How to withdraw money from a credit card

Credit cards offer a convenient way to make purchases, but sometimes you might find yourself needing cash. In this article, we’ll dive into how to withdraw money from a credit card, covering everything from potential costs to whether withdrawing cash affects your credit score.

For a great alternative to a credit card with no monthly fees, why not see how a Wise debit card can help you get more bang for your buck?*

Can you withdraw money from a credit card?

Yes, most credit cards allow you to withdraw money from an ATM, at a provider’s branch or in-store as cashback.¹ This is called a cash transaction or cash advance.

When you use a credit card to withdraw cash, you may be charged a higher rate of interest and a transaction fee. You can find more information on these fees later in this article. Not all credit cards let you withdraw cash, so it’s important to check your credit agreement before you begin the process.

Should you avoid withdrawing cash with your credit card?

A cash transaction can be an expensive way to use your credit card, so it should always be a last resort. Many people will only withdraw cash in an emergency, for example, if they’re eating at a restaurant abroad that doesn’t accept their type of debit card.

How to withdraw money from a credit card

Wondering how to withdraw money from a credit card using an ATM? Just follow the steps below:

• Find an ATM that accepts credit cards
• Insert your card
• Enter your PIN
• Select the option to withdraw cash
• Enter the amount you wish to withdraw
• Follow the on-screen instructions
• Check any fees that apply
• Complete the transaction

Where can you withdraw from a credit card?

There are a few different places you can withdraw cash using your credit card, including:¹

• An ATM or cashpoint
• Provider’s branch (you will need your ID for this)
• As cashback when purchasing something in-store

Potential costs of withdrawing money from a credit card

Using a credit card to withdraw cash isn’t cheap. You’ll likely have to pay an expensive transaction or handling fee, as well as a higher interest rate. Some credit cards also charge a monthly or annual account fee.

We’ve listed some of the potential costs below:

Interest

You will be charged interest on a cash transaction as soon as it’s added to your account. This is different to a standard purchase using your credit card where you don’t pay interest if you pay your statement in full every month.²

Cash advance fees

If you withdraw cash from a credit card, you will likely be charged a transaction fee. This withdrawal fee is usually a fixed amount and varies depending on your credit card and provider.

Currency conversion

Expect additional foreign exchange fees for withdrawing cash abroad. This is typically a percentage of the money you withdraw.

Popular credit cards and their cash withdrawal fees

Comparing cash withdrawal fees is an important part of the search for the best credit card. Below, we’ve included the withdrawal fee for a handful of popular credit cards in the UK.

Are there limits on how much you can withdraw from a credit card?

Cash withdrawal limits from a credit card vary depending on who you bank with. For example, you can withdraw up to £1,000 using a credit card from Amex in 30 days.¹¹ Whereas the daily ATM withdrawal limit at Lloyds Bank is £500.¹²

Wise card ATM withdrawals

With two free cash withdrawals up to £200 a month, Wise is a great alternative to a credit card – especially if you’re withdrawing money from an ATM abroad! After your two free withdrawals, Wise charges just 1.75%* and 0.50 to take out cash from an ATM.

Note that while Wise will not charge you for these two free withdrawals, some additional charges may apply from independent ATM networks. Always check the ATM provider before you withdraw!

What else is classed as withdrawing cash from a credit card?

Even though withdrawing cash is the most popular type of cash transaction, many other things are also considered a cash advance. For example:¹³

• Gambling, betting and lottery transactions
• Buying travel money
• Mortgage payments
• Sending wire transfers or money orders
• Buying gift vouchers
• Online trading like share dealing or investments
• Buying coins, banknotes or digital currency
• Paying government or court fines

You can usually find a complete list of cash transactions in the terms and conditions of your credit card.

Do cash advances hurt your credit score?

Withdrawing money from a credit card will leave a mark on your credit file.¹⁴ This can, in turn, affect your credit score and may make it more difficult to get a mortgage, loan or other credit.

If you’re withdrawing money using your credit card, it’s a good idea to keep an eye on your credit score. You can check your credit rating by signing up for a free ClearScore account, which gives you access to your credit score and report.

Make smarter withdrawals with Wise

While it’s possible to withdraw money from a credit card, the higher interest rate and additional fees make this process an expensive way to get cash. That’s why it’s best to always do your research and find out exactly how much you might be charged.

For an alternative to hefty credit card rates, consider Wise. With free cash withdrawals (up to £200 a month) and no foreign transaction fees* when spending money abroad, a Wise debit card lets you take control of your money, the smart way.

Learn more about the Wise card 💳

Sources used in this article:

1. Compare the Market - where to withdraw cash with a credit card
2. Lloyds Bank - interest on credit card withdrawals
3. ASDA - credit card withdrawal fee
4. Tesco Bank - credit card withdrawal fee
5. HSBC - travel credit card withdrawal fees
6. Revolut - card withdrawal fee
7. Santander - card withdrawal fee
8. Natwest - cash withdrawal fee
9. AMEX - card withdrawal fee
10. Nationwide - card withdrawal fee
11. AMEX - withdrawal limit
12. Lloyds Bank - withdrawal limit
13. Lloyds Bank - types of cash transaction
14. Compare the Market - cash withdrawals and credit scores

Sources last checked on 11th February 2025