How To Get Cash From A Credit Card?
There are many ways you can extract cash from credit cards. The following are the methods you can use.
Cash Extraction Methods
The following are a few methods you can use to extract cash from credit cards:
- ATM withdrawals
- Over the counter withdrawals from the bank
- Cash back at the till
- Foreign currency purchases
- Gambling transactions (including buying a lottery ticket or food and drink at a casino)
- Credit card checks
- Buying items or shopping vouchers or gift cards
- Money transfers
- Paying utility bills
The two most common cash extraction methods are ATMs and over the counter withdrawals.
Extracting Cash from Credit Cards via ATMs
First things first, check your statements or records to know how much cash you have in your account. After you know how much cash you can withdraw, check your financial PIN. You do not need your PIN for everyday transactions, just for ATM usages. In some cases, you can set your own PIN or else the bank will issue one for you, do not write your PIN on the card or to any accessible place, if you cannot remember or find it, call the customer services helpline or visit the bank’s website and seek help.
After you have gained information needed such as your PIN, insert your credit card in the ATM machine. The machine will provide a screen with options, select ‘Credit’. Once you have done this, enter your PIN and select the amount of money you want to take out.
Always keep in mind that ATMs charge a small fee and make sure no one can see your PIN as you enter it.
Extracting Cash from Credit Cards via Credit Unions or Banks
Another method of money extraction is through credit unions or banks. Credit unions are non-profit-making money cooperatives from whom you can borrow money at low-interest rates. When you decide to go to the bank, go through the teller line, present your credit card and identification, and let them know how much cash you want. The teller will process your card through a cash advance machine, once processed, the teller will hand over the cash.
You can also use the cash advance checks method. Do keep in mind that some banks keep these checks for a short period of time before they release funds. If you request for these checks, they might arrive blank, but the card issuer may ask for you to specify the amount of each check and to whom it should be made out to.