, cash advances should only be used as a last option due to their hefty costs and interest rates. In addition to being pricey, they can hurt your credit and cause unneeded financial stress.

Alternatives include using your credit card to make purchases and receiving compensation in cash, exchanging gift cards for cash, and retail arbitrage.

It just needs some creative thinking.


  • What Is a Cash Advance Fee on a Credit Card? Limits on Experian credit cards explained. Chase Reflect® Card from Wells Fargo. Good Fargo
  • How long does transferring a balance take? Bankrate
  • see also: best online stores accepting credit cards

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