You need to make a large cash purchase, and paying with a debit card isn’t an option. Neither is cash back from a retailer or a withdrawal from an ATM location near you since you need more money than these two methods allow you to access. Are you completely out of luck?
Not necessarily. You may be able to request a debit card cash advance to get the funds you need.
What is a Cash Advance?
The term, cash advance, is typically associated with credit cards. If you have a credit card that allows cash advances, you can withdraw this amount (up to the limit) from an ATM, and the amount you borrow will be factored into your outstanding balance. Unfortunately, interest will also start accruing right away – often at a higher rate – since there’s no grace period on cash advances made from credit cards.
Can You Get a Cash Advance on Your Debit Card?
You can also get a cash advance on your debit card by visiting any bank or credit union that offers this service. If they honor your request, the funds will be pulled from your checking account and provided to you at the counter.
How Much Does It Cost to Get a Debit Card Cash Advance?
Most debit card cash advances are subject to a fee – typically a percentage of the total amount you withdraw. Inquire with your financial institution to confirm the cost, as it varies.
Should You Get a Debit Card Cash Advance?
You may wonder if a debit card cash advance is a sensible option. It could be in these circumstances:
- The amount of cash you need exceeds the ATM withdrawal limit.
- Your bank or credit union doesn’t have branches in your area.
- You’d prefer not to advance cash from a credit card to avoid paying interest.
Alternatives to a Debit Card Cash Advances
Unfortunately, a cash advance on a debit card may not be viable if you need more funds than you have in your checking account. In this case, here are some alternatives worth considering:
Request a Salary Advance
Consider asking your employer to release your paycheck early. Of course, there are no guarantees they’ll honor your request, but it’s worth inquiring.
Borrow From Friends and Family
You can also ask a relative or friend for the funds. Be sure to put the agreement in writing and uphold your end of the bargain to avoid conflict later on down the line.
Apply for a Personal Loan
You could be eligible for a personal loan with a competitive interest rate and favorable terms if you have good or excellent credit. Even better, some lenders offer fast approvals and rapid funding times to get the money in your hand as soon as possible.
Get a Digital Line of Credit
If you have an iOS mobile phone or tablet and a checking account, you may qualify for a credit line of up to $1,000. Even better, you could be eligible for an increase six months after opening an account with Grain, assuming you responsibly manage your account.
Here’s how to get started with Grain:
- Step 1: Download Grain on your iPhone or iPad.
- Step 2: Connect the checking account you use to pay bills and cover everyday expenses.
- Step 3: View your pre-approved credit offer without affecting your credit score.
- Step 4: Accept your offer and begin using your Grain line of credit right away by transferring it to your linked checking account and using it however you like
It’s that simple. Plus, Grain syncs with your current debit card, making it easy to make withdrawals and purchases as needed.
Get access to a flexible credit line in an instant. Apply with Grain today!
Disclaimer: Credit offer based on cash flow in the linked checking account and may require a credit check. All accounts are subject to ID verification and approval. See your Credit Agreement and Terms of Service for further details.