In this article, we’re answering “Can you use a credit card at an ATM?” The short answer is “yes”. But there are several very important nuances you need to understand first.
We’ll share these nuances below and explain why you might want to reconsider using a credit card to withdraw funds. Of course, we will also be answering the most common questions we get asked about using credit cards.
This article is part of our free series on credit products in the United States, including how to get US credit cards for foreigners, which you can access here.
Feel free to use the table of contents to jump ahead to the sections most relevant to you.
Table of Contents
- Can You Use a Credit Card at an ATM?
- What Are the Disadvantages of Using Credit Cards at an ATM?
- Frequently Asked Questions
- Ready to Open Accounts With Banks in the USA?
Can You Use a Credit Card at an ATM?
Yes, you can use a credit card at an ATM (Automated Teller Machine) instead of a debit card for a cash withdrawal. However, credit card transaction fees charged by card issuers are typically much higher and include a cash advance fee along with interest charges starting immediately after withdrawal.
Additionally, it’s important to note that if you have not set up a PIN (Personal Identification Number) for your credit card, you will probably not be able to access banking services at an ATM with your credit card. While a PIN is required when using your credit card at an ATM, the “Card Verification Value” (the meaning of CVV) is required when using your credit card online.
Lastly, it’s worth noting that most credit card issuers set withdrawal limits on credit cards. That said, limits vary by the card issuer and can also depend on the banking policies enforced by the ATM operator.
What Are the Disadvantages of Using Credit Cards at an ATM?
The main disadvantages of using credit cards at an ATM are the fees, the interest rates, and the limits. As mentioned above, most card issuers immediately start charging interest on cash advances (withdrawals from ATMs) in addition to transaction fees for withdrawing funds.
In other words, while normal credit card purchases do not result in interest charges until the end of the billing cycle, cash advances start incurring interest immediately.
Do You Want More USA Banking Insights?
Sign up here to receive our Free USA Banking Starter Guide. It’s designed to help non-residents with opening bank accounts at top financial institutions in the US.
Frequently Asked Questions
Below are four of the most common questions we receive from people looking into this topic. If you have further questions you would like to ask our team, don’t hesitate to get in touch.
Do All ATMs Accept Credit Cards?
No, not all ATMs accept credit cards though most ATMs do. To confirm whether your credit card will be accepted at specific machines, you can verify whether the machine accepts cards from your specific card issuers (e.g. Visa, Mastercard, American Express, etc.).
Does It Cost to Withdraw Cash From an ATM Using a Credit Card?
Yes, it costs money to withdraw cash from an ATM using a credit card. In fact, in addition to higher transaction fees, credit card issuers also start charging interest on cash advances (withdrawals) immediately after the funds have been withdrawn.
Do I Have an ATM Withdrawal Limit When Using My Credit Card?
Yes, credit card issuers place a limit on the amount of money cardholders can withdraw from an ATM. The specific limit will vary but it is usually set to a specific timeframe such as daily or weekly limits. Additionally, the withdrawal limit on credit cards is usually lower than the total credit limit on a credit card.
How Do I Put a Credit Card In an ATM?
To put a credit card in an ATM, you will first need to find an ATM that accepts your specific credit card by identifying one that accepts the type of card you hold. Next, you will need to insert your card and enter your security PIN (Personal Identification Number). You can then follow the instructions and complete your desired transaction.
Ready to Open Accounts With Banks in the USA?
If so, you can get access to GlobalBanks USA (our dedicated US banking service) in just a few clicks.
GlobalBanks USA is a 100% personal account opening solution. It provides direct access to our team of US banking experts.
When you join, you receive…
+ Expert suggestions on where to open US bank accounts.
+ Step-by-step support to navigate opening US bank accounts.
+ Direct introductions to helpful and responsive bankers.
+ Plus, detailed guides to maximizing the value you get from your new US bank account.
And “yes!” GlobalBanks USA helps foreigners and non-resident individuals open bank accounts.
In fact, GlobalBanks USA even helps non-resident US LLCs and foreign & offshore entities.
To learn more about GlobalBanks USA, visit the product page to see how our team can help you successfully open US bank accounts!
