Many credit card companies allow customers to withdraw cash around the clock. This service is more convenient and easily accessible than traditional loans – all you need is an active credit card. The amount you can borrow depends on your credit line, among other factors. If you have a Discover credit card, you can receive cash directly from an ATM or bank teller.
The easiest way to get a cash advance with Discover is to transfer money from your card to your checking account. Just log in to your Discover account, set up a PIN, and start transferring money.
What is a cash advance?
Cash advances can be helpful when you’re dealing with emergency expenses. For example, you can use the money to repair your roof. Some consumers use this service when shopping at mother and baby stores, farmers markets or other establishments that only accept cash. Treat it as a short-term loan from your credit card provider. Basically, you’re borrowing money against your credit line.
Applying for a traditional loan can be complicated and time-consuming. On top of that, it doesn’t make sense to borrow money if you only need $50 or $100. Cash advances make it easy to get the money you need when needed. Depending on the credit card issuer, you can withdraw cash from an ATM or write a check for yourself. If you choose to go to the bank, you will only need to present your ID and credit card to get a cash advance.
The downside is that most credit card companies charge both interest and prepaid fees, and you may also have to pay ATM fees. Compared to credit cards, credit cards have an extension period of at least 21 days, the Consumer Financial Protection Bureau explains. They may also include purchase protection, reward points, and other perks. That’s not a case of cash advances.
Discover the basics of cash advances with cards
With more than 415,000 ATMs, Discover is one of the largest credit card companies in the United States, with their customers able to advance cash whenever they need money for emergency expenses. To use this service, you will need a Discovery Card, PIN, and photo ID. So, if you’re wondering how to get a cash advance on my Discover Card, follow these steps:
Sign in to your Online Discover account through the company’s website or mobile app.
Set up a PIN and then use it to withdraw cash from ATMs using your Discover Card.
If you already have a PIN, you can change it from your online account.
Another option is to deposit the money directly into your checking account. First, log in to your Discover account and check the eligibility requirements. If you are eligible for this service, go ahead and transfer the money from the credit card to your checking account. The third option is to use your Discover Card to receive advance money from TD Bank, Citibank, First National Bank, Wells Fargo or another major national bank. Remember to bring your ID.
Discover also offers convenient checks, or cash access checks. Contact the company at 1-800-347-2683 to check your eligibility. These blank checks are linked to your credit card account and can be used to access cash without swiping the card.
No matter what method you want to use, you’ll have to pay interest, ATM fees, and transaction fees. Check your cardholder agreement for more information about the costs associated with this service. Additional fees may apply if you withdraw money in foreign currencies.
Transaction fees range from 3 to 5 percent of the advance amount, depending on the credit card issuer. On the other hand, the annual percentage (APR) can be as high as 29.99 percent, reports Forbes.