Can You Use a Credit Card at an ATM?

Yes, you can use many credit cards at an ATM to withdraw cash.

The withdrawal is usually treated as a credit card cash advance, which means you may pay a cash advance fee and interest can start accumulating immediately.

Your card also needs to support cash advances, and you will normally need a PIN.

KOHO Cash Advance

KOHO Cover is a cash advance designed for Canadians who need a smaller amount of money to cover short-term expenses.

With KOHO Cash Advance, you can:

• Get up to $500 as an instant cash advance, depending on eligibility
• Pay no interest on the advance
• Avoid a credit check
• Repay automatically once you add money or get paid

You need a Cover bundle subscription, which comes with a monthly fee. The bundle also includes benefits such as a credit report, financial coaching and priority support.

How Do You Use a Credit Card at an ATM?

Using a credit card at an ATM works similarly to using a debit card.

You generally:

1. Insert or tap your credit card.
2. Enter your PIN.
3. Select a cash withdrawal or cash advance.
4. Choose the amount.
5. Confirm the transaction.
6. Collect your cash and card.

The amount you withdraw is added to your credit card balance.

Do You Need a PIN to Use a Credit Card at an ATM?

Usually, yes.

ATM withdrawals generally require your credit card PIN.

If you do not know your PIN, you may be able to retrieve or reset it through:

• Online banking
• Your banking app
• Your card issuer
• A branch

Do not repeatedly guess your PIN because the card could become temporarily locked.

Is an ATM Withdrawal From a Credit Card a Cash Advance?

Yes.

When you withdraw cash from your credit card at an ATM, the transaction is normally considered a cash advance rather than a regular purchase.

This matters because cash advances usually have different fees and interest rules.

How Much Does It Cost to Withdraw Cash From a Credit Card?

A credit card cash advance can involve several costs.

These may include:

• A cash advance fee
• ATM operator fees
• Interest
• Foreign ATM fees when travelling
• Currency conversion charges

Check your credit card agreement before withdrawing cash.

When Does Interest Start on a Credit Card Cash Advance?

Interest generally starts accumulating immediately.

Unlike regular credit card purchases, cash advances typically do not receive an interest-free grace period.

That means you can begin paying interest from the day you withdraw the money.

What Interest Rate Applies to ATM Cash Advances?

Credit cards may charge a different interest rate for cash advances than for purchases.

For example, your card could have one rate for purchases and a higher rate for cash advances.

Check your statement or cardholder agreement for the exact rate.

How Much Cash Can You Withdraw From a Credit Card?

Your cash advance limit may be lower than your total credit limit.

For example, your card could have:

• $10,000 credit limit
• $2,500 cash advance limit

In this case, you may only be able to access up to $2,500 as cash.

Your available amount may be even lower if you already have an outstanding balance.

Do ATMs Have Their Own Withdrawal Limits?

Yes.

Your credit card might allow a $2,000 cash advance, but the ATM could have a lower daily or per-transaction limit.

For example, an ATM may only allow you to withdraw $500 at once.

Your card issuer can also impose its own daily cash withdrawal limit.

Can You Withdraw Cash From Any ATM With a Credit Card?

Not necessarily.

The ATM needs to support your card's payment network.

Look for the corresponding network logo on your credit card and the ATM.

You may also pay additional fees when using an ATM operated by another financial institution.

Can You Use a Credit Card at an ATM Abroad?

Often, yes.

If your credit card and the ATM use compatible networks, you may be able to withdraw local currency while travelling.

However, international cash advances can become expensive because you may pay:

• Cash advance fees
• ATM fees
• Foreign transaction fees
• Currency conversion costs
• Interest from the date of withdrawal

A debit card or another travel payment method may cost less depending on your account.

Does Using a Credit Card at an ATM Affect Your Credit Score?

The ATM withdrawal itself is not usually reported as a separate negative event on your credit report.

However, it increases your credit card balance.

That can increase your credit utilization ratio, which may affect your credit score.

Missing your credit card payment can also negatively affect your credit history.

Can You Pay Back a Credit Card Cash Advance Immediately?

Yes.

You can generally make a payment toward your credit card soon after taking the cash advance.

Paying it back quickly can help reduce the amount of interest that accumulates.

However, you may still owe the initial cash advance fee.

Does Paying Back the Cash Advance Stop Interest?

Once the applicable cash advance balance is repaid, interest should stop accumulating on that amount.

However, credit card payment allocation can become complicated if you also have:

• Purchases
• Balance transfers
• Other cash advances

Different balances may carry different interest rates.

Review your card agreement to understand how payments are applied.

Can You Withdraw More Than Your Cash Advance Limit?

Usually not.

An ATM withdrawal that exceeds your available cash advance limit will generally be declined.

Your total available credit does not necessarily equal your available cash advance amount.

Is It a Good Idea to Use a Credit Card at an ATM?

It can provide fast access to money in an emergency, but it is usually an expensive way to borrow.

Before taking a cash advance, consider:

• How much you actually need
• The cash advance fee
• The interest rate
• ATM fees
• How quickly you can repay it

If you have other ways to access money at a lower cost, compare those options first.

What Are Alternatives to a Credit Card Cash Advance?

Depending on your circumstances, alternatives may include:

• Using money from your bank account
• A personal line of credit
• A small personal loan
• An emergency fund
• A short-term cash advance product

The best option depends on the cost, how quickly you need the money and how soon you can repay it.