Yes, you can get cash from your Capital One Walmart Rewards Card by performing a cash advance. This feature allows you to access immediate funds from your credit line, typically through an ATM.
Understanding Cash Advances with Your Card
Your Capital One Walmart Rewards Card, which operates on the Mastercard network, offers the ability to obtain a cash advance. This means you can get physical cash from your credit card, much like you would withdraw money from a debit card, but with specific differences in terms and costs.
How to Obtain a Cash Advance
Getting cash from your Capital One Walmart Rewards Card is a straightforward process, primarily done at ATMs that are part of the Mastercard network.
Here are the steps to get a cash advance:
- Locate an ATM: Find any automated teller machine (ATM) that displays the Mastercard logo. These are widely available at banks, stores, and public locations.
- Insert Your Card: Carefully insert your Capital One Walmart Rewards Card into the ATM's card slot.
- Enter Your PIN: You will be prompted to enter your 4-digit Personal Identification Number (PIN). If you do not have a PIN for your credit card, you will need to request one from Capital One before you can complete a cash advance.
- Select Cash Advance Option: From the menu displayed on the ATM screen, choose the "Cash Advance" or "Withdrawal from Credit" option. Do not select "Checking" or "Savings" as those are for debit cards linked to bank accounts.
- Input Amount: Enter the desired amount of cash you wish to withdraw. Be mindful of your card's cash advance limit, which is typically a portion of your overall credit limit.
- Collect Cash and Card: Once the transaction is approved, the ATM will dispense the cash. Remember to collect your cash and your Capital One Walmart Rewards Card before leaving the ATM.
Important Considerations for Cash Advances
While convenient, cash advances are generally more expensive than regular purchases made with your credit card. It's crucial to understand the associated costs and terms before proceeding.
- Fees: Most cash advances come with a fee, which is typically a percentage of the withdrawn amount or a flat minimum fee, whichever is greater. For example, a common fee might be 3-5% of the amount advanced, with a minimum of $5 or $10.
- Interest Accrual: Unlike standard purchases, which often have a grace period before interest begins to accrue, interest on cash advances usually starts accumulating immediately from the transaction date. There is no grace period for cash advances.
- Higher APR: The Annual Percentage Rate (APR) for cash advances is often higher than the APR for purchases. This means the borrowed money will cost you more in interest over time if not paid back quickly.
- Credit Limit Impact: A cash advance reduces your available credit limit, similar to a regular purchase.
| Feature | Description |
|---|---|
| Availability | Any ATM displaying the Mastercard logo. |
| Required | A Personal Identification Number (PIN) for your card. |
| Cost | Cash advance fee (e.g., % of amount or flat fee) + immediate, higher interest rate accrual. |
| Credit Impact | Reduces available credit limit; repayment affects credit utilization. |
| Purpose | Accessing immediate physical cash from your credit line, often for emergencies or situations requiring cash. |
Understanding these aspects will help you make an informed decision when considering a cash advance from your Capital One Walmart Rewards Card.
