Search

How to Get Cash Advance from Discover Card

Learn how to obtain a Discover cash advance, understand related charges, handle financial demands effectively, and make educated decisions to prevent avoidable spending.
How to Get Cash Advance from Discover Card
How to Get Cash Advance from Discover Card
Discover provides a cash advance option for customers needing urgent funds, but be aware of the associated expenses. Discover's 5% cash advance fee and high variable APR make it an expensive choice. Follow the step-by-step approach and consider alternate possibilities.
In this article

In today’s fast-paced world, unforeseen financial needs can arise, and having access to immediate cash can be crucial. Discover offers a cash advance service that allows cardholders to obtain cash from ATMs or banks using their Discover card. 

However, it’s important to understand that this convenience comes at a cost. A 5% cash advance fee, potential ATM fees, and a high variable APR of 28.74% can make it a costly choice. With this post, let’s understand how to obtain a cash advance from Discover and make informed financial decisions. Additionally, exploring alternative options can help mitigate the potential financial burden associated with cash advances.

How to Get Discover Cash Advance [Step-By-Step]

Discover users can easily borrow cash, but beware of the hidden costs. If you’ve decided a cash advance is the right option for you, here’s a step-by-step guide on how to get one with Discover:

ATM Cash Advance

  • Not all ATMs accept Discover cash advances. Use Discover’s online tool to find participating ATMs near you.
  • You’ll need a PIN set up for your Discover card to withdraw cash. You can create a PIN by logging in to your Discover account online.
  • At the ATM, insert your Discover card, enter your PIN, and select “Cash Advance.” Choose your desired withdrawal amount and confirm the transaction details. Remember, fees typically apply.

Online Direct Deposit

  • Head to Discover’s website and log in to your Discover Account.
  • Once logged in, locate the “Manage” section and select “Cash Access.”
  • Within Cash Access, choose “Deposit cash into your checking account.” This option lets you transfer cash advance funds into your linked checking account.

Reminders: Discover charges a cash advance fee of either $10 or 5% of the amount advanced, whichever is greater. Cash advances accrue interest at a high variable APR, typically higher than the interest rate for regular purchases on your card.

Eligibility

While Discover offers cash advances as a convenience, not all cards qualify. Before proceeding with a Discover cash advance, it’s crucial to comprehend the eligibility criteria. Here’s a breakdown of the essential points to consider:

  • Your credit history plays a notable role in determining your eligibility for a cash advance.
  • The status of your account and any outstanding cash advance balances may impact your eligibility.
  • You need an active Discover credit card with an available credit line to be eligible for a cash advance.
  • It’s important to carefully review your specific cardholder agreement and terms to determine your eligibility for a cash advance.

How much time does it take to get Discover cash advance?

The timing of obtaining a Discover cash advance may vary depending on the method chosen. If you opt for an online direct deposit, it can take 24 to 48 hours to deposit the money into your checking account. Alternatively, if you decide to visit a participating Discover ATM or bank for a cash advance, the process can be immediately upon creating a PIN and conducting the transaction. 

Requirements

Before obtaining a cash advance with Discover, it’s essential to be aware of the requirements associated with the process. Here’s a breakdown of the critical requirements to consider:

  • To be eligible for a cash advance, you must maintain an active Discover credit card with an available credit line.
  • If you plan to obtain a cash advance from an ATM, ensure you have created a Personal Identification Number (PIN) by logging into your Discover account.
  • If you prefer to visit a bank for a cash advance, check if the location provides over-the-counter cash access and ensure you carry your ID and Discover credit card.
  • If you are interested in using convenience checks, check your eligibility by logging into your online account and be prepared for the checks to be mailed to you within a few days.

Alternatives to discover cash advance

When considering alternatives to a Discover cash advance, individuals can explore various options that offer financial flexibility and potential cost-effectiveness.

  1. Personal Loans: Unsecured loans from banks or credit unions can offer fixed interest rates and potentially lower costs than cash advances.
  2. Credit Cards: Leveraging credit cards for everyday expenses can accumulate cash-back rewards, providing potential savings for emergencies or leisure activities.
  3. Peer-to-Peer Lending: P2P lending platforms connect borrowers directly with individual investors, offering a more straightforward application process and quicker funding times outside traditional banking systems.
  4. Home Equity Line of Credit (HELOC): HELOCs permit borrowing against the equity in one’s home and typically present lower interest rates than personal loans.
  5. Salary Advances: Some employers may offer salary advances, providing a convenient and potentially cost-effective financing option.

Beem vs Discover: Why you can choose Beem Cash advance

Discover cash advances offer quick cash but at a steep price. High fees and interest rates can quickly turn a small advance into a significant burden. Beem provides a potentially more intelligent alternative. Here are some reasons to choose Beem: 

  • T Feature: Beem’s standout feature, ™Everdraft, enables instant cash advances ranging from $20 to $1,000 without a credit check, a notably higher limit than other money-borrowing apps.
  • Low Fees and No Interest: Beem maintains low fees and doesn’t charge interest, ensuring a cost-effective solution for individuals needing quick funds.

Conclusion

Obtaining a cash advance from a Discover card can provide convenient access to funds when credit or debit cards are not accepted. However, it’s essential to consider the associated fees, interest rates, and repayment terms before pursuing this option. 

Additionally, individuals should explore alternative sources of funds, such as Beem Everdraft™, which offers a convenient and inclusive solution for individuals needing quick funds at low fees. 

Was this helpful?

Did you like the post or would you like to give some feedback? Let us know your opinion by clicking one of the buttons below!

👍👎

Author

Picture of Raman Gujral

Raman Gujral

An achievement-oriented professional, Raman has 10+ years of experience in B2B SaaS and B2C products across Fintech, Telecom, Digital Media, Social Media and Logistics domains. Defining and communicating product vision and strategy, product roadmap development, product positioning, and data analysis, he is also an expert in health insurance and personal loans content.

Editor

This page is purely informational. Beem does not provide financial, legal or accounting advice. This article has been prepared for informational purposes only. It is not intended to provide financial, legal or accounting advice and should not be relied on for the same. Please consult your own financial, legal and accounting advisors before engaging in any transactions.

Related Posts

Can you Buy a Car with a Permit?
Can you Buy a Car with a Permit?
Can you purchase a car with just a learner's permit? While it is feasible to work out a bargain, registering the car in your name may provide difficulties. A driver's license is necessary to complete the purchase and registration. Let's plunge in!
Loans Like eLoanWarehouse
Payday Loans eloanWarehouse & It’s Alternatives [2024]
There is a range of options from established banks like Wells Fargo and Bank of America to new platforms like CashNetUSA and Beem, each with accelerated financing and changing qualifying requirements to meet your specific needs. Let us learn about these alternatives.
8 Payday Loans That Accept Chime
While Chime isn't a traditional bank, it offers similar features and sometimes more. As a result, lenders trust Chime enough to give payday loans on this platform. Let's look at them.
How Can You Reduce Your Total Loan Cost?
Can I Get A Payday Loan While In Chapter 13?
Payday loans are great when looking for quick access to funds. However, they come with considerable interest rates and negative outcomes. In most cases, you may not even get payday loans due to low credit scores and Chapter 13 Bankruptcy records. 
How Do I Get a Cash Advance from Albert?
How to Get a Cash Advance from Albert?
In this article, learn how to get a cash advance from Albert. Explore the process, insights, tips, and guidance to help you with any query regarding this financial option. Continue reading!
Features
Essentials

Get up to $1,000 for emergencies

Send money to anyone in the US

Ger personalized financial insights

Monitor and grow credit score

Save up to 40% on car insurance

Get up to $1,000 for loss of income

Insure up to $1 Million

Coming Soon

File federal and state taxes at low cost

Quick estimate of your tax returns

Get up to $1,000 for emergencies

Send money to anyone in the US

Save big on auto insurance - compare quotes now!

Zip Code:
Zip Code: