Did you know you can get a Navy Federal credit card cash advance at a bank branch or an ATM that displays the logo of your card’s network? Here are the important details you need to take note of. Don’t skip a line!
Overview of Cash Advance Navy Federal
Navy Federal cash advance on a credit card is like a withdrawal with a debit card from a bank account.
You utilize your card at an ATM and receive cash, but the similarities end there. With a debit card, you withdraw your money and often won’t even pay a bank fee.
With a credit card, you obtain borrowed money, which becomes part of your credit card debt you must pay back.
For ATM cash advances, your Navy Federal credit card must have a transaction PIN. You can ask for or reset a PIN by sending a secure message through your online account, or at a local branch.
You can also reach (888) 842-6328 for assistance. There is no charge if you use your credit card at a Navy Federal branch or ATM.
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What You Should Know About Navy Federal Credit Card Cash Advances
- How to get a cash advance: To acquire a cash advance with your credit card, visit an ATM or bank branch with the network logo. For in-branch cash advances, you must have a government-issued photo ID, your card, and your account number. An ATM cash advance requires a credit card PIN.
- Cash advance fees: Cash advances from Navy Federal branches or ATMs are free. However, all other domestic cash transactions are charged a $0.5 cost. In addition to the Navy Federal fee, some ATMs may impose additional fees.
- Cash advance APR: The Navy Federal cash advance APR is 2% higher than the usual APR, not to exceed 18%. For example, the Navy Federal Credit Union Platinum Credit Card has a standard APR of 11.24% – 18% (V), depending on creditworthiness. So, its cash advance APR ranges from 13.24% to 18% (V). Check your monthly bill to find out exactly what your cash advance APR is. Cash advance interest rates begin collecting immediately upon the transaction, with no grace period.
Keep in mind that credit card cash advances are expensive. So, unless absolutely necessary, avoid them.
What is the Navy Federal Credit Card Cash Advance Limit?
The Navy Federal credit card’s cash advance limit is 30% of the total credit line. So, be sure you have enough credit to handle the transaction and any associated fees. You may view your Navy Federal cash advance limit on your monthly statement.
It is worth remembering that Navy Federal credit cards typically have a $500 beginning credit limit. You have a better chance of receiving a bigger credit limit if you have a high salary and less debt.
Navy Federal Credit Card Cash Advance Details
- Cash advances come with high APRs: Depending on the card and your overall credit score, the cash advance APR might range from 13.24% to 18% (V). There is no grace period on a cash advance, so interest begins immediately.
- There is a cash advance fee: The cash advance cost is $0.5. This is in addition to any fees that the ATM owner may levy.
- Cash advances require a PIN: To utilize a Navy Federal credit card for cash advances at an ATM, you will need a PIN. If you didn’t get a PIN when you applied for the card, you can request one by calling customer service at (888) 842-6328.
Although Navy Federal cash advances are less expensive than those obtained from other credit card issuers, they are still a pricey transaction. So, unless absolutely necessary, you should avoid using your Navy Federal credit card for this type of transaction.
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