Credit One offers two ways to access cash: a cash advance at an ATM or bank, and a balance transfer to your checking account

A cash advance lets you withdraw money directly from an ATM or teller window using your Credit One card, just like a debit card. A balance transfer moves money from your Credit One account to a bank account you control. Both cost money upfront — Credit One charges a fee (usually 3% to 5% of the amount) and begins charging interest immediately, with no grace period like you get on purchases. The interest rate on cash advances is typically higher than your purchase rate.

Which method you use depends on what you need. An ATM withdrawal is faster and simpler if you need cash in hand today. A balance transfer takes a few business days but may be cheaper if you're moving a large amount, because the per-transaction fee is a one-time cost rather than a per-withdrawal cost.

Key Takeaways

  • Cash advances charge a fee (3% to 5% typically) plus a higher interest rate than purchases, with interest starting immediately.
  • Balance transfers also charge an upfront fee and interest, but may cost less overall for large amounts since you pay one fee instead of multiple ATM fees.
  • ATM withdrawals are limited by your available credit and a daily withdrawal cap set by Credit One, usually $500 to $1,000 per day.
  • Interest on both cash advances and balance transfers accrues daily and is not forgiven if you pay in full by the statement due date.

How to withdraw cash at an ATM

Insert your Credit One card into any ATM that displays the Visa or Mastercard logo (depending on which version you hold). Enter your PIN, select "Withdrawal" or "Cash Advance," and choose your amount. The ATM will dispense the cash and charge your account immediately.

Your withdrawal is limited by two things: your available credit (the unused portion of your credit limit) and Credit One's daily cash advance limit, which is typically $500 to $1,000 per day. If you try to withdraw more than either limit allows, the ATM will decline the transaction. You can attempt the withdrawal again the next calendar day if you hit the daily limit.

The fee appears on your statement as a cash advance fee, separate from the amount withdrawn. If you withdraw $300 at a 5% fee, you will owe $300 plus $15, and interest will begin accruing on the full $315 immediately.

How to request a balance transfer to your bank account

Contact Credit One's customer service by phone (the number is on the back of your card) or through your online account portal. Tell them you want to transfer funds to your checking account and provide your bank's routing number and your account number. Credit One will verify the account is in your name and process the transfer.

The transfer typically takes 3 to 5 business days to appear in your checking account. Credit One charges a balance transfer fee (usually 3% to 5%) and begins charging interest on the transferred amount immediately. Like a cash advance, there is no grace period — interest accrues from the day the transfer posts to your account.

A balance transfer can be cheaper than multiple ATM withdrawals if you need a large sum. For example, withdrawing $2,000 in four $500 ATM transactions at a 5% fee costs $100 in fees alone. A single $2,000 balance transfer at 5% costs $100 in fees, but you avoid the per-transaction hassle and the daily withdrawal limits.

Fees and interest rates for cash access

Credit One charges a cash advance fee at the time you withdraw or transfer. This fee is a percentage of the amount (typically 3% to 5%) and is added to your balance immediately. Some Credit One accounts may have a flat fee instead of a percentage, though this is less common.

The interest rate on cash advances is separate from your purchase rate and is usually 2% to 5% higher. If your purchase APR is 24%, your cash advance APR might be 28% or 29%. This higher rate applies only to the cash advance balance, not to purchases you make later.

Interest on a cash advance begins accruing the day you withdraw the money. Unlike purchases, which have a grace period (usually 21 to 25 days before interest kicks in), cash advances have no grace period. If you withdraw $300 on January 15, interest starts on January 15, even if you pay the full $300 by February 1.

How paying off a cash advance works

When you make a payment to your Credit One account, the payment is applied in a specific order set by federal law. Payments go first to the balance with the highest interest rate (usually the cash advance), then to other balances. This means if you have both a cash advance and purchases on your card, your payment reduces the cash advance first.

However, the interest you owe on the cash advance continues to accrue until the balance reaches zero. If you withdraw $300 and make a $100 payment, you still owe $200 plus the interest that has accumulated. The interest is calculated daily on the remaining balance, so the longer you carry the balance, the more interest you pay.

To minimize interest, pay the cash advance balance as quickly as possible. If you can pay it off within a few days or a week, the total interest will be small. Carrying a cash advance for months will cost significantly more than the upfront fee.

Alternatives to cash advances from Credit One

If you need cash but want to avoid the high fees and interest, consider other options first. A personal loan from a bank or credit union often has a lower interest rate and no upfront fee. A 0% APR balance transfer card (if you may have access to) lets you move debt from Credit One to another card with no interest for a promotional period, though you still pay a transfer fee.

If you need cash for an emergency, a short-term loan from family or friends, a payment plan with a creditor, or a local emergency assistance program may cost you nothing. Credit One cash advances should be a last resort because the fees and interest make them expensive relative to other borrowing methods.

If you regularly need cash from your credit card, that may signal that your available credit is being used to cover expenses you cannot otherwise afford. In that case, a conversation with a nonprofit credit counselor (available free through the National Foundation for Credit Counseling) can help you build a plan to reduce reliance on high-cost borrowing.

Frequently Asked Questions

Can I use my Credit One card to withdraw cash at a bank teller instead of an ATM?

Yes. Walk into any bank branch that accepts Visa or Mastercard (depending on your card type), provide your card and ID to the teller, and request a cash advance. The teller will process it the same way an ATM does, and the same fee and interest rate apply. Some banks may charge an additional fee for this service, so ask before you proceed.

What happens if I withdraw cash but can't pay it back?

The balance remains on your account and interest continues to accrue daily. If you miss a payment, Credit One will report the late payment to the credit bureaus, which will lower your credit score. After 30 days late, Credit One may charge a late fee. After 180 days of non-payment, the account may be charged off and sent to a collection agency.

Is there a limit to how much I can withdraw in a single transaction?

Yes. Credit One sets a daily cash advance limit (usually $500 to $1,000) and your withdrawal is also limited by your available credit. If your credit limit is $2,000 and you have already charged $1,800, you can only withdraw $200, even if your daily limit is higher. Check your account online or call customer service to see your specific limits.

Do cash advances affect my credit score?

A cash advance itself does not directly hurt your credit score, but it increases your credit utilization (the percentage of your credit limit you are using). If your utilization jumps from 30% to 80% because of a large cash advance, your score may drop temporarily. Paying off the advance quickly will bring your utilization back down and allow your score to recover.

Can I transfer money from Credit One to a savings account instead of checking?

Yes, as long as the savings account is in your name. Provide Credit One with your savings account's routing number and account number when you request the balance transfer. The transfer will post to savings the same way it would to checking, and the fee and interest rate remain the same.