Today, you can pay for just about anything with a credit card, from your baby sitter to local restaurants, it’s rare to need cold hard cash.
There are 2 options to get cash from a credit card. The first is a regular ATM withdrawal where you need cash in your hand now. The second is getting cashback rewards on your credit card when you use it in certain stores.
Continue reading below to find out how to get cash from a credit card.
Getting a Cash Advance from a Credit Card
This is where you need emergency cash from your credit card and don’t have enough to cover the situation in your regular bank account.
This could be saving your car from being towed away if you accidentally parked somewhere you shouldn’t have. A credit card cash advance normally charges you a high-interest rate on top of the money that you withdraw from the account.
It is certainly not a free service. However, credit card companies normally charge less than payday loan companies or short-term loan companies. So, although you shouldn’t rely on a credit card cash advance, don’t be afraid to use it if a situation arises.
Make sure you have the cash advance option available on your credit card and set up a pin so you can withdraw the money at any time.
Read this handy how to guide to find out more about cash advances.
Cashback Rewards for Using Your Credit Card
Another common way of earning cash through a credit card is building up cashback rewards. They are available on most major credit cards and suit many styles of spending.
You can receive the cashback by having it deducted from your credit card bill, or you can opt to have it transferred to your debit account as physical cash.
Ensure you sign up for a credit card that offers cashback rewards for stores that you regularly shop in. It’s also worth considering putting a major purchase on your credit card if you receive cashback for that transaction.
For example, if you part pay for a car and spend $6000 on your credit card, a cashback of 2% would give you $120 back. You can use this type of credit card as a way to earn money from items you would have purchased anyway.
Now You Know How to Get Cash from a Credit Card
There you have it, our top 2 ways of how to get cash from a credit card. It’s never been easier to get cash from a credit card, whether you need emergency cash now, or like to earn cash as you spend.
Always remember that credit cards are credit, after all, so don’t go crazy and overspend. You will have to pay the money back at some point, with interest added. Be sensible with your spending.
For more financial advice and information, check out the other articles on our blog.