It’s generally a bad idea to withdraw money from a credit card, but if you absolutely need to, here’s how to do it.
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Log into your account online
Most credit card companies will allow you to withdraw cash from your credit card account by logging into your account online and transferring funds from your credit card to your bank account. To do this, you will need to know your credit card number, the expiration date, the security code (the three- or four-digit number on the back of your card), and the billing address associated with your credit card. Once you have this information, you can typically log into your account and transfer money within a few minutes.
Find the section for transferring money
To withdraw money from a credit card, you’ll need to find the section of your card’s website that allows for transferring money. Once you’ve found this section, you’ll need to input the amount of money you wish to withdraw, as well as the account you wish to withdraw it into. After this information has been inputted, you’ll simply need to follow the instructions on the screen to complete the withdrawal.
Enter the amount you want to withdraw
When you use a credit card to withdraw cash from an ATM, you’ll usually be charged a fee. The fee is typically around 3% of the transaction, but it can be higher. You’ll also likely have to pay interest on the cash you withdraw right away, even if you pay your credit card bill in full when it’s due.
Choose the account you want the money transferred to
Before you can withdraw money from your credit card, you will need to choose the account you want the funds deposited into. You can typically do this by logging into your online banking portal and selecting the option to transfer funds. Once you have chosen the account, you will need to enter the amount of money you want to withdraw.
Most banks will allow you to withdraw cash from your credit card at an ATM. However, there may be fees associated with this service. To avoid these fees, you can typically use your credit card at any bank that offers cash back on purchases.
Review the transaction and hit submit
Before you begin the process of withdrawing money from your credit card, it is important to understand how this will affect your finances. First, when you use your credit card to take out cash, you will likely be charged a cash advance fee. This fee is usually a percentage of the total amount withdrawn (usually around 3%) and is typically added to your balance immediately. In addition, cash advances often have a higher interest rate than regular credit card purchases, so you will accrue interest on the cash advance from the date of the withdrawal. For these reasons, it is generally not advisable to withdraw money from your credit card unless it is absolutely necessary.
If you do need to take out cash from your credit card, most cards will allow you to do this at an ATM. To find an ATM that accepts your card, you can typically use the same ATM locator that you would use to find an ATM for withdrawals if you were using your debit card. Once you have located an appropriate ATM, insert your credit card into the machine and follow the prompts. You will likely be asked to enter your PIN number; if you do not know or remember your PIN number, you can typically find it on the back of your credit card statement or by calling customer service for your credit card issuer.
After completing the transaction at the ATM, review the receipt carefully to make sure that everything is correct; if there are any errors, report them to your credit card issuer immediately. Once you are satisfied that everything is correct, hit submit and wait for approval. If everything goes smoothly, you should have access to your cash immediately.