The three ways to get cash from a Chase credit card

You can get cash from a Chase credit card in three ways: a cash advance at an ATM or bank, a balance transfer check, or a cash-like purchase through a third party. Each one costs you money upfront and charges interest immediately — there is no grace period like there is for regular purchases. The method you choose depends on how much cash you need, how quickly you need it, and which Chase card you have.

Before you use any of these methods, understand that getting cash from a credit card is expensive. You will pay a fee (usually 3 to 5 percent of the amount), and interest will start accruing the same day you take the cash. This is very different from using a debit card or withdrawing from a savings account. Use this option only when you have no other way to get the cash you need.

Key Takeaways

  • Cash advances at ATMs or bank tellers charge a fee of 3 to 5 percent and begin charging interest immediately with no grace period.
  • Balance transfer checks work the same way as cash advances but arrive by mail, so they take several days to reach you.
  • The interest rate for cash advances is usually higher than the rate for regular purchases on the same card.
  • Some Chase cards offer lower cash advance fees or waived fees for the first advance, so check your card's terms before you proceed.
  • If you need cash regularly, a debit card or personal loan will cost you far less over time than repeated cash advances.

Cash advances at an ATM or bank branch

A cash advance is the fastest way to get cash from your Chase card. You can withdraw money at any ATM that displays the Visa or Mastercard logo (depending on your card type), or you can visit a Chase branch and ask a teller to process one. The teller route is useful if you need a large amount, because ATM daily limits are usually lower than what you can request in person.

You will be charged a fee at the time of withdrawal — typically 3 to 5 percent of the amount you take out, though some Chase cards charge a flat fee instead. Interest begins accruing immediately at a rate that is usually 2 to 3 percentage points higher than your regular purchase APR. Check your card's terms or call the number on the back of your card to find out your specific cash advance fee and interest rate before you withdraw.

Your daily ATM withdrawal limit is set by Chase and varies by card and account history. Most cards allow $500 to $1,000 per day, but you can call Chase to request a temporary increase if you need more. A bank teller can often process a larger amount in a single transaction than an ATM will allow.

Balance transfer checks

Chase may send you balance transfer checks in the mail if you have an active credit card account with them. These checks work like a cash advance — you write a check to yourself or to someone else, deposit it in your bank account, and the amount is charged to your credit card. The fee and interest rate are the same as a regular cash advance.

The main difference is timing. Checks take 3 to 7 business days to arrive by mail, and then you have to deposit them. If you need cash today, this method will not work. If you have a few days to wait and prefer not to visit an ATM or bank branch, this is a simpler option. You can also write a check directly to a person or business, which some people find easier than carrying cash.

Not all Chase cards come with balance transfer checks. If you have not received any in the mail, you can call Chase and ask whether they will send you some. There is no cost to request them.

Cash-like purchases through third parties

Some people use their credit card to buy something they can immediately convert to cash — for example, buying a gift card and then selling it, or purchasing something at a store and returning it for cash. This is technically a regular purchase, not a cash advance, so it does not trigger the higher cash advance interest rate or fee.

However, this method has serious drawbacks. You may lose money in the transaction (gift cards often sell for less than face value, and returns may not be in cash). You are also spending time and effort to do something that costs less money through a cash advance. In almost all cases, a straightforward cash advance is cheaper and faster. Only consider this route if your card charges an unusually high cash advance fee and you have time to execute the transaction.

How cash advances affect your credit and your balance

A cash advance counts as a separate balance on your credit card, distinct from your regular purchase balance. This means you will have two interest rates and two minimum payments to track. The cash advance balance usually has a higher interest rate and will not benefit from any promotional 0 percent APR offers you may have on purchases.

Cash advances also affect your credit utilization ratio — the percentage of your available credit that you are using. If you take a large cash advance, your utilization goes up, which can lower your credit score temporarily. The impact is usually small and temporary, but it is worth knowing about if you are planning to apply for a loan or another credit card soon.

When you make a payment to your card, Chase applies it to the lowest-interest balance first (usually your regular purchases), which means your cash advance balance may take longer to pay off. If you want to pay down the cash advance faster, you can call Chase and ask them to apply your next payment to that specific balance.

Comparing cash advances across different Chase cards

Chase offers many different credit cards, and the cash advance terms vary. Some cards charge 3 percent, others charge 5 percent. A few cards waive the cash advance fee for the first withdrawal or for a limited time. Business cards sometimes have different terms than consumer cards.

Before you take a cash advance, log into your Chase account online or call the number on the back of your card and ask for your specific cash advance fee and APR. Do not assume all Chase cards are the same. If you are considering opening a new Chase card partly because of lower cash advance fees, read the terms document carefully — the fee and rate are usually listed in the pricing section, not the rewards section.

When a personal loan or other option costs less

If you need cash regularly or in large amounts, a cash advance will become very expensive. A personal loan from a bank, credit union, or online lender usually charges less interest and has a fixed repayment schedule, which makes budgeting easier. Even a loan with a higher interest rate may cost less overall if you are taking multiple cash advances.

A 0 percent APR balance transfer card is another option if you have time to wait for a new card to arrive and be approved. You can transfer a balance from your current card to the new card and use it like cash, with no interest for 6 to 21 months depending on the card. This only works if you have good credit and can be approved quickly.

If you are in a financial emergency and have no other options, a cash advance is better than missing a bill payment or going without necessities. But if this is becoming a pattern, talk to a credit counselor about longer-term solutions. Many non-profit credit counseling agencies offer free or low-cost guidance.

Frequently Asked Questions

Can I take a cash advance if my card is maxed out?

No. A cash advance uses part of your available credit, just like a purchase does. If you have no available credit left, you cannot take a cash advance. You would need to pay down your balance first or request a credit limit increase from Chase.

What happens if I cannot pay back a cash advance?

The unpaid balance will accrue interest at your cash advance rate and will be reported to the credit bureaus as a late payment if you miss the due date. This will damage your credit score. If the debt goes unpaid for a long time, Chase may close your account or send the debt to a collection agency.

Is there a way to avoid the cash advance fee?

Some Chase cards waive the fee for your first cash advance or for a limited promotional period. Check your card's terms or call Chase to see if yours does. Otherwise, the fee is unavoidable if you want to take a cash advance. The only way to avoid it entirely is to use a different method to get cash, such as a personal loan or a debit card.

Can I take a cash advance from a Chase card at a non-Chase ATM?

Yes. You can use any ATM that displays the Visa or Mastercard logo, depending on your card type. However, you may be charged an additional fee by the ATM operator (usually $2 to $3) on top of Chase's cash advance fee. Using a Chase ATM or branch avoids this extra charge.

Do balance transfer checks count as a cash advance?

Yes. Balance transfer checks are processed as cash advances, so they carry the same fee and interest rate. The only difference is the method of delivery and how you access the money. Do not confuse them with balance transfer offers, which are promotional rates for moving debt from another card.