Author:
Florence Bailey
Date Of Creation:
27 March 2021
Update Date:
1 July 2024
Content
Cash loan is one of the options available to credit card holders, allowing you to receive part of the money under the credit line in cash using an automated teller machine (ATM) or at a bank branch. Withdrawing money from an ATM is a convenient way to get cash in case of unforeseen circumstances or if you can pay the bill only in cash. Read on to find out how to withdraw money from a card at an ATM.
Steps
1 Find your PIN (personal identification number). The 4-digit PIN is issued to you by the bank along with your credit card. The PIN-code is issued or sent by mail in a special envelope. The PIN is generated by the bank that issued the credit card or set by yourself. - Request a new PIN. If you cannot remember the PIN-code and find the envelope with it, try contacting the support service and find out if PIN-code recovery is possible. You can also try to recover your PIN using internet banking or the bank's website. However, most likely, as the only option, you will be asked to reissue the card.
2 Check the ATM withdrawal fee. When withdrawing money from a card using an ATM, certain bank charges are applied. - Determine the amount of the commission. The size of the withdrawal commission is set by the bank and can range from 0-0.5% to 5% of the amount received. Starting from the day on which you received the cash, interest for using the loan begins to be calculated on the amount of money withdrawn by you. Often, the interest for using a cash loan is higher than for payments with a credit card, and can be up to 30% per annum.
3 Check the available amount in your account. You can withdraw cash from an ATM only within the available amount (credit limit) in your account. Make sure that the amount you are asking for, including the interest for withdrawing money through an ATM, does not exceed the amount on your account. In case of exceeding the credit limit, banks, as a rule, apply penalties. 
4 Find an ATM. Use the website of the bank that issued the credit card to find the nearest ATM. If it does not work, call the customer support service at the phone number indicated on the back of your card. 
5 Withdraw money from an ATM. Insert the card into the ATM, enter the PIN-code and select the "Withdraw money" option in the ATM menu. Perhaps the ATM charges an additional commission for withdrawing money, which you will be informed about before making the transaction. If you refuse to confirm your agreement with this commission, the transaction will be automatically terminated. Select or enter the amount of money you want to withdraw and take the bills from the ATM.
Tips
- When contacting support (including if you have forgotten your PIN), you will need to provide information confirming that you are the owner of the account and answer a secret question.
- Additional commission for withdrawing money can be set by the bank that owns the ATM. The size of this commission is very different in each case.
You will need
- PIN
