A cash advance limit is the maximum amount of cash you can withdraw from an ATM or bank using your credit card. It is typically a percentage of your overall credit limit, and the maximum amount you can withdraw depends on your credit card issuer and other factors. For example, if your credit limit is $15,000 and the card caps your cash advance limit at 30%, your maximum cash advance will be $4,500.

It is important to note that cash advances are effectively high-interest, short-term loans that start accruing interest immediately. You will also typically be charged a fee to access that cash. Interest rates on cash advances are usually higher than the rate on purchases, and the charges start immediately. Using a cash advance will decrease your available credit and bump up your credit utilization, which could negatively impact your credit scores.

Your cash advance limit is set at the time you’re approved for a credit card, and each card issuer has different rules for how much you can change your cash advance limit. If you want to change your cash advance limit, you can see this limit on your monthly statement or on your online account, and the easiest way to find out how to change it is by calling the number on the back of your card or sending a secure message.

In summary, a cash advance limit is the maximum amount of cash you can withdraw from an ATM or bank using your credit card, and it is typically a percentage of your overall credit limit. Cash advances are high-interest, short-term loans that start accruing interest immediately and come with fees. It is important to be aware of your cash advance limit and the associated costs before taking out a cash advance.