What is a Cash Advance?

A cash advance is a short-term borrowing option that lets you access cash from your existing credit card or credit line. It’s convenient for emergencies, travel needs, or short cash gaps. Cash advances are available from ATMs, online transfers to linked accounts, or directly at a Heritage Credit Union branch or member service desk.

Unlike purchases, cash advances often have separate terms: interest usually begins accruing immediately on the transaction date, and some accounts may include a small cash advance fee. At Heritage Credit Union, we emphasize transparency: you’ll see projected interest and any fees before completing the transaction.

Key Features & Benefits

Immediate Funds

Access cash instantly from ATMs or via an online transfer to your linked checking account.

Competitive Rates

Transparent interest rates and upfront fee disclosures give you control over costs.

Secure Transactions

Bank-grade encryption, secure PINs for ATM access, and 24/7 monitoring protect your account.

Multiple Access Options

Withdraw at ATMs, request branch counter cash, or use online transfers to your Heritage checking account.

Transparent Fees

We show any fee and the projected daily interest before you confirm a cash advance so there are no surprises.

Member Support

Local advisors across the USA & Canada are available to explain options and recommend repayment strategies.

How Cash Advances Work — Step by Step

Typical workflow

1. Confirm your available cash advance limit — check your online banking or mobile app to see your cash advance limit (separate from your overall credit limit in many cases).

2. Choose access method — use an ATM, request a branch withdrawal, or perform an online transfer. ATMs will require your PIN and may display network fees before completion.

3. Review fees & interest — before confirming, Heritage displays any fee and projected interest so you know the cost up front.

4. Repay early if possible — paying the cash advance quickly reduces total interest, because interest accrues daily from the date of the advance.

Practical Example

Scenario: You need $800 for an unexpected repair. You withdraw $800 via ATM as a cash advance. The fee is $5 and interest rate for cash advances is 18% APR. Interest starts that day and compounds daily. If you repay the full $805 within 10 days, your interest cost will be significantly lower than if you carry the balance for months.

When to Use a Cash Advance — and When Not To

Cash advances are great for short-term emergencies where immediate cash is essential. They are not recommended as a long-term financing strategy because interest accrues from day one. Consider balance transfers, personal loans, or short-term lines of credit for longer-term debt consolidation — see our Balance Transfers and Low Interest Options pages.