Can I get cash from my credit card CIBC?

Getting Cash from Your CIBC Credit Card: A Guide to Cash Advances

Need cash in a pinch and your CIBC credit card is your only option? While it’s generally best to avoid relying on credit card cash advances due to their high costs, understanding how to access them can be helpful in emergencies. This article outlines the process for CIBC Mastercard holders.

Where Can I Get Cash?

CIBC Mastercard holders can obtain cash advances from ATMs displaying one of the following logos:

• Interac: A widely recognized Canadian network.
• Mastercard: The global payment network associated with your CIBC credit card.
• Cirrus: Another global ATM network.

Look for these logos on ATMs before attempting a withdrawal. Not all ATMs will offer cash advances, even if they accept your card for regular purchases.

The Process:

The process for obtaining a cash advance is generally straightforward. At a compatible ATM, you’ll typically:

1. Insert your CIBC Mastercard.
2. Select “Cash Advance” or a similar option on the ATM’s screen. This option might be labeled differently depending on the ATM provider.
3. Enter your PIN. This is the same PIN you use for regular purchases.
4. Specify the amount you wish to withdraw. Remember that there will be limitations on the amount you can withdraw, often dictated by your credit limit and the ATM’s daily withdrawal cap.
5. Receive your cash. The ATM will dispense the cash and provide a receipt detailing the transaction.

Crucial Considerations: Fees and Interest

This is the most important point: cash advances are expensive. Unlike regular purchases, where you typically have a grace period before interest accrues, cash advances usually begin accruing interest immediately. This interest rate is generally much higher than the standard purchase interest rate on your credit card.

Furthermore, you will be charged fees. These fees can include a transaction fee per withdrawal and possibly a percentage of the amount withdrawn. The exact fees will vary depending on your specific CIBC credit card agreement.

Before you take out a cash advance, you absolutely must:

• Consult your CIBC credit card agreement: This document will explicitly detail the fees and interest rates associated with cash advances. Look for sections titled “Cash Advance Fees,” “Cash Advance Interest Rate,” or similar.
• Contact CIBC directly: If you cannot find the information in your agreement or have questions about the charges, contact CIBC customer service for clarification.

Alternatives to Consider:

Before resorting to a cash advance, explore alternative options. These might include:

• Borrowing from friends or family: This is often the least expensive option.
• Using a personal loan: While this involves an application process, personal loans typically offer lower interest rates than credit card cash advances.
• Overdraft protection: If available on your CIBC checking account, this can provide a short-term solution.

Cash advances from your CIBC Mastercard should be considered a last resort due to the significant associated fees and interest charges. Always carefully weigh the costs against the need for immediate cash. Understanding the details outlined above will help you make an informed decision.