One of the most overlooked features of most credit cards is the cash advance feature. A cash advance credit card is a credit card that allows users to get cash advances either through a bank via a teller or through an automated teller machine. Asking how to get a cash advance on a credit card therefore is the most common question asked by credit card users that wishes to avail this feature and here is a step by step guide on how this is done.
Before you consider getting a cash advance using your credit card, you should first determine if your card actually has this feature. You can find out about this by calling customer service through a number at the back of your credit card. If you wish to process a cash advance through the bank your credit card is affiliated with, here are some important steps:
- Find out how much balance you have on your card. Credit card companies will only allow their members/card holders to make a cash advance when they have made full payment on their bills.
- Fill out a cash advance form which is usually available through the bank. Fill out all the details which usually includes your credit card account number and the amount that you wish to withdraw.
- Take the accomplished form and your card to the bank teller. The teller may ask for identification so be ready to present a valid ID.
- The teller will process your request and if there are some problems like past due accounts or inadequate balance on your credit card, she will be able to tell you outright.
- The teller will provide you with your cash advance and a validated withdrawal statement. You may ask for a statement regarding the available balance on your account together with any bank fees. Usually there is a processing fee for this transaction.
If you decide to process cash advance using an ATM, all you need is to use your credit card and input your credit card PIN. Select withdraw from credit card and input how much you will ask for cash advance. The ATM will contact your bank and if there are no problems with your request will have your cash ready in a few minutes. And just like in an over-the-counter transaction, a fee will be charged for an ATM transaction.