If you’re short on cash, you may be interested in how to get cash from a credit card. After all, some of life’s most important expenses — like rent — often can’t be paid with a credit card.

Taking out a cash advance is an easy way to instantly “liquidate” a portion of your credit, but it’s almost never a good idea — and should only be used for emergencies.

What is a cash advance on a credit card and how does it work?

A cash advance allows you to turn your credit line into cash. This is helpful if you’re in desperate need of cash to pay a specific bill or other emergency situation.

Credit cards generally come with a cash advance limit that's smaller than your credit limit. For example, if you’ve got a $15,000 credit limit with a 20% cash advance limit, you can request a maximum of $3,000 in cash.

There are a few ways to take out a cash advance, but one of the most common methods is via ATM withdrawal. You may find yourself at an establishment that doesn’t take credit cards. In this case, you can insert your credit card into an ATM and use a preset PIN code to get cash.

You may also have received “convenience checks” associated with your credit card account. These are blank checks that you can write to anyone (including yourself) that, when cashed, will draw from your card’s credit limit.

You can even visit a local branch of your credit card issuer and ask them to convert some of your credit into cash.

It’s worth noting that you could potentially initiate a cash advance without requesting one. Some credit card companies consider activities such as funding a bank account and purchasing cash equivalents (including gift cards) to be a type of cash advance.

The risks of a credit card cash advance

Cash advance fees

Requesting cash from your credit card can result in expensive fees. Cash advances will (usually) ding you in three different ways.

• Initial fee: Most credit cards will charge between 3% and 5% of your cash advance amount. For example, if you requested a $1,000 transaction with a 5% cash advance fee, you would be charged a $50 cash advance fee.

• Higher APR (Annual Percentage Rate): The interest rate you’re charged for a cash advance is often higher than your credit card’s purchase APR.

• No grace period: Most cards offer a period of at least 21 days before interest charges kick in. But cash advances begin accruing interest immediately.

Here’s a look at what a few credit cards from different issuers charge for cash advances today:

• Chase Slate Edge℠: Cash advance fee of $10 or 5%, whichever is higher; 29.99% cash advance APR

• Capital One Quicksilver Cash Rewards Credit Card: Cash advance fee of $3 or 3% of the cash advance, whichever is higher; 29.74% cash advance APR

• Hilton Honors American Express Card: Cash advance fee of $10 or 5% of the cash advance amount, whichever is higher; 29.74% cash advance APR (see rates and fees; terms apply)

Potentially lower your credit score

When you initiate a cash advance, you obtain cash by increasing your credit card debt. In other words, a portion of your available credit will disappear as though you made a purchase. Taking out a large cash advance may sharply increase your credit utilization, accounting for 30% of your overall credit score.

Credit utilization is the total amount of available credit that you currently use. As an example, if you’ve got a $1,500 balance on a credit card with a $15,000 credit limit, your credit utilization is 10%. Experts recommend that a credit utilization above 30% could lower your credit score.

Alternatives to a credit card cash advance

Savings

Instead of initiating a cash advance, it could be worth dipping into an emergency savings fund if you’ve got it. Pulling from your savings may feel unnerving, but it’ll prove significantly less costly than a cash advance.

Personal loan

If you need a considerable chunk of cash (thousands, perhaps), opening a personal loan could be a smarter option. Your interest rates will almost certainly be lower; the Federal Reserve pegs the average APR of a 24-month personal loan at 12.35%, while most credit cards charge around 29.99% in cash advance APR.

A short-term loan won’t hurt your credit utilization as a credit card cash advance would. When you request a cash advance, a share of your credit card’s available credit will be used. An installment loan doesn’t count towards your available credit.

Keep in mind that you’ll need to apply for a personal loan formally. This will result in a hard credit inquiry on your credit report, temporarily lowering your credit score. But with on-time payments, it should bounce back within a month or two.

Also, beware of lenders that charge “origination fees” to process your application. This may be a flat fee or a fixed percentage of your loan amount.

Third-party payment platforms

If you need a cash advance, the chances are that you need to pay a bill that doesn’t accept a credit card. There may still be a way around this.

Third-party services like Plastiq allow you to use your credit card to pay for bills that otherwise don’t accept cards. Simply use your credit card to pay Plastiq, and it will mail a paper check to whomever you specify.

Alternatively, you may be able to use a peer-to-peer (P2P) payment platform such as Venmo or PayPal to satisfy your bill. This allows you to use your credit card to send money, which the recipient can cash out. Just note that sending money through P2P platforms generally requires that the person you’re sending money also has an account with that same platform.

Now for the catch: Using a credit card through payment services like Plastiq and Venmo usually incur a fee — often around 3%. That’s less than you’ll pay for many cash advances, but it still stings.

How to get cash from a credit card without a cash advance

Several credit cards offer ways to liquidate your line of credit without officially requesting a cash advance. Read your card’s terms and conditions to find out if there’s an option available to you.

Cash at checkout

Discover offers a unique feature that allows you to effectively use the cash register at the store as an ATM. When you use a card like the Discover it® Cash Back at checkout, the credit card terminal will ask if you’d like to overpay for your cart (up to $120 every 24 hours) to receive cash. There’s no transaction fee and no special cash advance APR.

Amex Send

Amex Send is a service that allows you to pay Venmo and PayPal users with your American Express card. If you have an eligible card — such as the American Express® Gold Card (see rates and fees) or Delta SkyMiles® Blue American Express Card (see rates and fees), you can send the money directly from your Amex app to friends and family without a fee.

Read more: See our picks for the best American Express credit cards

Upgrade credit card bank transfers

Upgrade-branded credit cards, such as the Upgrade Triple Cash Rewards Visa®, allow you to transfer your credit directly into your checking or savings account with no fees. Instead of requesting a cash advance, you can move the money you need from your card.

Discounted convenience checks

Some credit cards offer varying fees depending on the form of cash advance you request. As an example, the Fifth Third 1% Cash/Back Card charges the following:

• Standard cash advance — Fee of $10 or 5% of the cash advance, whichever is greater

• Convenience check — Fee of $5 or 4% of the cash advance, whichever is greater

In other words, choosing a convenience check could save considerable money, depending on the amount of cash you request.

Bottom line

The cost of a cash advance from steep fees and higher interest rates makes it an unappealing option. It’s almost never a good idea.

Still, it’s nice to have the option in your back pocket in an emergency. Be sure to check your credit card terms to see if there’s a sneaky way to convert your credit line into cash while avoiding penalties.

Can’t decide on a credit card? Check out Yahoo’s best credit card picks

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