Can I Use My Credit Card to Get Cash Back?
Have you ever asked someone their thoughts on how to get cash back from a credit card and they have no answer for you? They might have never thought of it. We are here to help you with credible answers to satisfy your curiosity, so enjoy our lecture.
When credit cards are given by companies, and banks to cardholders, some of them get confused about what they can do with them.
Doubting the abilities of your credit card is normal especially when you never credited the card.
But you can get physical cash from your credit card because an amount has been loaded on the card just like a debit card.
How to Get Cash Back from a Credit Card
There are several ways to get money from that credit card in your hand. But you have to know how much is on the card to know how much you can get.
However, you can get cash back from credit cards by:
1. Linking your credit card to cashback applications and use it for purchases daily. Using the card and app, you can earn up to 5% or more.
2. Buy from stores that offer cash-back services and also products that are listed for cash-back purchases.
3. Use the card for ATM withdrawals and Point of Sale (POS) withdrawals and payments to get a percentage reward.
4. You can transfer to a friend or family and get cash through apps that the card is linked to.
How Can I Withdraw Cash at the ATM with My Credit Card?
You will need to follow the underlined steps to be able to use your credit card at an ATM and get money in return. This same method works for cash advance withdrawal at the ATM.
1. Insert the credit card at an ATM.
2. Enter the PIN of your credit card or call the issuer if you don’t have the PIN.
3. Choose “Withdrawal Money” when the options come up.
4. Type the amount you need which must not exceed the available balance on the card.
5. Enter the transfer PIN again to withdraw money. This depends on how the ATM is programmed.
Can I Get a Cash Back In-store After Paying with My Credit Card?
You will only get a cash refund back if you return an item you bought that doesn’t please you anymore due to a fault.
However, you have to be mindful of the store you buy from and the product you buy because not all stores give cash back.
Some products are tagged non-refundable, which makes you unable to return them.
To understand this better, you have to understand the various refund policies of stores, products, and your credit card.
Can I Get Money Back by Consolidating Debt to a Credit Card Account?
You can get back your money from a consolidation company you paid to assist you clear the debt you moved into an account if they fail.
Debt transfers into one account is known as Consolidating debt. This helps you reduce your monthly minimum payments.
There are situations where you can use your credit card to transfer part of your debt to your bank account so you can clear it easily.
Types of Credit Cards that Support Cash Back
A credit card can’t cash back if the product or system doesn’t feature cash-back options.
Therefore, you can only cash back if the system or product supports it. To redeem your cash-back on some cards and apps, you must reach a threshold, usually $25.
Other credit cards and apps allow you to withdraw your cashback at any time to your bank account.
Some of the best credit cards that support cash backs include:
- Capital One SavorOne cash rewards credit card
- Citi Double cash card
- Blue Cash Preferred card from American Express
- Citi Custom cash card
And many others you can research about yourself. However, you have to link them to a cash-back app and use them on a machine that allows cash back for purchases.
Can I Withdraw Cash from My Credit Card Without an ATM?
You can get Cash Advance from a credit card which is the only way you can withdraw money without an ATM.
Another method you can explore is using your credit card to purchase a prepaid card, and then use it to purchase a money order.
The second option is more difficult to do but way cheaper than getting a cash advance. If you can manage the stress then it’s worth trying.
How Much is Credit Card Cash Back Interest Rate?
Generally, cash advances have higher interest rates than purchases. A cash handling fee of about 2% of the amount you withdraw can also be assessed.
But a lot of credit cards have charges of 1.5% or even 2% standard cash-back rates. This isn’t a general fee charge so you need to find out the particular cost.
Most retailers have other charges and different cashback rates you get for using a particular credit card and also how much you spend.
To wrap it up, one of the easiest ways to get cash back from a credit card is to make withdrawals at the ATM.