If you have a Chase credit card, you can get access to a cash advance. However, make sure youâre familiar with the issuerâs terms and fees on cash advances before you borrow cash against your credit line.
Hereâs everything you need to know about getting a cash advance from a Chase credit card.
Getting a cash advance with Chase
- What is a cash advance?
- How to get a cash advance with Chase
- What to consider before getting a cash advance
What is a cash advance?
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A cash advance is a short-term loan that makes it possible to withdraw cash from your credit card. In a way, itâs similar to getting cash from your debit card, but instead of getting money from your checking account, youâre borrowing it against your credit line.
The main difference is that since a cash advance is a loan, youâll owe fees and interest Ââ and at a rather high rate compared to your regular purchase APR.
For that reason, itâs generally recommended to avoid using your credit card to obtain cash. If you need funds for a transaction where credit cards arenât accepted, consider all other possible options before you turn to a cash advance. There are ways to borrow cash cheaper â for example, Cash advances are a pricey way to get cash fast: survey
How to get a cash advance with Chase
If youâve 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 donât currently have a PIN on your credit card, call Chase at 1-800-297-4970 and follow the instructions to create one.
prime rate.
You also donât get a grace period when youâre taking out a cash advance. The interest kicks in as soon as you complete a cash advance transaction. If you donât pay off the balance right away, it can snowball quickly. This can turn your cash advance into a dangerous kind of debt.
If you donât 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. Itâs still rather high, but it’s much lower than what other credit cards offer.
Plus, the PenFed Power Cash has no cash advance fee. Youâll earn 1.5% cash back on all purchases â or 2% if youâre 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, itâs 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.
Source: creditcards.com